Bonatla sells off its property portfolio

Posted On Thursday, 15 May 2003 02:00 Published by eProp Commercial Property News
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BONATLA Property Holdings, a listed property investment company with investments in the industrial, commercial and retail properties, yesterday announced it had sold its entire property portfolio for a total gross purchase price of R590m.

Property-Housing-ResidentialIt sold 34 properties to Momentum Property Investments, part of the First
Rand Group, for R467m, 15 properties to an unlisted property holding company
Ixia for R86m payable by the issue of securities in Gold Edge Holdings to
the value of R14m.
Developer VKV Properties bought the entire shareholding of Welkom Square
Properties for R10,4m. Welkom Square Properties, which is owned by Bonatla,
has a bond of about R20m. VKV Properties also assumes certain financial
obligations amounting to about R2,1m.
According to documents forwarded by Gold Edge's sponsoring broker an
agreement had been reached for the Gold Edge to acquire 100% of the issued
share capital of Ixia, which amounts to a reverse takeover of the company by
Ixia's shareholders. None of the shareholders of Ixia will have more than
35% of the final Gold Edge share capital.

Last modified on Monday, 05 May 2014 15:30

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