DMFT Property Developers Proprietary Limited entered into heads of agreement to acquire four properties of Delta Property Fund Limited (JSE:DLT) for ZAR 50.8 million on April 11, 2023. DMFT will pay ZAR 20 million for Erf 35165, Kimberley, ZAR 11.8 million of Erf 744, Bloemfontein, ZAR 12 million for Erven 6236, Portion 1 and 2 of 627 and 628, Klerksdorp and ZAR 7 million in Erf 409, Polokwane in cash. The net proceeds of ZAR 71.3 million (net of commission) will be utilised by Delta to reduce debt and the Loan to Value (LTV) by 0.3% from 58.2% to 57.9%. In related transaction, Delta has entered into an offer to purchase a property situated at 127 Peter Mokaba Avenue, Potchefstroom Central, including the letting enterprise from Enkai Investment Holdings (Pty) Limited for a cash consideration of ZAR 21 million. The transaction is subject to Delta obtaining approval from the JSE as well as the necessary consent of its shareholders to conclude the DMFT Disposal, DMFT raising sufficient funding from financial institutions to pay the DMFT Consideration within 60 calendar days following the Signature Date; the parties obtaining approvals, where applicable, required from the Competition Authorities with 120 calendar days following the Signature Date; DMFT being afforded a 20-day due diligence period, being satisfied with the results of its due diligence investigation and having given written notice to that effect to DMFT; DMFT having provided Delta with a copy of the board resolutions authorising DMFT to conclude the DMFT Disposal; and board of directors of Delta having passed a resolution authorising the conclusion of the DMFT Disposal within 14 calendar days following Signature Date. The transaction is expected to close on September 30, 2023.

DMFT Property Developers Proprietary Limited cancelled the acquisition of four properties of Delta Property Fund Limited (JSE:DLT) for ZAR 50.8 million on July 28, 2023. Delta Property Fund Limited shareholders are rejected the transaction.