PROPERTY
Indluplace and Buffet team up in R1.4bn retail property deal
Residential property owner Indluplace has concluded an agreement with prominent investor Jonathan Beare’s Buffet Group to acquire 2,914 residential units with 3,400m² of associated retail space for about R1.4bn. The transaction is subject to shareholder and Competition Commission approval. Buffet is a private equity and investment consortium and has in recent years invested in various real estate companies. The portfolio comprises 51 properties, spread mainly across Gauteng. Two buildings, comprising 119 units, mark the company’s first entry into KwaZulu-Natal. The majority of the properties consist of suburban blocks and town house complexes. About half of the portfolio to be acquired consists of two-bedroom apartments. "The Buffet Group has substantial investments in the property sector across the country and we believe this transaction provides a good platform for further transactions with the group. Buffet is also providing Indluplace with a right of first refusal on future pipe...
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