New BEE property company -- Vusani Property Investments ...

October 25, 2005

In one of the most significant black empowerment deals in the commercial and retail property sector, Sanlam Properties and a consortium consisting of the Sifikile Group, Simeka Properties and management have established, Vusani Property Investments (Vusani), with assets valued at R500 million.

Vusani is a fully-fledged BEE company with 70% being black owned and controlled. Sanlam Properties will hold a 30% stake and will actively participate in driving Vusani’s vision and growth in the future...

The empowerment transaction, facilitated by Sanlam Properties, one of South Africa’s premier property companies, and funded by Nedbank Corporate Property Finance, places Vusani, as a serious contender in the commercial property sector ahead of the transformational property charter.

Equity funding was facilitated by Sanlam Life. Nedbank Corporate Property Finance provided senior debt demonstrating their commitment to the transformation of the property sector and their confidence in the empowerment partners.

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