Moolgem has agreed to sell the Jane Furse Crossing rental enterprise, in Limpopo, to Depoway as a going concern for R174-million.
Moolgem is a subsidiary of Cumulative Properties, which is a wholly-owned subsidiary of JSE-listed Arrowhead Properties.
Arrowhead says the disposal is in line with its previously announced disposal programme aimed at repositioning the company’s property portfolio through strategic disposals.
The proceeds of the transaction will be used to reduce debt in line with Arrowhead’s intention to improve gearing and strengthen the company’s balance sheet.