Redefine to clinch empowerment deal

Posted On Wednesday, 05 September 2007 02:00 Published by
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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
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