After fully acquiring Nungu Trading 88 through a sale of shares and claims agreement, earlier this month, property group Texton Property Fund is now the sole owner of the 3 865 m2, AAA-grade office property Babcock House, in Bedfordview.
Tenanted by Babcock Ntuthuko Engineering, the property offered 71 basement parking bays, 58 covered bays and 14 open bays with an additional 20 open bays currently under construction.
“The lease escalates at 9% a year and has a remaining term of four years and ten months, with an option to renew for a further two years. The acquisition will yield 9.35% and was acquired in cash for R48.3-million,” the company said in a statement on Friday.
Further bolstering its portfolio, the company added that the AAA-grade, 3 404 m² Quintiles building, in Bloemfontein, had also been transferred to the company after being acquired with cash at a yield of 9.6% for R47.5-million.
The property was tenanted by clinical research healthcare firm Quintiles Clindepharm on a five-year triple net lease, escalating at 8% a year.
Meanwhile, Texton advised that the R129-million ‘Naidoo Portfolio’, which comprised the Scott Street building, in Waverley, and the St Georges Mall, in Cape Town, had also been transferred to the company.
“Both buildings are occupied by consulting engineering group Mott Macdonald PDNA on a 3.5-year triple net lease. This transaction places 6.5% of the issued share capital under black economic-empowerment ownership,” it stated.