Gutsche Investment & Management Company Proprietary Limited entered into an agreement to acquire Erf 6497 Montague Gardens from Ingenuity Property Investments Limited (JSE:ING) for ZAR 100 million on September 26, 2016. Erf 6497 Montague Gardens reported net assets of ZAR 97.5 million for the twelve months ended February 29, 2016. The transaction is subject to bond financing of ZAR 100 million being obtained by Gutsche by October 14, 2016 and completion of a due diligence exercise by Gutsche. On October 26, 2016, all the conditions precedent have been met and the deal became unconditional. The transaction is expected to close on February 1, 2017. The sales proceeds will be used to reduce existing borrowings and provide equity for current developments. Nedbank Corporate and Investment Banking acted as a financial advisor and sponsor for Ingenuity. Gutsche Investment & Management Company Proprietary Limited cancelled the acquisition of acquire Erf 6497 Montague Gardens from Ingenuity Property Investments Limited (JSE:ING) on September 26, 2017.