The transaction, which was originally unveiled in October 2005, involves the property fund management, listed property company management, property services and asset management business of Durban-based Marriott, while excluding Marriott Corporate Merchant Bank, which is the subject of separate negotiations.

The value of the deal was not disclosed under the terms of a confidentiality agreement, but was based on Marriott's earnings of 23 million rand for the year to end-June 2005.

Marriott can boast 20 billion rand in property-related assets under management, of which 10 billion rand are in listed assets (including equity and real estate shares), 3.9 billion rand in third-party mandates and 5.3 billion rand in properties housed in listed property companies. At the same time, Old Mutual Properties has 12 billion rand in assets under management, comprising 8 billion rand in institutional property and 4 billion rand in listed assets.

Marriott Asset Management and The Income Specialists will remain as a stand-alone business within the Old Mutual Group. Its activities will include management of Marriott unit trusts and the Old Mutual SA Quoted Property Unit Trust.

Another business unit within the Old Mutual Property Group will manage the listed companies - Martprop (MTP), SA Retail (SAR), Ambit (ABT) - and Oryx, as well as the Old Mutual institutional portfolios.

A further unit of the new company under Ian Watt as executive director, international operations, will continue the drive to build international business and to grow exposure beyond the substantial involvement in Saudi Arabia and India.

Third party service businesses will be housed in a new division to remove issues of conflict and also facilitate compliance with the requirements of the Property Charter. These will include property management, valuations and facilities management and the Office Suites Company, a provider of executive office services.

Also included will be operations focused on the retail property industry. These are Point of Presence Communications, specialists in mall advertising, and Lifestyle Communications, which provides marketing and promotional services for retail centres.