Delta Property Fund maintains exceptional empowerment rating

Posted On Thursday, 08 October 2015 18:03 Published by
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Delta, the JSE’s sector specialist with unique exposure to commercial assets with a predominant government underpin announced that it has maintained its Level 2 Broad-Based Black Economic Empowerment (B-BBEE) Contributor status.

Sandile_Nomvete_Delta_Property_Fund

Premier Verification Services affirmed the rating, based on the Property Sector Code, Government Gazette Number 35400 of 1 June 2012.

A Level 2 B-BBEE Contributor status equates to a Black Economic Empowerment recognition level of 125%.

“We are extremely proud of this rating,” commented Sandile Nomvete, Chief Executive of Delta.

“Approximately 60% of our portfolio is tenanted by government, which makes empowerment a business imperative for us. Conversely, we see empowerment sensitive tenants increasingly demanding superior compliance as they look to benefit from our 125% BEE recognition level,” he added.

Earlier this year Delta made history when shareholders unanimously approved the appointment of a wholly-owned trust established for the benefit of Delta’s black employees as its asset manager. The new asset management company (named Delta Property Asset Management Proprietary Limited) also employed the staff of the previous incumbent.

“The affirmation of our Level 2 B-BBEE Contributor Status supports our vision of being a leader as far as empowerment and transformation in the property industry is concerned.

“We see BEE as a unique opportunity to address the needs of empowerment sensitive tenants and as a unique way to incentivise and retain staff, whilst maintaining and improving the standard of Delta’s overall portfolio,” Nomvete concluded.

Last modified on Friday, 09 October 2015 07:08

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