Motseng Marriott to tap JSE for business

Posted On Thursday, 13 February 2003 10:01 Published by
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Motseng Marriott, the recently established black empowerment property management company, has set its sights on the listed property sector of the JSE Securities Exchange SA to source new business.

Motseng Marriott, the recently established black empowerment property management company, has set its sights on the listed property sector of the JSE Securities Exchange SA to source new business.

If successful, Motseng Marriott will be the first black empowerment property management group to claim a share in the growing listed property sector, which is seen to be a place for established players like Broll, JHI and Colliers International.

The venture will also buck the trend of black empowerment companies' activity being limited to public sector business.

This limitation has left a perception that black empowerment vehicles are window-dressing for established groups to land public sector contracts.

'If we can land a contract from the listed property sector of the JSE, we would have proven that we are not just part of black empowerment hype but are here to stay,' said Motseng Marriott's MD, Sandile Nomvete.

He said it was encouraging to note that JSE- listed funds were willing to do business with them as a black empowerment company.

Motseng Marriott is a joint venture between Motseng Investment Holdings and established property player Marriott Property Services.

The joint venture was set up in June last year amid the establishment of a number of partnerships between established players and black empowerment groups.

Industry players have been critical about such deals, saying they are hype and will not add value to empowerment.

They have been more critical of Motseng Marriott because Motseng has little or no experience in the property industry.

Nomvete said the past few months had been used to consolidate the launching base and the group was ready to seek new business aggressively. 'It was important that we establish a firm base and win the confidence of our existing clients before going forward.'

Motseng Marriott started its property management services with property assets under management valued just below R2bn.

Assets under the group's management include premier shopping centres such as Westgate in the south of Johannesburg and The Pavilion in Durban.

Nomvete said the group was also planning to broaden its sectorial focus to include office and industrial property.

He said the transfer of skills and development of previously disadvantaged individuals was high on the group's priority list.

He said the group was targeting the participation of black contractors and service providers.

Last modified on Monday, 07 December 2015 13:30

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