INVESTMENT
Brimstone on fire for exposure towards property
Empowerment group Brimstone Investment Corporation has markedly increased its exposure to the real estate sector through new investment. On Tuesday, the Cape-based Brimstone — which is anchored by investments in JSE-listed fishing counters Sea Harvest and Oceana Group, as well as private-hospitals group Life Health — announced an investment in unlisted FPG Property Fund (FPG). Brimstone will pay R140m for an initial 10% stake in FPG. FPG is a Cape-based black-owned and managed property fund with a portfolio of properties spanning the retail, industrial and office sectors. The company has carved a niche in neighbourhood convenience and value centres. Brimstone said more than 70% of tenants had a national presence, which gave FPG "a strong and stable contractual rental base". The FPG investment adds bulk to Brimstone’s existing property hub — which includes an 8.5% stake in JSE-listed Equities Property Fund and R158m worth of properties in Salt River, Epping and Northcliff. The agreem...
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