Texton Property Fund acquires Truworths Property and The Grid Property for R295 million

Posted On Monday, 12 October 2015 11:11 Published by
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Texton Property Fund agrees terms to acquire Truworths Property and The Grid Property for R295 million. 

Angelique de Rauville

Texton will acquire the Truworths Property situated in a prime location at 381-387 Dr Pixley Kaseme Street, Durban, Kwa-Zulu Natal, from Golddurb Investments Proprietary LimitedThe Truworths Property is a sizeable retail property anchored by Truworths with, Shoprite and Cell C, who have long dated lease expiries. 

Texton will acquire The Grid Property, situated at 45 De La Rey Road, Rivonia, Gauteng from Midnight Storm Investments 187 Proprietary Limited. The Grid Property, a recently developed 4 storey P grade office building with modern finishes, is exclusively tenanted by Bilfinger Power Africa Proprietary Limited, a subsidiary of the international engineering and services group Bilfinger SE, with 8.75 years remaining on its lease.

"The Property Acquisitions are consistent with Texton’s strategy of acquiring complementary and portfolio enhancing properties which offer long-term distribution and capital growth underpinned by strong underlying contractual cash flows and also presents an opportunity for Texton to increase its portfolio weighting within the retail sector," the fund said.

The aggregate purchase consideration for the Property Acquisitions of approximately R295 million will be settled in cash through the utilisation of the proceeds from the Texton rights offer, which closed on Friday, 2 October 2015.

The Board believes that the Property Acquisitions will further enhance the quality of Texton’s underlying portfolio in a manner that is consistent with Texton’s investment strategy to build a quality portfolio that offers long-term distribution and capital growth for Shareholders.

Last modified on Wednesday, 14 October 2015 12:54

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