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Capital Property sells retail properties

Johannesburg - Capital Property Fund [JSE:CPL] said on Tuesday  it had concluded an agreement with Fortress Income Fund [JSE:FFA] and Resillient Property Income Fund [JSE:RES] respectively, for the disposal of a portfolio of retail properties.

The purchase consideration payable by Fortress pursuant to the Fortress transaction is R704m, which will be settled by the issue of 51 014 493 Fortress A linked units and 51 014 493 Fortress B linked units to Capital.

The purchase consideration payable by Resilient is R1.028bn. Resilient will pay R514m cash while the balance will be through the issue of 16,211,238 Resilient linked units.

"As previously communicated to unitholders, although Capital's portfolio currently includes R3.8bn of retail centres, retail properties are not part of Capital's strategy and focus and it is the intention to reduce the retail component of the portfolio over time," Capital Property Fund said.

Capital will use the cash proceeds from Resilient to reduce interest-bearing borrowings.

Both transactions are subject to regulatory approvals and the effective date thereof is December 1.
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