Property loan stock company Vukile (VKE) has acquired an office complex in West Street in Houghton, Johannesburg, for a total capital outlay of 33.9 million rand from African Life Assurance, subject to the usual regulatory approvals.

Vukile chief executive Gerhard van Zyl said the 4 369 m² A-grade complex was well-located, fully let to good tenants, had longer-term upside potential, and accordingly met all the company's investment criteria. The acquisition yield is approximately 9.2%.

Vukile also announced on Tuesday that it has completed the compulsory acquisition of all the remaining linked units in MICC Property Income Fund which it does not already own.

MICC's listing on the Johannesburg and Namibian stock exchanges has consequently been terminated with effect from Tuesday.