African Rainbow Capital launches real estate joint venture
African Rainbow Capital (ARC) has launched a real estate joint venture that will focus on empowerment linked property transactions in partnership with the Buffet KLT Consortium, led by famous South African investor, Jonathan Beare. The joint venture is called ARC Real Estate and it is seeking to provide capital and services to property entrepreneurs and corporates which own real estate. The first deal for ARC Real Estate was closed in December last year. It saw the company buy the Setso Property Fund which owns 13 retail and other commercial assets worth R1.2bn. These assets are located in Gauteng and Cape Town. They are assets that had been owned by the formerly listed Pivotal Fund. Setso bought the assets from Pivotal. Redefine Properties took over Pivotal last year. Setso is led by Mabuse Moja and supported by Jackie van Niekerk and Aaron Suckerman, the former executives of Pivotal. ARC Capital chairman Patrice Motsepe said ARC Real Estate had brought in Buffet KLT because of its...
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