Freedom’s property sales of R60m fizzle
CAPE TOWN - Suspended Freedom Property Fund’s sale of two properties totalling R60million to Cecilo Investments has fallen through, due to conditions’ precedents not being met, the real estate investment trust said on Monday.
The group announced that its subsidiaries Zambesa Investments and Tubatse Estate had entered into property sale agreements with Cecilo on the sale of seven residential units, and 33 serviced stands in a sectional scheme known as Tubatse Homes SS 758/2017 for R11.5m, and Tubatse Estate for the remaining extent of the Burgersfort extension 40 township for R49m.
“Certain conditions precedent to the disposals have not been fulfilled within the timelines that were specified,” Freedom’s director said. In July, the disposals also failed to proceed, but Freedom directors said the deal might be revived. New addenda were adjoined to the sale agreement last month. Freedom is selling non-core assets to cut its debt. Freedom’s board said on Monday that it remained committed to lift the Johannesburg Stock Exchange’s suspension, and that its outstanding financial results would be released as soon as possible.