As stated in its recent interim results, the Pinnacle group has started disposing of its property portfolio, raking in close to R100-million which will go towards reducing gearing.
In a SENS announcement, the group says it is disposing of the following properties to Orange River Trading SA, subject to certain conditions:
* Port Elizabeth Property – Situated at 59 Newton Street, Newton Park for R10 730 000;
* Bloemfontein Property – Situated at Unit 9, Quagga Industrial Park, 38 Eland Street;
* Quaggafontein, Bloemfontein for R13 600 000; and
* Midrand Property – Situated at 269 Sixteenth Road, Randjespark, Midrand for R73 750 000.
In total the disposals will realise R96 216 480 after commission, the company says.
The SENS statement concludes: “It should be noted that the above disposals exclude the remaining property, being the land in Samrand that had been earmarked for future premises. It is the intention of the Company to announce further details on the Samrand property in due course.”