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Calgro M3 rental business hits a wall

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Housing builder to dissolve joint venture with property company as it cannot guarantee it will meet its income targets

Affordable-housing developer Calgro M3 is ending its joint venture with one of the partners in its rental business, but CEO Wikus Lategan says this won’t derail the company’s growth plans.

The site invasions at the joint venture’s Scottsdene development in the Western Cape and the struggle to attract tenants at South Hills in Johannesburg also exacerbated its challenges. These made it harder to sign up tenants, resulting in the companies’ not meeting their income yields target. SA Corporate, which is a real estate investment trust , had control of the consortium. In terms of the income tax act, the joint venture is entitled to the tax benefits of being a Reit. This means the venture must pay at least 75% of its income out as dividends.

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