Property Flash


Tradehold, the JSE-listed landlord has announced the sale of an industrial property to Dulu Holdings for R210.55m. 

Dulu Holdings is a Black Economic Empowerment (BEE) property investment company that is not a related party to Tradehold and will acquire the property from Imbali, a subsidiary of Tradehold. 

The property is tenanted by Nampak Products and is subject to a 15-year lease agreement that was entered into between Imbali and Nampak on June 28 2016. A separate lease agreement, which is yet to be entered into between Nampak and Imbali in relation to the property, will form part of the deal. 

Tradehold's main reason for disposing of the property is to reduce concentration to risk and recycle capital for offshore investment. 

"Imbali will retain ownership of a high quality portfolio of industrial properties tenanted by Nampak from which consistent rental income is derived," Tradehold said. 

The aggregate consideration of R210.550m will be used partly to reduce gearing and partly for reinvestment in offshore opportunities. The disposal consideration will be payable in cash.

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