Indluplace to spend R1.4bn on properties

INDLUPLACE Properties, the listed residential propertyfocused real estate investment trust, has entered into negotiations to acquire a portfolio of 2 900 residential properties, or part of the portfolio, for about R1.4 billion. The company said yesterday that 96 percent of the portfolio was in Gauteng. It said the proposed acquisition included rights to acquire a further pipeline of properties that were being developed or refurbished. Indluplace said the proposed acquisition remained subject to the signing of formal agreements. The proposed acquisition was in line with the company’s strategy to grow its portfolio through acquiring yieldenhancing properties that provided income from the first day of acquisition. It advised shareholders to exercise caution when dealing in the company’s shares until a further announcement was made about the proposed acquisition.