Phakathi Lam Projects Limited entered into a sale of letting enterprise agreement to acquire Erf 437 Nieuw Muckleneuk Township, Pretoria from Accelerate Property Fund Limited for ZAR 65 million.

Phakathi Lam Projects (Pty) Limited entered into a sale of letting enterprise agreement to acquire Erf 437 Nieuw Muckleneuk Township, Pretoria from Accelerate Property Fund Limited (JSE:APF) for ZAR 65 million on March 13, 2023. Accelerate Property Fund intends to use the full proceeds to the reduction of debt and/or capital reinvestment into its core property portfolio. AThe transaction subject to a 60 days due diligences from date of signature of the purchase agreement; and a further 30 days after that for the purchaser to obtain loan funding.

The transaction is expected to close in May 2023.