Picture: 123RF/VITEETHUMB
Picture: 123RF/VITEETHUMB

Private education group Stadio has bought a property, which it previously rented, for R28.5m, intending to expand its administrative and logistical support capacity as it eyes 100,000 students.

The company will purchase the Gauteng-based property from Citac. It comes as the company seeks to consolidate its various programmes under a single brand, Stadio Multiversity.

The company had 28,280 students as at end-September, but is targeting 100,000, of which 80% would be distance-learning students.

Stadio also said on Monday it has reached an agreement to settle a loans claim for its 74%-held subsidiary Southern Business School (SBS).

The company has agreed to settle a R35m claim that Bredamonti holds against SBS, while it will also purchase from Bredamonti the 26% of that company it does not already hold.

The total purchase consideration is R155.5m.

gernetzkyk@businesslive.co.za