Villa Retail Park Investments Ltd has made an offer to acquire the half-built derelict shopping mall The Villa in Pretoria. If successful, Villa Retail – which is controlled by the Nova Property Group, the rescue vehicle of the failed Sharemax property syndication schemes – envisages completing The Villa project. It believes this will extract the inherent value of the development as originally envisaged.
Sharemax rescue vehicle makes a U-turn on payments to investors [Dec 2021] Criminal charges were lodged against Sharemax in March 2012 for alleged contraventions of the Bank Act. Nova Property Group, a rescue vehicle born out of a scheme of arrangement, now owns all the syndicated properties, while the investors were offered either shares or debentures. About 18 000 investors invested an estimated R5 billion in Sharemax’s various property syndication schemes.
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