JOHANNESBURG - Freedom, the listed property fund, has agreed to sell Tubatse Homes in Burgersfort in Limpopo for R12.6million.
It said yesterday that Tubatse Homes comprised eight residential units and 33 serviced stands to Katlego Pholoana, a general medical practitioner.
Freedom acquired the 1 255m² property in March 2014 for R17.67m.
It was valued by an independent valuer at R14.35m at end-February and generated a total rental income of R278 719 in the year to February.
However, the property was currently no longer being rented out. Freedom said the disposal was in line with the fund’s strategy of divesting of non-core assets, adding that the proceeds from the sale would be used to reduce debt, particularly mortgage bonds held with Nedbank.
Shares in Freedom have been suspended on the JSE since July 1.
- BUSINESS REPORT