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JD Group buys properties from Steinhoff in $52 mln deal
December 14, 2012 / 8:41 AM / in 5 years

JD Group buys properties from Steinhoff in $52 mln deal

JOHANNESBURG, Dec 14 (Reuters) - South African retailer JD Group said on Friday it had acquired 19 properties and leases from Steinhoff International in exchange for JD Group shares worth 447 million rand ($51.7 million).

JD Group said the purchase would be done through a fresh issue of 9.5 million JD Group shares at a price of 47 rand per share. The company said the transaction was aimed at diversifying its asset base. ($1 = 8.6454 South African rand) (Reporting by Ed Stoddard; Editing by Jon Herskovitz)

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