MAS Real Estate will dedicate more than 80% of its development budget to opportunities in central and eastern Europe. The JSE-listed group that invests in Europe aims to grow its pipeline in the region from about €607m to more than €1bn after the opportunities it acquired through its joint venture with Prime Kapital substantially exceeded expectations. MAS has increased its commitment to the development joint venture from €200m to up to €350m of preference share capital, on the same terms as the previous commitment. MAS’s equity stake in the development joint venture remains at 40%. MAS CEO Lukas Nakos said the shortage of modern, high-quality residential accommodation in capital cities across the region provided an opportunity to benefit from high-growth markets in which the purchasing power of residents was increasing strongly. "The Prime Kapital team is well placed to leverage its experience in central and eastern Europe to exploit this opportunity. Profits from the sale of compl...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.