By Enzokuhle Sabela.
@GettyImages.
Southern Sun announced on Tuesday (3 February) that it will buy a 50% stake in four properties in Johannesburg’s business hub from Liberty Group. 0734660345
It will pay R735 million in cash for the stake in:
- The Sandton Convention Centre;
- The Sandton Towers hotel;
- The Garden Court Sandton City hotel; and
- The Virgin Active Sandton building.
It says it will finance the acquisition from available debt facilities.
In the same deal, Government Employees Pension Fund-owned property developer Pareto will double its share in the four properties to 50%.
The convention centre is one of South Africa’s key conference venues.
It has hosted events such as the Earth Summit, the African Union gathering and the B20 event that preceded last year’s G20 summit in Johannesburg.
Southern Sun currently operates the two hotels and the convention centre in a long-lease agreement.
The transaction aligns with the group’s strategy to strengthen its portfolio of properties in key metropolitan areas, it said. The proposed deal is subject to conditions, including approval from the nation’s antitrust regulator.
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