Property unit trust Capital Property Fund announced on Thursday that it had concluded an agreement for the disposal of one of its properties, Grand Central to Kitso Capital for R400 million.
The purchase price is payable in cash.
The transaction is subject to regulatory approval, and other conditions precedent.
The disposal of Grand Central is in line with Capital's strategy of becoming a specialised commercial and industrial fund owning only A-grade properties.
The cash proceeds will be used by Capital to reduce interest-bearing borrowings.
eProperty News is a leading online commercial property marketplace serving the Southern African Investment, Office, Retail and Industrial property and allied sectors.