How Delta Property plans to boost its investor base
Fund aims to increase in size with capital injection from new women-based empowerment consortium
Delta Property Fund, which focuses on renting offices to the state, plans to grow significantly in 2017 as it looks to broaden its investor base. The largely black-owned company is planning to raise as much as R5bn worth of capital through a shares issue to a new empowerment consortium, nearly doubling its market capitalisation, which sits at R6bn. CEO Sandile Nomvete said Redefine Properties had already agreed to sell its 22.8% interest in Delta, which is worth about R1.4bn, to the new broad-based black economic empowerment, women-led consortium in a deal that had been approved by Delta’s board.