Is­land Cen­tre has been sold

The Star Early Edition - - COMPANIES -

AS­CEN­SION Prop­er­ties has agreed to dis­pose of Is­land Cen­tre in Paar­den Ei­land in Cape Town for R115 mil­lion. The listed prop­erty com­pany said last week the dis­posal of the 24 195m² in­dus­trial prop­erty to Buff­shelfco 43 formed part of its stated strat­egy to dis­pose of non core prop­er­ties. As­cen­sion said Is­land Cen­tre was no longer core to its strat­egy and the dis­posal would en­able it to fo­cus on its larger core build­ings with more sus­tain­able growth. It said the pro­ceeds of the dis­posal would be used to re­duce ex­ist­ing debt. The ef­fec­tive date of the trans­ac­tion is the date of reg­is­tra­tion of trans­fer of the prop­erty. The dis­posal is still sub­ject to sev­eral con­di­tions, in­clud­ing the pur­chaser ob­tain­ing debt fi­nance for the sale con­sid­er­a­tion payable to As­cen­sion and the ap­proval of the com­pe­ti­tion author­i­ties. – Roy Cokayne

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