Putprop bulks up stake in Pilot Peridot for R23.4m
Putprop will acquire an additional 12.03% of Pilot Peridot, bringing its stake to 73.24%.
JSE-listed property investment company Putprop has paid R23.4m to increase its stake in SA property group Pilot Peridot to almost three quarters, part of its strategy of bulking up its footprint in commercial and retail property.
Putprop, valued at R159m on the JSE, will acquire an additional 12.03% stake in Pilot Peridot, bringing its holding to 73.24%.
Pilot Peridot is a company incorporated in SA, and its sole asset is a 50% undivided share in Summit Place, a mixed-use retail and commercial development in the Menlyn area of Pretoria, with a gross lettable area of 31,120m².
Putprop listed on the JSE in 1998, and at the end of December owned 16 industrial, commercial, retail and residential properties valued at more than R1bn in Gauteng, Mpumalanga and North West.
In morning trade on Friday the group’s shares were unchanged at R3.75, having fallen 6.25% so far in 2022 and by 8.5% over the past two years.