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Cape Town - Explosives manufacturer AECI announced on Monday that it is selling its property in Gauteng to China's Shanghai Zendai Property for R1bn, according to a SENS report.
"The board of AECI is pleased to announce that it has reached agreement regarding the disposal by the AECI group of its surplus property assets at Modderfontein, in Gauteng, to Shanghai Zendai."
The deal comprises the disposal of approximately 1 600ha of land and buildings.
The transaction is anticipated to be effective by July 31 2014.
AECI stated that it will continue to manage the land and buildings it owns in Somerset West, Western Cape and Umbogintwini, KwaZulu-Natal, in the ordinary course of business.
Shanghai Zendai is an investment holding company listed on the Hong Kong Stock Exchange and is focused on developing, investing in and managing residential and commercial properties mainly in China, the report stated.
- Fin24
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"The board of AECI is pleased to announce that it has reached agreement regarding the disposal by the AECI group of its surplus property assets at Modderfontein, in Gauteng, to Shanghai Zendai."
The deal comprises the disposal of approximately 1 600ha of land and buildings.
The transaction is anticipated to be effective by July 31 2014.
AECI stated that it will continue to manage the land and buildings it owns in Somerset West, Western Cape and Umbogintwini, KwaZulu-Natal, in the ordinary course of business.
Shanghai Zendai is an investment holding company listed on the Hong Kong Stock Exchange and is focused on developing, investing in and managing residential and commercial properties mainly in China, the report stated.
- Fin24
Add your voice to our Property Issue:
* Write a guest post
* Share a personal story
* Ask the experts
