Putprop Ltd.'s board agreed to acquire a further 7.75% stake in Pilot Peridot Investments 1 Proprietary Ltd. for roughly 14.6 million South African rand, increasing its total stake in the company to 61.21%.
Pilot Peridot's sole asset is a 50% interest in the Summit Place mixed-use retail and commercial development in Pretoria, South Africa. Pilot Peridot's net asset value was roughly 43.9 million rand as at June 30, 2017.
The purchase consideration will be paid through internally generated cash and will be paid in three tranches.
The Summit Place development, in the Menlyn area, spans 30,500 square meters of gross lettable area and was independently valued at roughly 479.4 million rand as at June 30, 2017.
As of March 7, US$1 was equivalent to 11.88 South African rand.
