PSG enters retirement village industry
The investment company secures a 50% stake in retirement village developer Evergreen Lifestyle via investment subsidiary PSG Alpha
PSG Group, the investment company that has enjoyed enormous success in backing Capitec Bank and private education specialist Curro Holdings, has unveiled its "next big thing" with a R675m punt on the retirement living sector. On Tuesday PSG, via investment subsidiary PSG Alpha, said it would secure a 50% stake in retirement village developer Evergreen Lifestyle — a division of the real-estate group Amdec — via an issue of new shares. Amdec’s best-known assets include the popular Melrose Arch mixed-use precinct in Johannesburg, The Yacht Club in Cape Town, Westbrook in Port Elizabeth and Val de Vie and Pearl Valley in the Cape Winelands. While most market watchers initially registered surprise at PSG moving into a real estate investment, PSG Alpha CEO Nico de Waal said Evergreen represented a play on the services sector with an important property underpin. "We see Evergreen much in the same light as we viewed Curro … it operates in a sector with high barriers to entry and the compa...
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