Ascension dispose non-core properties Bergstan House, Matrix House and Nedbank Centre

Posted On Friday, 12 August 2016 14:12 Published by
Rate this item
(0 votes)

Ascension has concluded an agreement for the disposal of the property letting enterprises in respect of the 3 properties known as Bergstan House, Matrix House and Nedbank Centre to Camden Bay Investments 44 Proprietary for an aggregate consideration of R199m.


The properties are no longer core to Ascension’s strategy and the disposal will enable Ascension to focus on its larger core buildings with more sustainable growth. The proceeds of the disposal will be used to reduce the existing debt of Ascension.  

Camden Bay will acquire the property letting enterprises, which include the properties, with effect from the date of registration of transfer of the properties into Camden Bay’s name.  

The sale consideration for the property letting enterprise will be payable in cash on the transfer date.  

The disposal remains conditional upon Camden Bay: - obtaining debt finance for 60% of the sale consideration payable; and - being satisfied with the outcome of its due diligence investigation in respect of the letting enterprise.  

No independent valuation has been carried out and the board of directors of Ascension is of the view that the value attributed to the properties above represents the value of the properties disposed of.    

The value of the net assets being disposed of in terms of the disposal, being the value attributed to the properties, is R160 500 000.

Last modified on Saturday, 13 August 2016 07:47

Please publish modules in offcanvas position.