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Disposal of the Rental Enterprise Trading as the Point Centre
Hosken Consolidated Investments Limited
(Incorporated in the Republic of South Africa)
(Registration number 1973/007111/06)
(Share code: HCI & ISIN: ZAE000003257)
("HCI" or the "Company")
DISPOSAL OF THE RENTAL ENTERPRISE TRADING AS THE POINT CENTRE
1. INTRODUCTION
Shareholders are hereby advised that, on 3 December 2025, the Company's subsidiary, Permasolve
Investments Proprietary Limited ("Permasolve") entered into an agreement of sale (the "Agreement") in
terms of which, inter alia, Permasolve has agreed to dispose of the rental enterprise conducted by it at erf
1141 Sea Point West in the City of Cape Town, Cape Division, Province of the Western Cape, trading as
The Point Centre ("Property"), to Future Indefinite Investments 180 (Pty) Ltd ("the Purchaser") whose
sole beneficial owner is Steven Gottschalk, for a purchase consideration of R943,000,000 (inclusive of
VAT at 0%) ("Disposal Consideration") (collectively, the "Transaction").
2. DESCRIPTION OF THE BUSINESS OF PERMASOLVE
HCI currently owns 70.59% of the issued shares of Permasolve.
Permasolve currently owns the Property. The Property is a premium shopping centre located in Sea Point,
Cape Town, which tenants include commercial and retail businesses. The rental enterprise disposed of
includes the property, all improvements thereon, the leases concluded with tenants and fixtures and fittings
owned by Permasolve (collectively, the "Rental Enterprise").
3. RATIONALE FOR THE TRANSACTION
HCI previously communicated its intention to dispose of certain of its real estate assets, the Property being
one such real estate asset it intended to dispose of. The Transaction achieves a substantial return on the
investment made by HCI, and will generate significant cash flow to allow HCI to, inter alia, reduce group
debt.
4. DISPOSAL CONSIDERATION AND APPLICATION THEREOF
The Disposal Consideration is the amount of R943,000,000 (inclusive of VAT at 0%) , which is anticipated
to primarily be utilised to settle portions of HCI's group debt and preference share funding obligations
owing, subsequent to the settlement by Permasolve of its borrowings and tax obligations.
5. EFFECTIVE DATE
The effective date of the Acquisition will be the date of registration of transfer of the Property into the
name of the Purchaser, which is expected to occur in the second quarter of 2026.
6. CONDITIONS PRECEDENT
The Transaction is subject to the fulfilment (or waiver) of the following conditions precedent, by no later
than:
6.1. 20 January 2026, Permasolve confirms in writing that its funder(s) have approved the sale of the
Property and agreed to release Permasolve from all existing security and/or encumbrances created
in its favour under and/or in connection with the Property;
6.2. 5 business days following fulfilment (or waiver) of the condition precedent in 6.1, the Purchaser
providing a guarantee in an amount of R943,000,000.00; and
6.3. 30 June 2026, the competition authorities have approved the Transaction, with or without such
conditions to be imposed on and approved by the parties affected by such conditions.
7. OTHER SIGNIFICANT TERMS OF THE AGREEMENT
In addition to the Disposal Consideration, should registration of transfer not have been registered by 30
September 2026 and such delay is predominantly attributable to the Purchaser's (and/or the Purchaser's
funder's) own acts or omission, then the Purchaser shall become liable to pay the monthly interest to the
Seller as follows:
7.1. R2,553,958.33 per month for each calendar month of October 2026, November 2026 and
December 2026; and
7.2. R5,107,916.67 per month for January 2027 and each subsequent calendar month thereafter, until
the date on which transfer of the Property is duly effected,
provided that the maximum interest amount payable in terms of this clause, in aggregate, shall be
R45,000,000.00. The aforementioned amounts shall be payable by the Purchaser against written demand
from the Seller.
The Agreement contains limited warranties, and some undertakings (including interim period
undertakings), limitation of liability and breach provisions that are standard for a transaction of this nature.
8. FINANCIAL EFFECTS IN RESPECT OF THE TRANSACTION
As at 30 September 2025, being the latest available set of unaudited interim results, the value of the net
assets attributable to the Rental Enterprise was R188,278,735 and the profits after tax attributable to the
Rental Enterprise for the six months ended 30 September 2025 was R5,474,077.
9. CATEGORISATION
The Transaction is a Category 2 transaction for the Company, as contemplated in the Listings
Requirements of the JSE Limited. Accordingly, no shareholder approval is required.
Cape Town
4 December 2025
Sponsor
Investec Bank Limited
Legal advisor
White and Case Inc.
2
Date: 04-12-2025 11:10:00
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