How Delta Property plans to boost its investor base
Fund aims to increase in size with capital injection from new women-based empowerment consortium
30 May 2017 - 05:23
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.
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