The JSE-listed Reit got itself into a bit of a pickle …
Shoprite Holdings has paid Resilient Reit a grand total of R1 for the 60.94% of three Nigerian malls owned under the Resilient Africa structure it didn’t already own.
So, of course, Resilient had kept ‘negotiating’ with Shoprite on these assets. And then, one assumes, came a point of no return. Literally last week, Resilient was on the hook for the $45 million of funding provided by Shoprite for the purchase of the stake in the three malls. It was due to repay this on March 3. Some would call it ‘vendor finance’.
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