Cape Town, 14 June 2020. Fairvest Property Holdings Limited (\u201cFairvest\u201d) today announced the finalisation of the due diligence for its disposal of Tokai Junction, a 7 618m2 retail centre in Constantia, Western Cape to FPG Holdings Proprietary Limited for R180 million. Chief Executive Officer, Darren Wilder said: \u201cthe disposal value of R180 million represents good value for Fairvest. The disposal price represents a 2.1% premium to book value at 31 December 2019 of R176 million, which in a market where valuations are predicted to fall by as much as 20%, confirms that Fairvest\u2019s property valuations are not over-valued.\u201d<\/p>\n
The proceeds will be used to pay down debt, in line with Fairvest\u2019s strategic objective of ensuring that its balance sheet remains robust in a tough economic environment. To complete a transaction of this nature in the current environment demonstrates the attractiveness of Fairvest\u2019s assets, as well as its ability to recycle capital when equity becomes expensive.<\/p>\n
The only remaining condition outstanding is that of competition commission approval.<\/p>\n","protected":false},"excerpt":{"rendered":"
Cape Town, 14 June 2020. Fairvest Property Holdings Limited (\u201cFairvest\u201d) today announced the finalisation of the due diligence for its disposal of Tokai Junction, a 7 618m2 retail centre in Constantia, Western Cape to FPG Holdings Proprietary Limited for R180 million. Chief Executive Officer, Darren Wilder said: \u201cthe disposal value of R180 million represents good […]<\/p>\n","protected":false},"author":4,"featured_media":8642,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_price":"","_stock":"","_tribe_ticket_header":"","_tribe_default_ticket_provider":"","_tribe_ticket_capacity":"","_ticket_start_date":"","_ticket_end_date":"","_tribe_ticket_show_description":"","_tribe_ticket_show_not_going":false,"_tribe_ticket_use_global_stock":"","_tribe_ticket_global_stock_level":"","_global_stock_mode":"","_global_stock_cap":"","_tribe_rsvp_for_event":"","_tribe_ticket_going_count":"","_tribe_ticket_not_going_count":"","_tribe_tickets_list":"[]","_tribe_ticket_has_attendee_info_fields":false,"footnotes":""},"categories":[9],"tags":[],"class_list":["post-9693","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-members-news"],"featured_image_src":{"landsacpe":["https:\/\/muddev.co.za\/sareit\/wp-content\/uploads\/2020\/11\/ft11-1140x445.jpg",1140,445,true],"list":["https:\/\/muddev.co.za\/sareit\/wp-content\/uploads\/2020\/11\/ft11-463x348.jpg",463,348,true],"medium":["https:\/\/muddev.co.za\/sareit\/wp-content\/uploads\/2020\/11\/ft11-300x200.jpg",300,200,true],"full":["https:\/\/muddev.co.za\/sareit\/wp-content\/uploads\/2020\/11\/ft11.jpg",1200,800,false]},"_links":{"self":[{"href":"https:\/\/muddev.co.za\/sareit\/wp-json\/wp\/v2\/posts\/9693","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/muddev.co.za\/sareit\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/muddev.co.za\/sareit\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/muddev.co.za\/sareit\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/muddev.co.za\/sareit\/wp-json\/wp\/v2\/comments?post=9693"}],"version-history":[{"count":0,"href":"https:\/\/muddev.co.za\/sareit\/wp-json\/wp\/v2\/posts\/9693\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/muddev.co.za\/sareit\/wp-json\/wp\/v2\/media\/8642"}],"wp:attachment":[{"href":"https:\/\/muddev.co.za\/sareit\/wp-json\/wp\/v2\/media?parent=9693"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/muddev.co.za\/sareit\/wp-json\/wp\/v2\/categories?post=9693"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/muddev.co.za\/sareit\/wp-json\/wp\/v2\/tags?post=9693"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}