Cape Town sells produce market
Cape Correspondent
CAPE TOWN The Cape Town city council will receive an immediate cash boost of R15m following the sale of the Epping Market to empowerment-linked Cape Fresh International.
The sale, concluded after a technical committee evaluated a number of bids, means that the council has rid itself of one of its major noncore businesses, with the Maitland abattoir expected to follow "soon".
Saleem Mowzer, who heads the council's trading services portfolio, said the sale brought to an end a decade of discussion on how the produce market should be managed. He said the sale was a "victory for empowerment" .
The R15m sale only affects the business of the market. The council will lease the property for the next 20 years, for which it will receive R6m annually.
Mowzer said the cash would provide much-needed finance to use for service delivery.
"The sale of the market will secure the long-term viability of these businesses as local authorities increasingly find it difficult to run these types of undertakings competitively," said Mowzer
Publisher: Business Day
Source: Business Day
Cape Town sells produce market
Posted On Thursday, 18 December 2003 02:00 Published by eProperty News
The Cape Town city council will receive an immediate cash boost of R15m following the sale of the Epping Market
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