AECI plans to sell bulk of Modderfontein land
Explosives and specialty chemicals group AECI on Monday said it had entered talks to sell the bulk of its property assets in Modderfontein, in Johannesburg.
The land up for sale was surplus to the AECI group’s operational requirements, an AECI spokesperson confirmed, declining to disclose further information.
AECI’s property arm Heartland owns 2 300 ha in Modderfontein and 780 ha in Somerset West, near Cape Town. The Western Cape properties did not form part of the discussions, investor relations manager Fulvia Putero said.
Heartland was formed over a decade ago to realise shareholder value of the surplus property holdings by selling land and investing in rental portfolio.
Much of the group’s portfolio comprised land available for redevelopment or sale over the longer term for residential, commercial and industrial end uses and for leasing purposes.
During 2012, AECI had made significant progress in installing infrastructure at Modderfontein and continued to evaluate ways of accelerating the sale of land.
Heartland also managed the Umbogintwini industrial complex, near Durban.
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