trending Market Intelligence /marketintelligence/en/news-insights/trending/rtz8jxu4e0xcyxe5rhfajq2 content esgSubNav
In This List

Putprop boosts stake in South African property company to 61.21%

Blog

Using ESG Analysis to Support a Sustainable Future

Video

S&P Capital IQ Pro | Powered by Expert Insights

Blog

Q&A: Streamlining Analytics for TCFD Reporting

Blog

Evergrande and the wider impact: a sentiment analytics based perspective


Putprop boosts stake in South African property company to 61.21%

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.