Bids rise for Fidentia's office block

Posted On Tuesday, 04 November 2008 02:00 Published by eProp Commercial Property News
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Fidentia’s two office buildings may be sold for more than the initial R41.6-million bid, in an answer to its curator’s prayers.

Rael Levitt Auction AllianceCollapsed financial services company Fidentia’s two office buildings may be sold for more than the initial R41.6-million bid — in an answer to its curator’s prayers.

Rael Levitt, chief executive of the Alliance Group, who auctioned the buildings in Cape Town last week, told The Times yesterday that they have received higher bids for the properties since the auction last week.

The initial offer left Fidentia’s curators gloomy. They complained that they needed to pay back R1.2-billion to investors who lost out when the company crashed.

Levitt said bids would be accepted until this Friday, after the seven-day waiting period ends.

“We are still busy negotiating. There are higher bids coming in and the buildings most likely will go for a higher price,” said Levitt.

Fidentia’s boss, J Arthur Brown, who was released from jail last Monday, allegedly swindled inves

Curator Dines Gihwala said they also planned to sell the company’s Sante Hotel in Paarl and other properties.


Last modified on Thursday, 12 June 2014 12:04

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