Cream Magenta 228 (Pty) Ltd and Property Genius (Pty) Ltd entered into an agreement to acquire Hermanstad Industrial Park from Texton Property Fund Limited (JSE:TEX) for approximately ZAR 130 million on June 24, 2022. The Sale is subject to the following condition precedents (Condition Precedents) to be fulfilled by no later than 12 July 2022: - the Purchaser confirms that it is satisfied with its due diligence investigation undertaken in respect of the Property; - the Purchaser receives written confirmation that it has been granted loan funding on standard terms and conditions typical for a transaction of this nature; and - Finalisation of all requisite Seller board approvals. The proceeds of the Sale will be utilised to repay debt and invest to further develop its SME strategy.
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- Cream Magenta 228 Ltd and Property Genius Ltd entered into an agreement to acquire Hermanstad Industrial Park from Texton Property Fund Limited for approximately ZAR 130 million.