The SABC is busy selling off some of its 'non-core' properties in South Africa and has sold its flat in London.

24 October 2019

Investment

The struggling South African public broadcaster is in the process of selling off some of its derelict buildings and other properties that the SABC hasn't used for years, including in Cape Town and London in the United Kingdom.

The SABC that just received another bailout of R2.1 billion of an allocated R3.2 billion, has started a process of selling off "non-core" assets to improve its beleaguered balance sheet.

Properties the SABC has already sold and is in the process of selling include a flat in London; Rocklands Villas which is its long-troubled, derelict block of flats in Cape Town behind its bureau in Sea Point, a farm in Tweefontein in Limpopo, flats and houses in Mafikeng in the North West province and various homes in Tshwane townships The Sunday Times reports.

The flat in New Malden in southwest-London has already been sold for £880 000 (R16.7 million).

Many of these properties have been vacant and haven't been used in years, for instance Rocklands Villas that has been derelict for over 2 decades and used to house SABC staffers and news personnel when visiting and working in Cape Town.

The property portfolio of the SABC is worth around R75 million, including its assets in South Africa as well as in London where the flat was used by the broadcaster's foreign correspondents when its SABC News division still bothered to do original full-time reporting from there.

Source: TeeVee with Thinus