Melrose Arch, the mixed-use commercial, retail and residential precinct in Johannesburg, which is to be sold for an undisclosed sum, may form part of a major property listing, according to a reliable source.

The source said ACF Property Investments, the consortium that is set to buy the precinct, was a consortium of investors including a few financial institutions.

The consortium has evidently retained the services of local property professionals because a "portion, if not all of these investments, will be included in a major property listing".

Sentinel Mining Industry Retirement Fund said on Friday that the deal followed a three-month long tender process.

The company divulged no information about the price, but sources say Melrose Arch was sold for about R1.3 billion.

The property industry was abuzz on Friday following the announcement, with leading players saying the private consortium was unknown in the industry.

Attempts to contact the consortium were unsuccessful.

There were three bidders in the tender process, including the Cavaleros Group and Sycom.

The deal with ACF is effective immediately, subject to various approvals including that of competition authorities.

Business Day 01 March 2004