In a major black economic empowerment (BEE) deal in the commercial and retail property sector, Sanlam Properties and a consortium consisting of the Sifikile Group, Simeka Properties and management on Tuesday announced the launch of Vusani Property Investments. Vusani has assets valued at R500-million.
Vusani, which means “awakening” in Venda, is 70% black-owned and controlled, with Sanlam Properties holding a 30% stake. Sanlam Properties will also actively participate in driving Vusani’s vision and growth in the future.
The transaction, facilitated by Sanlam Properties and funded by Nedbank Corporate Property Finance, places Vusani as a serious contender in the commercial property sector ahead of the transformational property charter, the
companies said in a statement.
Equity funding was facilitated by Sanlam Life and Nedbank Corporate Property Finance provided senior debt.
The empowerment consortium has an established relationship through Sifikile Group’s shareholding in South Point Holdings. Together they own a fixed property portfolio of nine buildings in the Braamfontein Precinct providing student and residential accommodation as well as commercial and retail space.
Vusani group board members are: Robinson Ramaite, non-executive chairperson; Mervyn Serebro, CEO; Tshilidzi Ratshitanga, director:bBusiness strategy and development; Adrian Chiger, director: operations and Ina Lopion, director:
representing Sanlam Properties.
Vusani’s property portfolio consists of 23 nationally based commercial and retail properties with substantial growth opportunities. – I-Net Bridge