Telkom has successfully raised R617 million through the auction of its properties across South Africa, as reported by In2assets, a property marketing and auction company.
The properties included commercial buildings, administration blocks, development sites and land in the Cape Town CBD, Johannesburg, Pretoria, Durban, Port Elizabeth and Welkom.
The auction, which was livestreamed, saw participation from 127 registered bidders from various locations, resulting in a turnover that exceeded expectations, according to In2assets.
In 2023, the company sold 65 Telkom properties, including transmission stations and service hubs, totalling R584 million in turnover.
In its financial results for the quarter ending 30 June, Telkom disclosed that it had raised R161 million in the first quarter of 2024 by selling non-core property assets.
Gyro, a subsidiary of Telkom, manages a diverse portfolio of masts, towers, and real estate for the group. The auction, which is considered the largest by turnover in South Africa to date, saw all 17 properties on offer being sold.
Government currently owns around 40% of Telkom, while the Public Investment Corporation owns over 13%.
Hein Hattingh MD at In2assets, said: "We are thrilled by the success of the Telkom Disposal Auction. The exceptional turnout and the record-breaking results underscore the confidence investors have in the South African property market."
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