MOTSEPE BETS ON PROPERTY
Billionaire businessman Patrice Motsepe has made his first major investment in property, with the Motsepe-chaired African Rainbow Capital (ARC) buying a 20% stake in Val de Vie Investments, which is expanding a high-end residential estate in Paarl, Business Day reported. The value of the transaction was not disclosed, but it is said to total between R100m and R200m. Val de Vie is adding 300ha to its estate. ARC is a subsidiary of UbuntuBotho Investments, Sanlam’s empowerment partner, and is headed jointly by Johan van der Merwe, former CEO of Sanlam Investments, and Johan van Zyl, former Sanlam CEO, the paper said. The company plans to have property assets of about R1.5bn by year-end, Business Day reported.