CAPE TOWN - Specialised residential fund Transcend said yesterday that it intended to dispose of 225 free title units at Midrand Village, Clayville, Gauteng, to various buyers.
As at June 30, agreements had been reached for 89 units at R81.97 million. Transcend owns 23 properties in total, comprising 4767 units. Midrand Village, which has 225 units, was acquired on December 1 last year as part of a larger portfolio of 1983 units bought as a portfolio of stabilised rental properties.
Transcend said the 225 units did not suit the typical profile of units held by it for rental purposes.
The sales would help Transcend optimise its portfolio and also its plans to expand its portfolio with mainly distribution enhancing acquisitions.
The average selling price per unit was about R921045. As at December 31 last year, the assets being sold were valued at R152.4m and total comprehensive income attributable to Midrand Village, for the year ended December 31, 2018, was R1.11m. Clayville is south of Rooihuiskraal and north of Tembisa.