Capital Property Fund has entered into an agreement with Panya Investments in term of which it will acquire 23.7 million linked units in Pangbourne Properties for R405m.

Capital Property Fund and Pangbourne Properties have brought to finality all outstanding conditions relating to their tie-up deal.

Capital Property Fund and Pangbourne Properties said on Thursday they had received approvals from both the Competition Tribunal and South Gauteng High Court for their tie-up deal.

Pangbourne Properties announced on Monday that its unitholders had approved an offer by Capital Property Fund to buy its entire issued capital.

Capital Property Fund’s planned acquisition of Pangbourne Properties is expected to see earnings drop 20,87% to 29,66c for the six months to June.

Capital Property Fund ’s planned acquisition of property loan stock company Pangbourne Properties will result in it becoming the third-largest SA listed property fund.

Property unit trust Capital Property Fund announced on Thursday that it had concluded an agreement for the disposal of one of its properties, Grand Central to Kitso Capital for R400 million.

Capital Property Fund has posted a solid set of results for the 6 months to June, plans to become a specialised commercial and industrial fund.

Capital Property Fund’s focus on selling poorer quality properties at the top of the property cycle and acquiring properties in prime nodes with corporate tenants is paying dividends.

Strategy of investing in well-located industrial and commercial properties with strong tenant covenants has paid dividends.