Equites Property Fund and Mabel conclude B-BBEE transaction

Posted On Thursday, 21 July 2022 19:53 Published by
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The JSE listed specialist logistics property fund, Equites, today officially announced that it has concluded a transaction in terms of Statement 102 of the Codes of Good Practice on Broad-Based Black Economic Empowerment (“B-BBEE”) with Mabel Black Knight Investments 1 Proprietary Limited (“Mabel”).

The transaction involves the disposal of a portfolio of 6 logistics warehouses situated in Cape Town to Mabel for a purchase price of R190 000 000.00. The shareholders of Mabel comprise of a consortium of B-BBEE investors.

The transaction demonstrates Equites’ support of B-BBEE and transformation in SA by promoting economic transformation as envisaged by the Property Sector B-BBEE Codes. The Codes emphasise the need to achieve sustainable and meaningful transformation and encourages participation of previously disadvantaged groups. Furthermore, Equites believes that true transformation lies in the development of black businesses, especially in sectors which may have historically been underrepresented, through mentorship, support and the transfer of skills.

As part of the transaction, Equites and Mabel will collaborate to ensure that property and facilities management skills are transferred from Equites to Mabel. Equites will provide training, facilitate the skills transfer process to Mabel and ensure a smooth transition for the tenants of each of the properties. In addition, Equites will provide on-going mentorship and guidance to Mabel to allow them to further develop and enhance their property expertise.

Transfer of the properties took place on 21 July 2022.

Andrea Taverna-Turisan, the CEO of Equites, commented:

“Equites is proud to have concluded an empowerment transaction with ambitious, driven and talented entrepreneurs. This transaction encapsulates the essence of transformation by supporting equitable wealth distribution and advances the development of black businesses through mentorship, support and a transfer of skills. I hope for nothing more than to see enormous success for the Mabel Group and Equites will be there to offer its support throughout their journey.”

Ismael Ebrahim, co-founder of Mabel, added:

“We are delighted to have concluded this transaction with Equites. While it is a landmark moment for our young company it also reflects well on the market leading REIT – once again showing their full commitment towards meaningfully transforming participation in the South African economy and the ethos of Ubuntu. Equites and its management have created a space for cultivating and nurturing young talent and encouraging their thinking and ideas which can be seen throughout their young team. We are excited to be partnering with an organisation with these values.”

Last modified on Thursday, 21 July 2022 20:59

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