Investec Property Fund wants to name itself after a stone | Business

Investec Property Fund , which oversees R35 billion in assets, is asking shareholders to approve a name change to Burstone Group, in reference to the name of a stone used to mill grain into flour.

The proposed name, unveiled through a SENS announcement for a circular, follows the successful internalisation of the fund’s asset management functions across SA and Europe, which was previously undertaken by Investec, it said in a statement.Shareholders gave their approval in May and competition approval was granted in June. Investec retains a 24% stake in the business.

IPF has R35 billion in gross assets under management, as well as about R5 billion in third-party capital, and directly owns a portfolio of 79 properties in SA valued at R14.6 billion at the end of March. These assets are in the retail, industrial and office sectors, and include the Balfour Mall.

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