Vukile Property Fund
Cliffe Dekker Hofmeyr represented Vukile, the leading South Africa-based property holding and investment company. Our South Africa-based real estate team assisted Vukile with the necessary legal advice and implementation of the disposal of a letting enterprise of 94.5 per cent undivided share in and to Portion 13 (a portion of portion 5) of the Farm Klipspruit 870, also known as Moratiwa Shopping Centre. Additionally, to this complex transfer, we advised Vukile on the sale of another letting enterprise situated at erf 608 halfway house extension 41, the remainder of the portion of the farm, Allandale 10, as well as the subsequent transfer of the properties.
Most recently, we have assisted with the sale of nine letting enterprises. Our team continues to assist Vukile with all its transactions relating to property. Since August 2020, we have drafted and advised on eight transactions, relating to the sale of eight letting enterprises in Vukile's portfolio. The letting enterprises are Rosslyn Warehouse to Slipknot Investments 777; Richmond Park to Royal Albatross 357; Kempton Park Spartan Warehouse to Pincon Properties; 7 on Mastiff Business Park to Mistraline; Ulundi King Senzagakona Shopping Centre to Community Property Company; Lethabile Shopping Centre to Windfall 121 Property; a shopping centre situated in Shoshanguve to Axis Fund; Letting Enterprise situated in Kosmosdal Extension 11 to Olive Palm; and Midrand Allendale Industrial Park to Inospace 5. Each transaction has its own complexities and the agreements were drafted to accommodate this. In some instances, the agreements included vendor loan provisions, and we drafted the relevant security documents (cession and pledge of shares of the purchaser, guarantees, suretyships and second ranking mortgage bonds). In other instances, purchasers required contributions toward capital expenditure or remedial work to be done prior to transfer. All the transactions include price escalation clauses. Our team also attends to the transfer of the properties to the respective purchasers, in addition to the drafting of the agreements of sale. This is clearly the caseload of a market-leading team.
