Delta Property Fund (DLT) has concluded an agreement to purchase the Old Mutual Centre in Smith Street‚ Durban‚ as well as the adjacent parking bay facilities‚ and The Marine‚ and its parking facilities‚ from Old Mutual Life‚ for a total of R487m.

Delta said on Tuesday the acquisitions presented attractive investment opportunities with low-risk tenants. It excluded ancillary costs of R3.3m with the seller guaranteeing gross rental income of R10m until December 2016.

The transaction is dependant on adequate funding been secured by the buyer.