By Sibonelo Radebe   
 
Women-led property management operation Akhona Properties is set to gain from the imminent divorce of Tokyo Sexwale's Mvelaphanda Group from SA's largest property services firm, Broll. 

Akhona and Broll have reached an advanced stage of negotiations which could lead to Akhona replacing Mvelaphanda as Broll's 50% black economic empowerment equity partner. 

There has been speculation for some weeks that Mvelaphanda is planning to dispose of its stake in Broll, bringing to an end a four-year partnership.

Though both companies deny they are about to part company, the FM has been told by two independent sources a deal is imminent. 

Broll founder and chairman Jonathan Broll says: "As far as I'm concerned Mvelaphanda is still our BEE partner and has not spoken to me about any plans to dispose of its stake."

Akhona CEO Noluthando Gosa has declined to comment on the deal.

"I can only talk about the relationship we have had with Broll over the past two years. We have a joint venture property management business going with Broll and it has been quite successful," she says. 

Speculation about Mvelaphanda's exit has been fuelled by the fact that the company is reviewing its investment portfolio.

The group has sold off a significant portion of interests in Mvelaphanda Resources and other disposals are in the pipeline.  Analysts believe Broll is a perfect candidate. 

An industry source tells the FM that Broll, which has assets under management of R18bn, has been dissatisfied with the attention it has received from an over stretched Mvelaphanda and wants out of the partnership. 

Akhona would be an obvious choice to take Mvelaphanda's place as Broll's BEE partner because of their existing relationship. 

The companies recently won a joint contract to manage Southgate Mall, a shopping centre in the south of Johannesburg.

The relationship has also yielded a joint contract to manage the Gauteng portfolio of the Public Investment Corp (PIC).  Akhona has begun to build up a substantial presence in the property market over the past two years.

It manages assets of R400m on its own and has grown a portfolio managed with partners of more than R1bn. 

Akhona is also part of the consortium that bought 25% of Vukile Property Fund, a listed Sanlam-managed fund.