Construction firm Aveng has reached agreements to sell its Jet Park and Vanderbijlpark properties for R211.2-million and R42.6-million, respectively.
Aveng in February announced its decision to sell certain noncore assets and properties following a strategic review of the business. The group has now agreed to sell its Jet Park offices, in Boksburg, to Equites Property Fund. As part of the agreement, Aveng will enter into a triple net lease on the property for up to 24 months.
Further, it will sell its Vanderbijlpark property to Stodasat. The proceeds from the two sales will be used to strengthen the group’s financial position and reduce its debt.
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