At­ter­bury con­cludes BBBEE deal with Talis In­vest­ment Part­ners

The Star Early Edition - - COMPANIES - ROY COKAYNE | SUP­PLIED 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.

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