Vunani Property Investment Fund
(VPF) revealed on Thursday that it had acquired Edcon Place office block for R150.47million,
in Johannesburg CBD.
Edcon Place quarters Edcon‚ owner of Edgars and CNA. Vunani purchased
the property from Windfall 50 Properties.
Vunani was recently overtaken by Texton Property Investments.
The deal is intended to expand Vunani from a small property fund with R2billion
assets to a medium-sized fund.
The merger will see the CEO of Vunani Property Investment Fund, Rob
Kane take up a shareholding in Cozifor, owning 100% of Texton and remaining as
VPIF’s CEO.
Ms Marelise de Lange will also remain as the CFO of VPIF and
will be a shareholder.
The Texton management team will include Gerard de Rauville, Angelique
de Rauville, Thys van Heerden and Chick Legh.
In compliance with the new DTI BEE codes as well as the Property
Charter, Texton will place a BBBEEE share scheme at VPIF level.
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