Gupta-linked Islandsite Investments, TNA Media's assets to be auctioned
Johannesburg - Assets belonging to Gupta-linked The New Age Media (Pty) Ltd and Islandsite Investments 180 (Pty) Ltd will soon go under the hammer, Park Village Auctions (PVA) confirmed on Monday.
The auction, to be hosted in association with GoIndustry DoveBid Liquidity Services, will take place on November 28 at 10.30am at the companies' former headquarters in Midrand.
TNA Media, is currently under liquidation while Islandsite Investments is currently under business rescue.
Director and Head Auctioneer at PVA Clive Lazarus, charged with overseeing and conducting the auction, said, “The business rescue practitioner of Islandsite Investments 180 and the liquidator of The New Age Media have chosen to dispose of the assets by way of public auction in order to pay creditors.”
"The auction will commence with the sale of The New Age Media’s previous headquarters in the Midrand Corporate Office Park South, found at 52 Lechwe Street.
The property comprises three semi-detached warehouse buildings each with an adjoined double-storey office featuring a reception; private offices; a boardroom and open-plan office areas; a kitchen; and cloakrooms, with ample staff and visitor parking.
The property lends itself to occupation by one or three individual tenants.
“The demand for commercial space in Midrand has grown exponentially in recent years, and sales figures indicate that this trend is set to continue for a long time still.
"What adds to this property’s appeal is its prominent position and visibility from the N1/Ben Schoeman Highway.” Lazarus further said.
Lazarus said the sale of the property would be followed by the auctioning of several lots of equipment comprising an assortment of Nikon cameras, lenses and speed lights, computers, laptops and accessories; a 100Kva diesel generator; office furniture and appliances.
“We do not doubt that an auction of this nature (prevalent in the public eye) will draw the crowds and achieve our clients’ desired outcomes.” concludedLazarus.
Viewing will take place on-site on November 27 from 9am to 4pm.
TNA and Infinity Media, formerly owned by the controversial Gupta family, were sold to businessman Mzwanele Manyi's Lodidox for R450 million in 2017.
A year later, Manyi applied and was granted a provisional liquidation order for the company that owned the now defunct daily newspaper AfroVoice.
More information is available on www.parkvillageauctions.co.zaIOL