Isibaya Properties Proprietary Limited agreed to acquire KwaZulu-Natal CBD retail asset from Texton Property Fund Limited (JSE:TEX) for approximately ZAR 130 million on December 9, 2021. The purchase price payable is R125 million and will be settled in cash. The proceeds of the Sale will be utilised to repay debt and further strengthen Texton’s balance sheet. The Sale is subject to the following condition precedents, the Purchaser confirms that it is satisfied with its due diligence investigation undertaken in respect of the Property by no later than 28 January 2022, by no later than 11 February 2022 the Purchaser receives written confirmation that it has been granted loan funding on standard terms and conditions typical for a transaction of this nature; and finalisation of all requisite Seller board approvals. The effective date of the Disposal will be the date on which all Condition Precedents have been fulfilled and the transfer date will be the date of registration of transfer of ownership of the Property. All other terms of the Agreement are standard terms and conditions typical for a transaction of this nature.