Where is the 1.2 Billion Rand gone to 18 months later?
I found this press release on Realnet's Website claiming a 1.2 Billion Rand Property Portfolio, see posts on City Capital in Liquidation.
Private clients’ commercial property funds in merger
Company announcement
03 October 2007
Realnet
No name yet for the R1,2bn portfolio City Capital and Dividend Investments, the two companies best placed in the field of making commercial property investments accessible to private clients, today announced a merger between the two organisations. The combined commercial property portfolio of the two companies is estimated at R1.2 billion. Both companies were founded with the aim of providing individuals or smaller investors’ access to a wide and carefully selected range of lucrative, high-quality commercial properties with minimum risk. Rapid growth of the two organisations resulted in a situation where the merger creates the capacity to accommodate the administrative and property management needs of a large commercial property investment portfolio. Speaking at a media briefing in Johannesburg on Wednesday, Managing Director, Jurie Wessels said that the deal is effective immediately. Brand management specialists are currently consulting with the two companies to finalise a name for the new joint entity, which will be announced soon. Wessels will be responsible for the day-to-day operations of the new company while Bertus van Zyl, CEO of City Capital, becomes chairman of the board and Etienne Carstens, CEO of Dividend Investments, will be CEO of the new organisation. Van Zyl and Carstens will jointly oversee the company’s future development and growth. “The merger of the two companies now allows us to focus our innovative business approach even further by providing individuals or smaller groups of investors’ safe and easy access to multi-million Rand commercial property investments. The only real difference now is that the new company will be managing our new clients’ investment in one, larger property investment portfolio or fund, in order to provide our investors with even better service and greater investment opportunities,” Carstens added. Existing investments in the syndications of Dividend Investments and in the portfolio of City Capital remain valid and operational. A series of broker and investor education road shows are scheduled to assist with merger relations. “Where both organisations were equally strong in terms of innovation, growth and stability, the new company now provides investors with one formidable force in commercial property investments,” Van Zyl concluded. The diversified commercial property portfolio now consists of: o 251 Durban Road, Tygervalley, Western Cape o 74 Nickel Street, Windhoek, Namibia o Bergsig Park, Cape Town, Western Cape o Bonwit, Malmesbury, Western Cape o Brandwacht Park, Stellenbosch, Western Cape o Canal Edge, Tygervalley Waterfront, Cape Town, Western Cape o Edward 1, Tygervalley, Cape Town, Western Cape o Fish Hoek Town Square, Cape Town, Western Cape o Greenford Office Estate, Cape Town, Western Cape o Highgrove Office Park Building 2, Centurion, Gauteng o Imperial Bank Terraces, Tygervalley Waterfront, Cape Town, Western Cape o Industrial Land, Saldanha, Western Cape o KPMG Building, Hatfield, Pretoria, Gauteng o Lagoon Beach Office Park, Milnerton, Western Cape o Lifehouse Investment, Paarl, Western Cape o Light Industrial Development, Granny Smith Road, Grabouw, Western Cape o Medscheme Centre, Pinelands, Western Cape o N1 City Mews, Good Wood, Cape Town, Western Cape o Noland House, Mowbray, Western Cape o Old Dutch Square, Belville, Cape Town, Western Cape o Parklands Lipco Chambers, Parklands, Cape Town, Western Cape o Silver Lakes, Pretoria, Gauteng o Silverberg Terraces, Steenberg, Cape Town, Western Cape o Steenberg House, Steenberg, Cape Town, Western Cape o Steenberg Terraces, Steenberg, Cape Town, Western Cape o Sunbird Office Park, Tygervalley, Cape Town, Western Cape o Syfin House, Cape Town, Western Cape o Thabazimbi Pick ‘n Pay Centre, Thabazimbi, Limpopo o The Brand House, Paulshof, Johannesburg, Gauteng o The Colosseum, Century City, Cape Town, Western Cape o The Estuaries, Century City, Cape Town, Western Cape o The Linell Building, Centurion, Gauteng o Titan House, Stellenbosch, Western Cape o Tuscan Park, Belville, Western Cape o Tyger Chambers 3, Durbanville, Western Cape o Tyger Lake, Tygervalley Waterfront, Western Cape o Waterside, Tygervalley Waterfront, Western Cape o Westport Square Shopping Centre, Blouberg, Western Cape o Zambezi Retail Park, Derdepoort, Gauteng o Zambezi Retail Park, Phase 2, Derdepoort, Gauteng City Cap
