South African Property Leader PIC to Expand Across Africa, Head New Development
From E Prop
The Public Investment Corporation (PIC) recently overtook JSE-listed Growthpoint Properties as the biggest player in the SA commercial property space, with real estate assets under management now at a colossal R62,5bn at March 31.
That’s up from R25,7bn four years ago.
The PIC now plans to expand its real estate empire into the rest of Africa. The PIC’s property boss Lesiba Maloba is awaiting final approval to invest up to R12bn in commercial real estate in various countries across Africa, the PIC’s first foray into property markets outside SA’s borders.
Maloba says given the shortage of existing stock in most African countries, the PIC is looking to partner SA developers, institutions and retailers to develop new properties. “We don’t want to be a passive investor in a property fund. We prefer to be involved directly on an operational basis.”
Read more at eprop.co.za
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