Acc-Ross makes a new plan
2006-10-09
Acc-Ross Holdings, which is listed on the JSE's AltX, said this week it would not be disposing of a 400ha piece of land in Durbanville, Cape Town as previously planned.
Instead the company now planned to develop a residential golf estate on the property, which is called Welvergenoegd.
Acc-Ross, which is in the process of restructuring so it can move its listing to the bourse's hotel and leisure sector, said last month it was to dispose of the property.
The Durbanville property formed part of a R115m deal which would see about six properties bought and sold.
This property was going to be sold as part of one leg of a transaction in which Acc-Ross would acquire the balance of the shareholding in a development called Lizard Point on the Vaal Dam.
Acc-Ross already owns a significant interest in Lizard Point. But Acc-Ross CEO Wilf Robinson said on Wednesday that in terms of the specific transaction involving Lizard Point and Welvergenoegd, certain "suspensive conditions" were not met. Consequently this transaction had not gone ahead.
He said the group had always intended to obtain rights to develop a residential golf estate on the Welvergenoegd property.
Acc-Ross would now go ahead with these plans.
Business Day
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