Atterbury in BBBEE deal with Talis Investment Partners |
ATTERBURY, the leading property development and investment company, has concluded a significant broad-based black economic empowerment (BBBEE) transaction that has resulted in Talis Investment Partners (TIP) securing 30 percent ownership of Atterbury Property Fund (APF).
The value of the transaction or how it would be funded was not disclosed.
APF was now 30 percent owned by TIP, with the remaining 70 percent owned by Atterbury Property Investments (API), a subsidiary of Atterbury Property Holdings.
The fund houses all Atterbury’s South African investment assets, which have a gross value of R4.1 billion, plus a development pipeline with an estimated value in excess of R6bn.
APF also has a 28 percent stake in the Divercity Urban Property Fund, which was launched last month and would focus on urban renewal with a specific emphasis on inner-city mixeduse precinct development.
Divercity’s gross assets include a development pipeline of R1.5bn and total R2.4bn.
Louis van der Watt, the chief executive and co-founder of Atterbury, said the transaction with Talis was unique in that future funding enabling TIP to co-invest in the rollout of the significant APF development pipeline had been secured.
TIP was 100 percent black-owned and led by Tebogo Mogashoa, the chairperson of Talis Holdings.
Investors in TIP include a consortium of Talis, a black women’s group, the Atterbury Property Foundation and Ascension Capital Holdings, a blackowned private equity fund.
Mogashoa said APF was fully committed to South Africa, BBBEE and deliberate and meaningful transformation.
“We believe it has many benefits for our business, our partners and our stakeholders.
“We hope to become an example that encourages even more transformation within our sphere of influence,” he said.
Van der Watt said Atterbury had intended to do a meaningful BBBEE deal for some time and had been looking for a partner that shared their common values, which they had now found in Mogashoa.
He said the amended Property Charter, which came into effect in June last year, provided the clarity necessary for Atterbury to transform its business properly in the context of this charter.
Van der Watt added that apart from its 30 percent black ownership, APF has also secured an experienced board comprising a majority of black directors, 40 percent of whom were women.
LOUIS van der Watt, left, said Atterbury had been looking for a partner who shared their common values, which they had now found in Tebogo Mogashoa.