Delta Property Fund, the black-owned and managed real-estate group which is the largest listed landlord to the state, has sold R104.4m of its shares in Grit Real Estate, so it can reduce debt and supplement its capital spending.

Delta sold some 6.5-million shares in Grit, the only pan-African property fund listed on the JSE, for R16.06 a share in an off-market transaction, with the move reducing its shareholding in that property counter to 5.7%, from 7.8%.

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