Tradehold targets major stake in Zambia property developer

Posted On Friday, 19 February 2016 10:20 Published by
Rate this item
(0 votes)

South African retail magnate Christo Wiese's offshore investment holding company Tradehold intends to buy a majority stake in Lusaka Stock Exchange listed Real Estate Investments Zambia.

Christo_Wiese_Trahold

South African retail magnate Christo Wiese’s offshore investment holding company Tradehold intends to buy a majority stake in Lusaka Stock Exchangelisted Real Estate Investments Zambia (Reiz).

Tradehold said yesterday its subsidiary Tradehold Africa, in partnership with African Property Investments Limited (Apil), was offering 4.20 Zambian kwacha (about 1c) per Reiz share, conditional on the acceptance level reaching at least 51% of Reiz’s shares in issue.

Reiz develops commercial, industrial and retail property, and owns more than 50,000m² of prime property in Lusaka.

Apil is an experienced property development and management company whose properties in Zambia include Mukuba Mall in Ndola, Cosmopolitan Mall in Lusaka and Solwezi City Mall in Solwezi.

Tradehold already owns properties in other parts of Africa — including Namibia— and the UK, and this is its first excursion into Zambia.

It has said it wants to list its Namibian assets separately in the near future.

Tradehold owns a mix of UKbased properties held under Moorgarth, African retail development properties, UK-based secured lending operation Reward and specialised financial services company Mettle.

Tradehold has not yet disclosed how it would fund the stake it acquired in Reiz, should it be successful in doing so.

Reiz’s tenants include Barclays, BDO Zambia, Blue Financial Services, Deloitte & Touche, Ericsson, First National Bank, Spar Zambia and the Lusaka Stock Exchange.

Tradehold’s recent performance has been boosted by its UK assets, with a strong UK consumer boosting the performance of its shopping centres.

Tradehold fell 3.4% to R28.99 on the JSE yesterday.

source" Business Day

Last modified on Friday, 19 February 2016 10:39

Most Popular

Repo rate unchanged at 3.5%

Mar 25, 2021
Lesetja_Kganyago_SARB_Governor
The Monetary Policy Committee has decided against altering the repo rate, deciding to…

SA property visionary John Rabie announces new global property joint venture

Mar 15, 2021
LX_LIVING_Lisbon_Portugal
Capital, the Geneva based property investment, development and asset management-business,…

Social housing project launched in the Western Cape

Mar 12, 2021
Anchorage_Bellville_Housing
The National and Western Cape Department of Human Settlements, together with its agency,…

Court finds against EAAB in battle for FFCs

Mar 16, 2021
Tony C
In a scathing judgement handed down from the High Court on 15 March, the failure of the…

KZN residential property market poised for upswing

Mar 15, 2021
Sershin_Moodley_TUHF
Over the past three years, the KwaZulu Natal (KZN) property market has enjoyed…

Please publish modules in offcanvas position.