Time Square, Menlyn. Picture: Jacques Naude African News Agency (ANA)
Sun International on Monday announced the proposed disposal by Sun Time Square Propriety (Time Square) of a portion of its property in Menlyn, Pretoria.
Sun International said the move was part of its strategic objective of consolidating its minority positions in its portfolio and disposing of non-core assets.
The proposed sale of its portion of the property would be to Menlyn Maine Investment Holdings.
The group said also announced its acquisition of Vast Way Trade and Invest Proprietary's shares and loan account in Time Square by Sun International South Africa (Sisa).
“If the deal is approved, Menlyn Maine shall pay Time Square R198 million; while Vast Way will sell its loan account for R36 million and its shares in Time Square to Sisa,” it said.
Sisa will acquire Vast Way’s loan account and 14.25 percent equity interest in Time Square for a purchase price of R125m.
For the year ended December 31, 2021, Time Square generated revenue of R1 billion, earning before interest, tax, depreciation, and amortisation of R274m, loss after tax of R183m, and had a negative net asset value of R1.9bn, the group said.
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