COMPANY COMMENT: Empowerment group to boost Delta’s fortune
Delta is a popular landlord among government departments and has generated good returns
Delta Property Fund looks primed to be the star black-owned and managed listed property fund for the next few years after the introduction of a new empowerment consortium with cash to spend. This will enhance its product offering substantially. The announcement that Delta’s board has been approached by a broad-based empowerment consortium led by management of Delta who wish to subscribe for an interest of up to 51% in the fund, is the kind of watershed move that investors have been craving.The group has come a long way since 2002, when it was called Tuffsan 89 Investment Holdings, which owned the Forum Building in Pretoria. It listed in 2012 as Delta Property Fund, with R2.1bn in assets and a market capitalisation of R1.35bn. It now owns assets worth R11.8bn and has a market cap of R5.9bn. However, given the degree of consolidation in listed property, some critics expected Delta to grow faster or to expand its African arm Mara Delta faster. Investors want a stand-out empowered compa...
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