Gupta assets: ANN7 building auctioned off for R29.5m
The ANN7/New Age building n Midrand has been auctioned for R29.5 million. The building has been partly bought by businessman Nazeer Noormohamed.
JOHANNESBURG - The ANN7/New Age building n Midrand has been auctioned for R29.5 million.
The auction was part of the assets belonging to Gupta-linked The New Age Media (Pty) Ltd and Islandsite Investments 180 (Pty) Ltd which was auctioned off by Park Village Auctions and GoIndustry DoveBid.
The business rescue practitioners appointed Park Village Auctions to sell off the property and some of the equipment in the building.
The auction excludes the TV equipment used by ANN7.
A piece of the Gupta empire has been dismantled, with its news outlet property being sold off on Wednesday for R29.5 million to the highest bidder in Midrand.
The building has been partly bought by businessman Nazeer Noormohamed who owns media company Nismedia which operates in Tshwane.
Noormohamed says his company had tried to buy ANN7 when it went on sale initially but lost the deal to Mzwanele Manyi.
He adds that he’s part of a consortium that’s bought the building.
Normohamed says they’re considering keeping it as a media company.
“Possibly… it depends on the equipment. If we can get TV equipment, it will be something we can look at. But if we don’t get that, we’ll have to go back to the drawing board”
He says he’s not afraid of the building’s controversial history.
WATCH: The New Age & ANN7 building sold for R29.5m