Investment company PSG Group says its decision to back retirement village specialist Evergreen is turning out better than expected. At an annual general meeting on Friday, PSG CEO Piet Mouton said Evergreen’s developments were going great guns. "I don’t think we’ve ever made an investment that has hit the ground running as hard as Evergreen," he said. In September 2017, Stellenbosch-based PSG, which is anchored by investments in Capitec Bank and private education venture Curro, snapped up a 50% stake in Evergreen for R675m. Mouton said Evergreen would have developed 1,074 units by February 2019 at an average value of R2.7m per unit. Evergreen had recently secured four new properties for development, he said. A table presented at the meeting showed that these four developments would add more than 2,300 new units by the end of February 2023. The properties could not yet be identified as marketing had not started, Mouton said. "But the pieces of land have already been bought." Foreign ...
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