Pick n Pay calls off purchase of new Gauteng distribution centre
Developer Fortress retains 100% ownership, while Pick n Pay will lease the property for 15 years on a triple net lease
06 June 2023 - 13:12
Pick n Pay has called off plans to buy 60% of its new distribution centre at Eastport in Gauteng as the JSE-listed retailer takes a more prudent approach to capital investment amid a sluggish economy.
In May last year Pick n Pay told Business Day it had secured long-term funding at a competitive interest rate to fund the purchase...
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