OneLogix buys land for vehicle storage facility development
JSE-listed logistics and transport group OneLogix has acquired a 14.29 ha piece of land between Durban and Pietermaritzburg, on which it plans to develop a vehicle storage facility for its vehicle delivery services (VSD) division, as well as other facilities for general group use.
It bought the land from Afroprop Natal for R69.16-million.
The company said the development of the facility, which was to be completed by mid-December, would cost about R52.4-million.
OneLogix had received in-principle approval from a financial institution for debt funding for the acquisition and the development of the facility on a loan-to-value basis of 70%.
The balance of the purchase price and development cost of about R36.5-million would be funded through existing cash resources and short-term facilities.
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