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AECI plans to sell bulk of Modderfontein land

19th July 2013

By: Natasha Odendaal

Creamer Media Senior Deputy Editor

  

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Explosives and speciality chemicals group AECI announed last week it had entered talks to sell the bulk of its property assets in Modderfontein, Johannesburg.

The land up for sale is surplus to the AECI group’s operational requirements, an AECI spokesperson confirmed, declining to disclose further information.

AECI’s property arm, Heartland, owns 2 300 ha in Modderfontein and 780 ha in Somer- set West, near Cape Town. The Western Cape properties did not form part of the discussions, investor relations manager Fulvia Putero said.

Heartland was formed over a decade ago to realise shareholder value of the surplus property holdings by selling land and investing in rental portfolio.

Much of the group’s portfolio comprises land available for redevelopment or sale over the longer term for residential, commercial and industrial end-users and for leasing purposes.

During 2012, AECI made significant progress in installing infrastructure at Modderfontein and continued to evaluate ways of accelerating the sale of land.

Heartland also manages the Umbogintwini industrial complex, near Durban.

Edited by Martin Zhuwakinyu
Creamer Media Magazine Managing Editor

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