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GRAND PARADE INVESTMENTS LIMITED - Update Regarding The Sale Of 33 Heerengracht

Release Date: 01/03/2021 14:00
Code(s): GPL     PDF:  
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Update Regarding The Sale Of 33 Heerengracht

(Incorporated in the Republic of South Africa)
(Registration Number 1997/003548/06)
Share code: GPL
ISIN: ZAE000119814
(“GPI” or the “Company”)


Shareholders are referred to the announcement published by the Company on SENS on
29 June 2020 (“Sale Announcement”) in terms of which shareholders were advised that the
Company’s wholly-owned subsidiary, GPI Properties Proprietary Limited (“Seller”), entered
into a sale agreement (“Agreement”) with Aragon Property Development Proprietary Limited
(“Buyer”) for the sale of the property situated at 33 Heerengracht Street, being Erf 110 Cape
Town (“Property”) and the rental enterprise conducted by the Seller on the Property, as a
going concern (“Sale”).

One of the material terms in the Agreement entitled the Buyer to negotiate leasing terms with
prospective tenants for a period of 6 months. Shareholders are hereby advised that the Buyer
was not successful in tenanting the Property within the 6-month period. As a result, the
condition precedent to the Sale detailed in paragraph of the Sale Announcement was
not fulfilled and, accordingly, the Agreement has lapsed.

In line with its corporate strategy, GPI remains committed to the selected and controlled sale
of assets at attractive valuations and will continue to negotiate with potential buyers of the

Cape Town
1 March 2021

PSG Capital

Date: 01-03-2021 02:00:00
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