Explosives and specialty chemicals group AECI has inked a deal with the City of Cape Town that will see the metropole acquiring 709 ha of land and certain buildings in Somerset West from AECI subsidiary Paardevlei Properties for R400-million.
AECI said in a statement that the assets had become surplus to it and Paardevlei's operational requirements.
The transaction excluded the sale of the 25 ha Precinct 1, which was last year valued by Standard Bank at R119-million.
The transaction remained subject to approval by the Competition Commission.