PROPERTIES worth R240 million have been sold by Old Mutual Properties as part of its strategy to continually rejuvenate client portfolios, says Gavin Dold, asset management executive of Old Mutual Properties.

'On behalf of clients, we constantly reassess their properties and divest of units that no longer fit the core strategy,' he says.

Twenty-seven properties were involved, 25 of which were sold to Metprol for a total R200 million.

'They consist mainly of industrial properties in Gauteng and KwaZulu/Natal,' he says. 'The other two buildings, one of which housed Foschini in Johannesburg's CBD, were sold for R40 million to a private investor. This in itself is indicative of the interest that is being regenerated in the CBD. '