The Investor - Moneyweb's monthly investment magazine Issue 6 | Page 16

Investment holding company moves into education. It is ten years since Cape Town property guru Allan Groll and business partner Arnold Shapiro picked up cash shell Trematon for 50c/share and turned it into an investment holding company with a bent towards property. Since then the JSE-listed company has not garnered much attention, though its share price has quietly rerated. Trematon has established a reputation for buying poorly performing or misunderstood assets at a discount to net asset value and making something of them. Now might be the time to pay closer attention to what the company is doing. There are several reasons for this. The West Coast’s Club Mykonos, which Trematon acquired as a over the past year. It acquired the 50% of residential company Resi Investments that it did not own from JV partners. It now has full control of the R350 million portfolio and by all accounts has substantially reduced expenses and boosted revenue. The new business, in which Trematon has a 75% stake, is called Generation Schools. The other 25% is held by an NGO, the Children’s Campaign Trust. Arbitrage Property Fund, in which Trematon has a 67% stake, has been rebranded as Aria Property Fund. Notable acquisitions include the Redefine North Wharf building on the Cape Town foreshore; R200 million worth of commercial property from Redefine, and Northgate Island, which i X