South African property loan stock company Vukile (VKE) is to acquire the Oakhurst office building in Parktown, Johannesburg, from Sanlam Life Insurance for R34.4 million.
 
Oakhurst is a modern five-storey building with a lettable area of 9,085 square meters situated at the St Andrews off-ramp from the M1 South.
 
Vukile CEO Gerhard van Zyl said given its prime location, the fact that it was almost fully let to blue-chip tenants and its longer-term upside potential in the strengthening Parktown property market, Oakhurst met all the company's investment criteria.  The acquisition yield is 10.6%.
 
Van Zyl also said that Vukile's existing property portfolio had posted a strong letting performance in 2005, with renewals and new deals totalling close to R270 million over a combined area of approximately 154,000 square meters.

I-Net Bridge
 
 
Publisher: I-Net Bridge
Source: I-Net Bridge