Redefine to clinch empowerment deal

Posted On Wednesday, 05 September 2007 02:00 Published by
Rate this item
(0 votes)
Listed property loan stock company will soon be concluding a black economic empowerment deal that would see an empowerment partner or partners acquiring a meaningful interest in the company

Nick Wilson

Property Editor

LISTED property loan stock company Redefine Income Fund said yesterday that it would soon be concluding a black economic empowerment deal that would see an empowerment partner or partners acquiring a meaningful interest in the company.

Redefine CEO Brian Azizollahoff said he could not elaborate further until a formal announcement was made, but that an equity deal was “imminent”.

Redefine has already facili- tated the formation of two black economic empowerment property funds as part of its commitment to the property sector transformation charter.

Last week Redefine

Mergence Africa Property Fund would have an initial property portfolio valued at about R230m and would be 49% owned by Redefine and 51% owned by Mergence.

The asset management of the new company would be provided by the Mergence Africa Property Fund Management Trust, an equal joint venture by a black economic consortium led by Mergence and listed property asset manager Madison Property Fund Managers, which asset manages Redefine.

Last year Redefine also facilitated the creation of Dipula Property Fund, a joint venture between black-owned Dijalo Property Services and Redefine.

Azizollahoff said that commercial and industrial property brokers Pace Property Group had secured the properties, which have been placed in Mergence Africa Property Fund.

He said the creation of the new fund was part of Redefine’s commitment to the trade and industry department’s codes of good practice and the property sector transformation charter.

The owners would “like to see them listed in future”, he said.

Business Day


Publisher: I-Net Bridge
Source: I-Net Bridge
" "

Most Popular

Vukile transforms Pinetown’s first shopping centre, Pine Crest, into the first choice for shopping

Jul 25, 2019
 ITUMELNG MOTHIBELI
The renovated new Pine Crest launched today after an innovative R200m, 14-month…

Successful construction of CrestAquarium by Concor Buildings

Jul 25, 2019
 CRESTAQUARIUM 1
The indoor CrestAquarium at Cresta Shopping Centre allows shoppers to view more than 30…

The next wave of property development in Africa is coming

Jul 31, 2019
 NIYI ADELEYE
The past decade has seen South African property developers and investors forge their way…

Sandton Central’s private sector green building leadership contributes to better public spaces

Jul 25, 2019
 ELAINE JACK
From 2010, when Nedbank completed its headquarters on the corner of Rivonia Road and…

Centurion Mall, Redefine’s largest asset after comprehensive refurbishment

Jul 25, 2019
CENTURION MALL 1
The JSE-listed diversified real estate investment trust Redefine Properties today…

Please publish modules in offcanvas position.