Rebosis Property Fund Ltd. unit Ascension Properties Ltd. agreed to sell six office properties in Cape Town to Boxwood Property Investment Fund for a total of 888.0 million rand.
The properties, known as 14 Long St., 45 on Castle, Bergstan Building, Matrix Building, Nedbank Building and Rebosis House, span 9,975 square meters, 9,537 square meters, 2,838 square meters, 9,001 square meters, 5,905 square meters and 26,245 square meters of rentable area, respectively. They are worth 124.0 million rand, 153.0 million rand, 28.0 million rand, 81.0 million rand, 68.0 million rand and 444.0 million rand, respectively.
Rebosis Property will use proceeds from the sale to reduce its existing debt.
The transaction will be carried out via relevant property letting enterprises, according to a release.
Rand Merchant Bank is serving as sponsor for the transaction.
As of May 16, US$1 was equivalent to 12.47 rand.