The approval was obtained at the company's annual general meeting held on Tuesday.

However, the acquisition remains subject to obtaining the requisite funding, it said.

The deal will be funded through R100 million from Vukile's available cash resources and the R201.9 million loan from ABSA Bank.

The property group said about R235.7 million through the issue of 18 994 341 new Vukile linked units at a price of 1.241 cents per linked unit is to be placed for, and on behalf of, Sanlam Life with current Unitholders.

The condition precedent will be fulfilled on 3 September 2010.