Broll buys out Finlay to extend Africa footprint

PROPERTY services company Broll has acquired Finlay & Associates’ property management business in South Africa and Mozambique.

Founded in 1975‚ Broll has diversified into various African countries including Ghana‚ Kenya‚ Malawi‚ Namibia‚ Nigeria and Rwanda, but this deal increases its footprint to include Mozambique.

Finlay & Associates was established by Marshall Finlay in partnership with the Iscor Pension Fund. In 1998‚ Lynette Finlay acquired the company and became chief executive.

Broll did not buy the Finlay Retail Leasing business. However‚ the companies would maintain strong industry alliances with one another‚ Broll Group chief executive Malcolm Horne said.

“We feel privileged that Lynette allowed Broll to buy her business and entrust her staff and clients in our hands.

“The combined business creates an unparallelled platform of independent experience‚ innovation and skill in property management service delivery on the African continent‚” Horne said.

Broll‚ an unlisted fund‚ did not disclose how much it paid for Finlay.

“This an exciting opportunity for Finlay as it joins forces with one of the most respected real estate businesses in South Africa and across Africa.

“It sadly is the end of an era‚ but a new chapter is opening up which provides long-term growth and sustainability for our entire team‚” Lynette Finlay said.

As of June 1‚ all Finlay employees became Broll employees, while directors Nicole Baumgarten‚ Tarryn Marks and Debbie Caplin joined the Broll Property executive team.