Aveng Group nets R1.1bn from sale of SA properties
Aveng has concluded the sale of the majority of its South African properties to Imbali Props 21 Proprietary, a commercial property development and investment company within the Collins Property Group, for R1.127-billion.
In terms of the transaction, Aveng disposed of 70% of Dimopoint, a special purpose vehicle it created to house 35 of its properties.
These included most of Aveng’s regional offices and manufacturing properties, with the exception of Jet Park in Boksburg.
Late last year Aveng relocated its corporate head office to the Jet Park campus, which also houses Aveng Grinaker-LTA.
The property transaction forms an important part of Aveng’s plan to strengthen its financial position and reduce debt, noted the company on Thursday.
“With a stronger balance sheet and improved liquidity, we are now well placed to strongly drive Aveng’s medium term strategy, thus positioning the group for future profitability,” says Aveng Group CEO Kobus Verster.
In addition to the R1.1-billion cash injection, the transaction with Imbali Props 21 is significant for another reason.
With Aveng retaining 30% of Dimopoint, there are opportunities for Aveng and the Collins Property Group of companies to partner in future projects.
“We may consolidate and upgrade some of the properties in the Dimopoint portfolio and also see good opportunities to partner elsewhere in Africa,” says Verster.
Based in Durban, the Collins Property Group has been run by four generations of the Collins family for more than a century.
Through its association with JSE-listed Tradehold, the group owns a multibillion-rand portfolio of mostly commercial properties throughout Southern Africa.
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