In an announcement yesterday, Laser said all conditions precedent of the deal had been fulfilled, and the transaction had gone through.

To Laser, the transaction means freedom from noncore financial obligations while it feeds growth objectives for Growthpoint. The properties are occupied by Laser's former removals subsidiaries which were disposed of in 1999.

Laser, however, retained ownership of the properties used by the removals subsidiaries as warehouses with some small office components.

These operations includes names like Stuttafords Vanlines, Pickfords and Sandton Removals. The nine properties are spread across Gauteng, Western Cape, Northern Cape, Eastern Cape and Free State.

Laser, which specialises in logistics and human resource services said 'investment property ownership is not core to Laser's business'. Proceeds from the sale would be used to settle outstanding balances on their mortgage bonds.

Growthpoint's total property portfolio was quoted at R1,8bn at the end of August and the transaction would boost it to R1,85bn.

Growthpoint fund manager Bernice Boshoff said it was working towards growing the portfolio and modifying its sectorial exposure. Before this transaction the Growthpoint portfolio reflected a 48% exposure to the office sector, 21% industrial, 25% retail and 6% hotels.

Business Day