The disposal is line with with its strategy of optimising investment returns. Trematon Capital Investments has reached a deal to sell its 50% stake in a retail centre in Gansbaai in the Western Cape. It owns the property through 60% held subsidiary ARIA Property Group.
The centre has Spar as its anchor tenant. It has about 30 tenants in total, including retailers include Tops, Clicks, Pep, Ackermans, KFC and Wimpy. It’s selling the centre to Theo Stergianos Properties for R109.5 million, valuing ARIA’s stake at R54.75 million.
Trematon is an investment-holding company that invests in assets and businesses it believes are undervalued and have the potential to achieve targeted internal rates of return. ARIA owns and manages retail, industrial and commercial properties to earn rental income and generate long-term capital growth.
The disposal is in line with ARIA’s investment strategy of acquiring underperforming assets based in the Western Cape, adding value and optimising investment returns for each individual property,” Trematon said.
The centre delivered profit of R7.8 million last year, of which R3.9 million represented ARIA’s 50% interest. It was valued in Trematon’s accounts at R43.8 million.
Trematon’s shares rose 8.2% to R1.85 in just two trades yesterday.
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