Approval of the sale of the Jasco Group’s head office property in Midrand has been passed and all conditions fulfilled, with transfer registering on 5 July 2013. Jasco entered into a sales agreement with Genesis Properties Ltd towards the end of 2012 to dispose of its Midrand Head Office property for an amount of R60m. Both companies agreed to a back-to-back lease whereby Jasco will lease the premises from Genesis Properties for a period of 12 years, allowing the group to continue using the property as its Head Office and base of operations in Gauteng.
Says Pete da Silva, CEO at the Jasco Group: “Part of our strategy is to dispose of non-core assets and as we are not in the business of property, it made sense for us to sell our Head Office premises in Midrand, Gauteng. Importantly, it will provide shareholder value by allowing us to invest the proceeds into growth opportunities for the business and reduce debt levels.”