Bonatla signs agreement to buy assets

Posted On Tuesday, 31 August 2010 02:00 Published by eProp Commercial Property News
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Bonatla Property Holdings announced that agreements have been signed between various parties and Bonatla Properties for the acquisition of various properties.

BonatlaBonatla Property Holdings announced on Tuesday that agreements have been signed between various parties and Bonatla Properties for the acquisition of various properties and shares in property-owning companies.

Bonatla Properties is a wholly owned subsidiary of Bonatla Property Holdings.

The consideration payable in terms of the signed agreements is R4.985 billion, which is to be satisfied by means of an issue of Bonatla Property Holdings Limited ordinary shares and various other securities to be listed.

The proposed acquisitions are in line with the updated investment strategy of Bonatla, which entails focusing primarily on acquiring high quality properties which are also sound rental income producing investments.

In addition, the proposed acquisition provides the added advantage of a national geographical spread with a diversity of tenants and opportunities, it said.

The effective date of the proposed acquisitions is 1 September 2010.

The proposed acquisitions are subject to the conditions precedent, including the approval of Bonatla shareholders in a general meeting.

Last modified on Wednesday, 11 December 2013 10:11

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