23rd Jan 2015 10:11
LONDON (Alliance News) - South African Property Opportunities PLC Friday said it has sold one of its subsidiaries that held the Emberton project for a total of ZAR39 million, a slight discount to the project's current value.
The closed-end fund has a portfolio of land and other assets, including the Emberton project which is residential property development in South Africa. The total proceeds for the sale of the subsidiary, which has not been named, and the project is ZAR39 million, a 2.5% discount to the current carrying value of the property of ZAR40 million.
South African Property will receive five payments, with the first ZAR9 million to be paid on February 28, followed by the other four tranches before August 2016.
South African Property shares were untraded on Friday, last trading at 20.00 pence per share.
By Joshua Warner; [email protected]; @JoshAlliance
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