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African Capital makes R80 million initial property acquisition

Posted On Wednesday, 02 May 2007 02:00 Published by eProp Commercial Property News
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African Capital Property Portfolio Limited has concluded its first property acquisition since the company was established during November 2006. It has purchased four commercial properties with an aggregate value of R79,8 million

zwelakhe sisulu.All four properties are located in the Randburg area in Johannesburg and comprise of three office blocks and an industrial property.

The acquisition was financed by Standard Bank Property Finance. “The Property Finance and Business Banking divisions of Standard Bank in Cape Town visibly illustrated their commitment to empowerment financing by supporting this transaction.” says Jacques van der Heyde, Managing Director of African Capital.

African Capital was established to create and manage the largest unlisted commercial property portfolio in Africa and thereby create a visible black business success story in the mainstream of the property industry in South Africa. The company aims to create a home for black professionals in the commercial property sector and leverage property assets to achieve economic empowerment and social development objectives.

“African Capital is a black-owned, controlled and managed company with the technical expertise and funding capacity to compete in the mainstream of the commercial property sector,” says Chairman of African Capital Property Portfolio Limited, Zwelakhe Sisulu. The controlling shareholder of African Capital is the Abelusi Consortium, a broad-based BEE group, which includes black professionals, business executives and women from Gauteng, KwaZulu-Natal and the Western Cape.  

Gary Fisher, a director of both African Capital and the JSE-listed CBS Property Portfolio (which has a 45% equity interest in African Capital), says: “We are delighted to be involved in this exciting new venture and have no doubt that it will go from strength to strength.”

African Capital’s initial acquisition strategy is primarily focused on purchasing property assets, valued between R20 million and R100 million, in the office sector.  The company would also consider mid-market acquisition opportunities in the industrial and retail sectors, specifically small community-based retail centres containing convenience stores.   

The properties purchased by African Capital include some 12,700m2 of motor retail warehousing at Motown, the 1,000m2 double-storey office building Dover House, 2,000m2 located in two office blocks in Harley Street and Palm Grove which comprises 3,600m2 of office accommodation.

Last modified on Thursday, 24 April 2014 18:04

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