LONDON (Alliance News) - South African Property Opportunities PLC on Friday said it has agreed to sell its remaining assets and secured the final payment on the sale of its African Renaissance asset.
South African Property agreed to sell the African Renaissance Project for ZAR70 million in July 2015. On Friday, it said the final ZAR40.0 million instalment for the sale has been received.
In addition, the fund has agreed to sell its remaining assets for ZAR60.0 million to an unnamed buyer. This will be paid in three instalments, with the first ZAR25.0 million already received, ZAR11.0 million due by the end of February 2017, and the final ZAR24.0 million to be paid by the end of June 2017.
The funds will be returned to South African Property shareholders in line with its winding down policy.
Shares in the fund were up 18% to 7.69 pence on Friday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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