JOHANNESBURG, April 3 (Reuters) - South African insurer Liberty Holdings is selling some hotel assets to its joint venture with Tsogo Sun for 762 million rand ($72 million) and will use the proceeds to fund other property acquisitions, it said on Thursday.
Under the deal, Liberty will see its stake in the Cullinan Hotel venture lowered by 10 percentage points to 40 percent, while hotel and gaming firm Tsogo’s holding will increase to 60 percent.
Tsogo said it will also sell some hotel properties to Cullinan.
Liberty is a unit of Standard Bank, Africa’s largest lender.
$1 = 10.6078 South African Rand Reporting by David Dolan; editing by Helen Nyambura-Mwaura