BRIEF-Accelerate Property Fund Announces Disposal Of Wanooka Place

  • Reuters
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BRIEF-Accelerate Property Fund Announces Disposal Of Wanooka Place
Credit: © Reuters.

March 1 (Reuters) - Accelerate Property Fund Ltd APFJ.J :

* THE DISPOSAL BY ACCELERATE OF WANOOKA PLACE

* PROPOSED DEAL FOR CASH CONSIDERATION OF R240 MILLION

* PROPOSED DEAL FOR APF INTENDS TO UTILISE FULL SALE PROCEEDS TOWARDS REDUCTION OF DEBT

* IN ANTICIPATION OF FOURWAYS EQUALISATION, CO SET ASIDE R1,7 BILLION OF NON-CORE PROPERTIES FOR SALE, SET TARGET LTV RATIO OF 35%

* PROCEEDS FROM SALE OF NON-CORE PROPERTIES WILL BE USED TO EITHER REDUCE DEBT OR BUY BACK ACCELERATE SHARES

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