Greenbay to be reborn as Lighthouse Capital
The restructured company will focus on directly held property, moving away from infrastructure funds and concessions
Greenbay Properties’ CEO Stephen Delport says the company will rebrand itself as Lighthouse Capital and shift its focus to directly held property and away from mainly investing in infrastructure funds and concessions. Greenbay is one of the four real-estate companies that are part of the Resilient stable of funds facing allegations of insider trading and market manipulation. The company chose to pay back nearly R10bn in cash to shareholders including two other members of the stable, Resilient and Fortress. Delport said this would reward these two companies and other shareholders of Greenbay, as the company changes direction to focus on direct property. Previously, most of its portfolio consisted of investments in listed funds, as well as stakes in infrastructure concessions. Greenbay grew its dividend per share 17.4% in the year to September 2018, results released on Monday showed, and 25% in the corresponding 2017 and 2016 financial years, which Delport said represented a “phenomen...
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