Sale of Macsteel Properties to Redefine Properties Limited

Update:

Resulting from a highly innovative and exciting strategy to focus more specifically on our core business and the expansion thereof going forward, Macsteel has concluded an Agreement in terms of which Redefine Properties Limited has acquired the Group’s South African property portfolio.

Macsteel is proud to announce that it has been granted unconditional approval from the Competition Tribunal for this transaction.

Macsteel will lease back all of the relevant properties for an initial period of 12 years.

We look forward with enthusiasm to our new relationship with Redefine and trust that it will prove to be a long and mutually beneficial one.