Nedbank Corporate Property Finance provides R150m Funding to Proventus Property

Posted On Wednesday, 03 April 2013 07:21 Published by eProp@News
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Nedbank has approved a R150 million loan to Proventus Property (Pty) Ltd, providing takeover finance for a R310 million portfolio of properties within the group. 

Proventus operates as a specialist property asset management company offering seasoned investors exposure to select property investment portfolios.

Zane De Decker, managing director of Proventus Property, explains that the company invites select investors to participate in their private investment portfolios and asset-manages large private portfolios on behalf of their clients. "Our investments range from existing income-producing investment properties to green-field development opportunities."

De Decker says that Proventus is looking to consolidate its property portfolio with a well-experienced property division of a bank. "Although we have worked with Nedbank Corporate Property Finance historically, this marks the development of a more significant relationship. We are looking to build our property portfolio substantially over the next couple of years, and have chosen to partner with the leading commercial property lender in the market," explains De Decker.

Ken Reynolds, Nedbank Corporate Property Finance's regional executive for Gauteng says, "This partnership highlights how Nedbank Corporate Property Finance establishes and develops relationships with partners across all markets of the property sector, providing them with agile financial solutions that empower all stakeholders. We look forward to assisting Proventus in forging a successful path going forward."

The portfolio consists of 26 properties nationwide with the majority situated in the Gauteng region. It includes industrial properties leased by Peri South Africa, a large office development which is used as the Peri South Africa head office, and three large residential estates which are being tenanted by various embassies.

The Peri Group is now the single largest tenant across Proventus' portfolio. Peri is one of the largest scaffolding and formwork businesses globally with an annual turnover of €925 million and has worked on the 2010 Fifa World Cup stadiums, Olympic stadiums as well as the new Alexander Forbes building in Sandton.

Last modified on Monday, 12 October 2015 12:53

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