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Redefine to buy Zenprop assets

May 04 2011 16:21
I-Net Bridge
Johannesburg - Redefine Properties said on Tuesday it had concluded a framework agreement with Zenprop Property Holdings for the acquisition of seven investment properties.

The deal is worth about R1.1bn and the acquisitions are from different entities in the Zenprop stable.

It said separate agreements governing the acquisition of each of the properties still needed to be concluded.

In addition, the agreement provided that, subject to statutory approvals by December 31 2012, Redefine would acquire the properties known as the Nicol Grove precinct for R875m.

Redefine said the potential acquisitions were in line with its strategy to improve the quality of its property portfolio.

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