Investment company PSG Group said on Tuesday it had ambitious plans to make its newly acquired property company a premium retirement hotspot. PSG bought a 50% stake in Evergreen, which is part of the Amdec Group, in September 2017. The retirement village investment recently secured four new properties to develop. CEO Piet Mouton said PSG would get involved in the operational side of Evergreen. PSG plans to increase the number of units to 5,000 in the next five years. It currently has fewer than 1,000 units. “We are not building properties to sell them off. We want to take charge of the operations as well. There is no national player when it comes to retirement homes. We want to build facilities that will give families peace of mind. I think there’s a fantastic opportunity to grow recurring income from that investment,” said Mouton.
Although PSG Alpha, the incubation division in which Evergreen falls, reported a 24% decline in recurring earnings per share due to further investm...
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