While buildings and property developments may be constructed of concrete and steel the real test of their long term survivability lies in the strength, knowledge and fortitude of the people who manage them said Municipal Gratuity Fund (MGF) chief executive officer Dewald Jacobsohn.

Jacobsohn was commenting on the MGF’s decision to award management of the fund’s retail and commercial property portfolio - valued at almost R250 million - to Broll Property Group.

“We went through an exhaustive evaluation process, which included all the major players,” said Jacobsohn.  “Property management is a highly competitive business but the MGF felt the decision to appoint Broll was the correct one, and that they will add value to the fund.”

Broll Portfolio Executive, Malcolm Horne, explained that the MGF portfolio comprised a mix of 70% retail and 30% office space.  The majority of buildings were located in Gauteng with others in Nelspruit.

The most prominent retail investment in the MGF portfolio is the Princess Crossing Shopping Centre situated in Roodepoort Johannesburg. The 36 000m² value-orientated centre, anchored by a Pick `n Pay Hypermarket, has established itself as a force to be reckoned with over the past two years.

Another jewel in the MGF crown is the recently refurbished Glenvista Shopping Centre situated in the affluent south of Johannesburg.  This is a prime retail investment anchored by Checkers, Woolworths and Clicks that enjoys extensive support from the local community.

In accordance with the on-going rejuvenation and asset management functions within the portfolio the MGF entered into a joint retail and office development venture with ABSA in Nelspruit.  Completed in December 2001 the development now houses the bank’s regional office and has become a landmark building serving business and leisure needs at the gateway to scenic Nelspruit.

“Securing the Municipal Gratuity Fund portfolio is a feather in our cap,” said Broll chief operating officer Arnold Meyer.  “Our property management capabilities are centred on a highly competent team of professionals that are client focused and determined to go the extra mile.  With almost R16 billion already under management we have a proven track record.”

Broll Property Group offers a full spectrum of property services to the investment, institutional and corporate market.  Mvelaphanda Strategic Investments – subsidiary of Tokyo Sexwale-led Mvelaphanda Holdings – recently acquired a 50% stake in Broll.  Together with the in-house Property Academy Broll is set to make major empowerment moves in the local property industry.

For further information                  :            Malcolm Horne

                                                                        Tel: 011 441 4000 / 082 772 8235

Issued by                                             :            Cullum Johnston

                                                                        Imbongi Communications