Mara Delta set to become Africa property powerhouse

Posted On Monday, 22 February 2016 15:47 Published by
Rate this item
(0 votes)

Delta Africa is set to become Mara Delta next month, a R3bn pan-African listed property fund, having more than trebled in value since it listed in July 2014.

Bronwyn_Corbett_Delta

Delta Africa (DLA) is set to become Mara Delta next month‚ a R3bn pan-African listed property fund‚ having more than trebled in value since it listed in July 2014.

The fund‚ which on Thursday reported interim dividend growth of 32.8% for the six months to December‚ will own 12 properties in some six African countries. It is becoming the largest listed property player with a sole focus on African countries other than SA.

“These results are very encouraging. Our strategy of accessing dollar-based yields in key high-growth economies on the continent is gaining traction. We are starting to attract institutional investors who are seeking dollar-based returns‚” said CEO Bronwyn Corbett.

Delta Africa and Mara Diversified Property Holdings are merging to form Mara Delta.

As part of the Mara Delta agreement‚ Abland Africa‚ Kenyan developer Carlisle Property Holdings and investment company Mara Group have been appointed as promoters to source investment and development opportunities across the continent for Mara Delta.

Delta Africa successfully acquired and transferred US$51.3m of assets during the reporting period‚ including Zimpeto Square‚ a 4‚764m² retail mall in Maputo‚ Mozambique‚ which transferred on October 15 2016 for a consideration of US$10.6m.

A 50% interest in the Mukuba Mall‚ a 28‚235m² retail mall in Kitwe‚ Zambia transferred on December 1 2015 with a gross asset value of US$31.5m and a 50% interest in the Kafubu Mall‚ an 11‚964m² retail mall in Ndola‚ Zambia on December 1 2015 with a gross asset value of US$9.1m.

At the end of the reporting period‚ Delta owned a portfolio of seven high-quality commercial offices and strategically located retail centres with a combined gross lettable area of 79‚127m²‚ weighted 59% retail and 41% commercial offices.

Once it merges with Mara‚ it will have 12 properties‚ located in Mozambique‚ Nigeria‚ Kenya‚ Zambia‚ Mauritius and Morocco.

source: BD

Last modified on Monday, 22 February 2016 16:20

Most Popular

Fairvest to become fourth property company to list on A2X

Oct 30, 2019
DARREN WILDER
Fairvest Property Holdings, a real estate investment trust with a market cap of R2…

Pam Golding Properties Annual Residential Property Report 2019

Nov 08, 2019
SA Reserve Bank
Signs that the residential property market is beginning to stabilise.

Largest student housing development in SA

Oct 29, 2019
STAG African John Schooling
The largest student housing project ever undertaken by a South African public university…

RMB Real Estate Investment Banking: a large-scale partner in a mega mall redevelopment project

Oct 28, 2019
Dylan Stevenson RMB
BROWNFIELD developments have unique challenges. Most shopping centres are built from…

Katlehong's first enclosed Mall opens

Oct 30, 2019
MOLMAN GROUP
Moolman Group, in partnership with Twin City Developments and Vuno Developments, are…

Please publish modules in offcanvas position.