HJA Prinia Proprietary Limited entered into a sale of letting enterprise agreement to acquire Kyalami Downs, Erf 8 & Ptn 1 of Erf 172, Kyalami Park, Gauteng from Accelerate Property Fund Limited (JSE:APF) for ZAR 99.5 million on October 25, 2019. The consideration of ZAR 99.5 million is split between ZAR 88 million cash and ZAR 11.5 million vendor loan. The vendor loan is payable within 6 months and will earn interest at the prime rate until maturity. The closing of the deal is subject to the following conditions precedent; Guarantees to be issued within 30 business days after acceptance of the due diligence investigation and other necessary consents and approvals customary for a transaction of this nature. The effective date for the Transaction will be the date on which the last of the conditions precedent are fulfilled or waived, which is expected to be during October 2019. Accelerate Property Fund intends to utilise the full sale proceeds towards the reduction of debt. HJA Prinia Proprietary Limited cancelled the acquisition of Kyalami Downs, Erf 8 & Ptn 1 of Erf 172, Kyalami Park, Gauteng from Accelerate Property Fund Limited (JSE:APF) on October 25, 2020.