Property fund Oasis Crescent Property Fund will retain all of Durban-based Ridge@Shallcross
shopping centre and refund Eden Court - which had planned to buy part of the centre - R21.4 million, the company said yesterday.

In terms of the sale agreement, which was signed in 2006, Eden Court paid 15 million for the relevant components of the property to the vendors.

But due to administrative reasons, the transfer of the relevant components to Eden Court was delayed and is still in the process of being finalised, Oasis said.

"Now that the Fund has matured, the board of the Manager [Oasis Crescent] has determined that it is no longer necessary to transfer the relevant components to Eden Court and same will now be retained by the Fund," it said.

The effective date of the transaction was yesterday. The deed of cancellation is not subject to any conditions precedent.

Source: I-Net Bridge