Vukile Property Fund said on Thursday that it believed the terms and conditions of the Giyani Plaza acquisition were fair to its linked unitholders.

The property fund had appointed an independent valuer, Quadrant Properties, to ascribe a value to the property, given the "small related party" transaction in terms of the JSE Limited Listings Requirements.

Quadrant had valued the property at R69.20 million as at August 1 2011. The original valuation was R68.25 million.