File picture

South African retailer JD Group said on Friday it had acquired 19 properties and leases from Steinhoff International in exchange for JD Group shares worth 447 million rand ($51.7 million).

JD Group said the purchase would be done through a fresh issue of 9.5 million JD Group shares at a price of 47 rand per share. The company said the transaction was aimed at diversifying its asset base. - Reuters