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Black economic empowerment the winner in real estate deal

Office, Retail, Industrial, Hotels and Residential
Posted On Monday, 02 February 2004 02:00 Published by
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30% stake to empowerment player
IN AN empowerment deal in the residential property sector, Moshebi Investments, which is 51% black owned, has taken a 30% stake in Engel and Volkers Western Cape for an undisclosed amount.

Lotobhi Investments, which shares a majority shareholder with Moshebi Investments and is 100% black owned, has also taken stakes in licensed operations of Engel and Volkers Western Cape.

Engel and Volkers Western Cape continues to report directly to Engel and Volkers' head office in Hamburg, Germany.

The announcement follows German Chancellor Gerhard Schroeder's pledge of support for South Africa's black economic empowerment (BEE) policy, during his visit last week. Patrick O'Shea, CEO of Engel and Volkers Western Cape, says the deal will result in deeper empowerment through its commitment to nurturing the growth of black property professionals in South Africa.

"Engel and Volkers is dedicated to elevating the level of professionalism amongst property professionals in South Africa. Worldwide, Engel and Volkers is renowned for its stringent standards and excellent training mechanisms. This will enable us to train black professionals within the local property market, and provide them with the added benefit of a platform from which to operate at the top end of the property market, in which Engel and Volkers is firmly entrenched," he said.

Welcoming the deal, Mathias Bode, chairman of Engel and Volkers, said it would enable the company to make a significant contribution towards skills development within the real estate industry. Dr Vincent Msibi, majority stakeholder in both Moshebi and Lotobhi, will serve as chairperson of Engel and Volkers Western Cape.

"I have always believed in property as an important asset class. Engel and Volkers regards property as such and offers investors and home owners a discreet, professional and comprehensive service."

Engel and Volkers property professionals are required to adhere to exacting levels of skill that are consistently applied in Engel and Volkers' 100 offices worldwide.

Engel and Volkers is affiliated to Christies Great Estates, a division of Christies Auctioneers, based in New York. Engel and Volkers Western Cape entered the residential real estate market just two years ago.

The company has established 10 signature stores throughout the province, and has achieved turnover levels in excess of R120 million a month
Publisher: Weekend Argus
Source: Weekend Argus
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