Liberty Holdings (LBH) said on Monday that its wholly-owned division Liberty Group has entered into a transaction to dispose of Greenacres shopping centre in an undivided 50% share each to Acucap (ACP) and Sycom (SYC) for just over R1bn.

The anticipated transfer is expected during the first quarter of 2014.

This transaction supports Liberty’s strategy of becoming the leading wealth management company on the African continent‚ as there are numerous initiatives that are currently being considered as part of the Direct Property investment strategy.

These will include the upgrade‚ restructure and acquisition of assets within the Portfolio that management believe will in time benefit investors‚ it said.

The disposal is still subject to competition commission approvals in SA.