This will give it control of the property along with property group JCI, which holds the balance of 62.67%.
IFA paid R9,6m to Citation Holdings.
The transaction was settled with the transfer of the Fairmont Condo units in the Fairmont Zimbali Hotel & Resort.
“The price of these units reflects fair value in line with the selling prices of similar units in the development,” IFA said in a Sens announcement Wednesday.
The terms of the transaction contain special provisions — a 10% guaranteed return on the value of the properties after the deduction of monthly levies and assessment fees together with a guaranteed buy-back after five years from the date of purchase for R10,56m.
Boschendal has development plans for the 2240ha estate.
Werner Burger, president and CEO of IFA SA, said IFA Estates had been appointed to manage the sales and marketing portfolio of Boschendal.
Source: Business Day
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