An unknown buyer entered into a sale and purchase agreement to acquire Office Building in Pilgrim Street from Stenprop Limited (JSE:STP) for £43.1 million on November 20, 2017. Under the terms of the agreement, Stenprop (UK) Limited, a wholly owned subsidiary of Stenprop, will sell all the shares in Normanton Properties Limited, the special purpose vehicle which owns the property with effect from the date of completion of the transaction. As part of the consideration, the buyer will acquire Normanton from Stenprop UK for an aggregate initial consideration of £10.8 million and remainder of £32.3 million by funding the repayment of a shareholder loan owing by Normanton to Stenprop UK. The purchase consideration is subject to a further post-completion adjustment to take account of any difference between the actual and the estimated net asset value at completion. As on December 7, 2017, In order to facilitate fulfillment of the financing condition Stenprop has agreed to reduce the purchase consideration by £1 million which will release cash proceeds of £42.1 million after sales costs and repayment of external debt. The remainder of the terms remained unchanged. Completion is conditional upon the buyer receiving written confirmation from a lender that debt finance on commercially acceptable terms will be available to the buyer at completion for the purposes of funding the acquisition of the shares. Failure to fulfill this condition by no later than December 8, 2017 will result in termination of the agreement and a payment of £250,000 by the buyer to the seller. Subject to fulfillment of certain conditions, completion is expected to be on December 20, 2017, but no later than January 12, 2018 unless these dates are extended by the parties. The net proceeds from the disposal will be used to fund further acquisitions in the MLI sector and reduce the short-term borrowings used to fund the Industrials acquisition by Stenprop. An unknown buyer completed the acquisition of Office Building in Pilgrim Street from Stenprop Limited (JSE:STP) on January 11, 2018.