Newpark Reit has agreed to sell its Crown Mines industrial property in Johannesburg for R101.4m as part of a strategic move to streamline its portfolio and exit noncore assets.
The agreement involves Newpark subsidiary CP Finance selling the 11,277m² warehouse to Aviwe Nonya.
The purchaser is beneficially owned by Israel Gutnick, Jonathan Ilan Taitz and Perele Investments.
The property, located at 28 Renaissance Drive, Crown City, is fully let to Bidvest Afcom on a triple-net lease expiring in December 2029, with ownership expected to transfer before year end, subject to a technical due diligence process by the purchaser.
Under the terms of the deal, a R1.5m refundable deposit is payable within 24 hours of concluding the transaction, with the balance secured by a bank guarantee after the due diligence condition is fulfilled.
Newpark said the asset no longer aligned with its core strategy. Proceeds would be used for new acquisitions or debt reduction.
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