JSE-listed Attacq is selling 308 500 m2 of commercial development property rights in Waterfall to Winter Robin Investments (WRI), its 20:80 joint venture (JV) firm with Sanlam Properties, for R86.4-million.
WRI will create a loan account with Attacq subsidiary Attacq Waterfall Investment Company in an amount equal to the purchase consideration.
The land parcel, for commercial purposes, has not been proclaimed and no development has been undertaken to date, Attacq noted, adding that it retains the right to increase its JV shareholding to 50%.
The transaction is not subject to shareholder approval.