SA Affordable Housing November - December 2018 // Issue: 73 - Page 12

NEWS Divercity fund offers social benefits Divercity Urban Property Fund is a newly-launched investment fund that is set to renew and re-energise the country’s urban centres. B and Turbine Hall, and the iconic Pan Africa Mall in Alexandra coupled with 4 500 residential properties from the Ithemba stable. Divercity has also acquired some of the best properties in Maboneng from Propertuity and it also owns Sterland Mall in Pretoria. These assets anchor the precincts in which Divercity has initially targeted its investment. In Johannesburg, its investment corridors span from Maboneng to the Newtown area around Turbine Hall and Newtown Junction Mall, and the Alexandra node surrounding Pan Africa Mall. Divercity is, as a founding principle, committed to transformation. From its inception, a significant amount of equity already vests in black hands and, as it grows, it intends to further diversify its shareholder base to be available to all South Africans. In addition, by investing in well-located affordable housing in amenity-rich neighbourhoods, Divercity is also committed to the spatial transformation of South Africa’s cities. acked by the experience of some of South Africa’s leading property specialists and with a R2-billion seed portfolio of landmark property assets, the names behind Divercity include some of the most experienced and respected property investors and developers in the country. Divercity’s major shareholders and stakeholders are Atterbury and Ithemba Property, with Talis Property Fund playing major part in forming the fund. Cornerstone investors are RMH Property and Nedbank Property Partners, which is subject to regulatory approval which is expected by the end of July. As the fund’s name suggests, Divercity invests in South Africa’s major cities. It’s investment strategy, however, is even more precise; it focuses on pre-identified precincts or corridors within these cities, rather than on individual properties. The fund already has assets of R2-biilion. Its initial portfolio includes strategic buildings hand-picked from Atterbury’s, Ithemba’s and Talis’s portfolios, including Johannesburg landmarks Newtown Junction Mall, Talis House From left are: Wouter de Vos CEO, Atterbury Property Fund; Rian Reyneke CEO, Ithemba; Tebogo Mogashoa, group chairman, Talis Property Fund; and Carel Kleynhans, executive director, Ithemba. 10 NOVEMBER - DECEMBER 2018