RDC sheds P216m worth of properties to prop up balance sheet :: Mmegi Online

Locally listed property giant, RDC Properties, has shed over P216 million worth of non-core assets in a portfolio clean-up exercise, as the property group moves to strengthen its balance sheet and reposition for a tighter economic environment.

The property group, which owns assets such as Chobe Marina Lodge and Masa Square Centre in Gaborone, to name a few, said the disposals, concluded at an eight percent premium to book value, form part of a deliberate shift to improve portfolio quality while recycling capital into stronger-performing assets.

Most of the assets dumped were mainly in South Africa, such as the Sparrow Shopping Centre, which was sold for R60 million and the Regent Building in Cape Town, which sold for R150 million, with the company's executives eyeing no major disposals for the Botswana market.

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