Aveng and Collins in JV

NEDBANK Corporate and Investment Banking (NCIB) has concluded an estimated R1.14 billion loan facility to finance the joint venture between Durban-based commercial property development and investment company Collins and listed construction and engineering group Aveng. Aveng sold 70 percent of Dimopoint, a special purpose vehicle it had created to house 35 of its properties, following a private tender arrangement to the Collins Property Group for R1.127bn in a sale and leaseback transaction. NCIB’s Brad Maxwell said yesterday that NCIB acted as investment bank and corporate adviser to Aveng. Aveng shares listed on the JSE fell by 2.91 percent to R5. – Roy Cokayne