Infrastructure development group Raubex has sold off its property interests for R383m to private equity firm Acorn Black Investments .
Raubex will realise profit of R56.7m on the disposal after tax. The company had not previously received profit from its subsidiary, as rental income of R32.5m had been used, in toto, to pay off interest costs of the subsidiary’s debt.The properties were leased to various Raubex subsidiaries, as well as third parties, and after the disposal Raubex will enter into a 12-year, triple-net lease with ABI based on an 8.75% yield.
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