RMB Holdings takes 25% stake in Atterbury
Rand Merchant Bank Holdings (RMH) says it aims to diversify its portfolio, starting with a 25.01% stake in Atterbury Property Group, the developers of Mall of Africa.
RMH has been a focused investment holding company with the only investment being its 34% stake in FirstRand, until now.
“RMH intends to make a 25.01% equity investment in leading South African property group, Atterbury. Atterbury has a 22-year successful track record in entrepreneurial property skills, as well as development and asset management ability, the group said in a note to investors on Tuesday.
“Having developed more than two million square meters both inside and outside of South Africa, Atterbury is the ideal partner for RMH to capitalise on property opportunities,” it said.
The 130 000 square meters Mall of Africa that opened on 28 April 2016 and the already
developed 300 000 square meters of commercial, retail and industrial properties on the
Waterfall land, are examples of developments successfully completed by Atterbury.
“RMH will provide capital commitment and long term focus to expand Atterbury and assist in executing on its development pipeline and broader growth ambitions,” the investment firm said.
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