Pangbourne Properties announced on Tuesday it had concluded agreements to sell a 6.15 percent stake in the group to black economic empowerment partner Yard Capital for R215-million.

The property group said the transaction has been structured to ensure it will not dilute distributions to existing combined unit holders.

"Pangbourne's commitment to deliver increase in distributions to unitholders on a sustainable basis will be enhanced through its partnership with Yard, who will further contribute towards this vision.

"The relationship with Yard, established over an 18 month period, is based on bilateral benefits resulting from transfer of skills from Pangbourne to Yard and through dedicated time being committed by Yard executives to increase Pangbourne's property portfolio," said Pangbourne Properties CEO Craig Hutchison.

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