Results difficult to stomach, says CEO, but Texton is cutting debt
Operations improve and asset sales have helped the property fund reduce its debt by 15%
10 March 2020 - 19:17
Marius Muller, the CEO of Texton Property Fund, which has been struggling to finance its debt and collect rent from tenants, says the company’s road to recovery is progressing well after the sale of more than R340m worth of assets in the six months ended December 2019.
The proceeds from the sale were used to pay debt. The group cut about 15% of its total dues from R2.24bn to R1.9bn during the period...
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