Ellerine Bros, Wainer, back in residential property after break

Posted On Thursday, 19 August 2004 02:00 Published by
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ELLERINE Bro s and commercial property player Marc Wainer have re-entered the residential property market after a 15-year hiatus,

Property Reporter

ELLERINE Bro s and commercial property player Marc Wainer have re-entered the residential property market after a 15-year hiatus, announcing yesterday a R450m investment into the residential estate of Sabuti in KwaZulu-Natal.

Ellerine Bros, owners and stakeholders in some of SA's top-performing retail property assets, including Canal Walk Shopping Centre, Fourways Crossing and the Glen, and property veteran Wainer, have teamed up with Swedish development group Noble Oak properties for this investment. The deal was signed last week.

Wainer said yesterday that the cost of the Sabuti site would be financed through mortgage finance and equity.

Wainer has been in partnership with Ellerine Bros for 12 -13 years. Together they are joint founders of the company Barringer Investments.

Barringer Investments will be taking a 50% stake in the Sabuti development, with the balance going to Noble Oak Properties. The units will be sold to residents, people who want to own a holiday home and investors.

Wainer said he and Ellerine Bros had not been involved in the residential property market for at least 15 years.

"We've been offered participation in units in Sandton, Morningside and Killarney, but those made us nervous. There was nothing to distinguish what we were being offered from the blocks next door to them."

What made Sabuti different, he said, was that it was part of the Simbithi Eco-Estate, which included amenities such as golf courses and dams, and was a " lifestyle in itself".

Aug 17 2004 07:31:05:000AM Nick Wilson Business Day 1st Editio

Publisher: Business Day
Source: Business Day

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