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Blackstar buys Midrand property

Sep 05 2011 09:51 I-Net Bridge

Company Data

Litha Healthcare Group L [JSE : LHG]

Last traded R3.64
Change R-0.11
% Change -2.93%
Cumulative volume 1.26m
Market cap R1.36bn

Last Updated: 25/05/2012 at 19:32. Prices are delayed by 15 minutes. Source: McGregor BFA

 

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Johannesburg - Listed investment company Blackstar Group announced on Monday that its unit, Blackstar Real Estate had entered into an agreement to purchase a commercial property in Midrand, Gauteng for R58m.

The property would be held through a new property holding company (Newco) with BRE owning 70% of the ordinary shares and Litha Healthcare Group [JSE:LHG] owning 30% of the ordinary shares of Newco.

The property would be occupied by Litha and would provide operating space for a large portion of Litha's operations within Gauteng.

Simultaneously with the property transaction, Newco had entered into a triple net lease agreement with Litha Medical (Pty) Limited, a major operating subsidiary of Litha.

 

 
 
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