Bonatla and Triprop conclude property deals

Posted On Wednesday, 11 May 2011 02:00 Published by eProp Commercial Property News
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Bonatla has announced that it has concluded an agreement with Triprop, in terms of which it will acquire 100% of the shares in and loan claims against the latter for R35m.

BonatlaBonatla Property Holdings announced on Tuesday that it had concluded an agreement with Triprop, in terms of which it would acquire 100% of the shares in and loan claims against the latter for R35 million.

The monthly rental income on Triprop properties would be R450,000, with a gross lettable area of 15 000 square metres.

The Triprop acquisition was subject to conditions precedent, including regulatory approvals and approval from Bonatla's shareholders.

Meanwhile, Bonatla would also buy 30% of the issued share capital of Tristruct from Udo Paul Topka for R15 million. The deal was also subject to conditions precedent.

The property fund also announced that agreements were signed between itself and Globus Investment, whereby the properties situated at Erf 925 Irene Extension 30 and Erf 173 Cleveland Extension 5 would be disposed of to Globus for R22 million and R18 million respectively.

The proceeds of the disposals would be utilised to settle certain obligations of Bonatla.

Last modified on Monday, 18 November 2013 17:49

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