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.
France Dernières Nouvelles, France Actualités
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