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The DTI Codes and the Property Charter place emphasis
on skills transfer as well as ensuring that previously
disadvantaged people are able to acquire assets.
Redefine established two enterprise development initiatives,
in which suitable partners were secured and new companies
formed with the partners having majority ownership of
51% and Redefine owning 49%. The intention from the outset
was to transfer skills, grow the companies and facilitate
the listing of these companies. The possibility of a listing
is currently being investigated.
Dipula
Redefine entered into a joint venture with a wholly-owned
property company, Dijalo Property Services (Dijalo) to
create Dipula Property Fund (Dipula). Dijalo owns 51%
and Redefine owns 49% of Dipula. Redefine facilitated
the establishment of Dipula by assisting with the financial
backing of the business, and by disposing of a number
of its properties to Dipula to facilitate increased property
ownership among black people. Redefine has invested R68,2
million in the company. In addition, Redefine has advanced
a loan of R162,7 million. The value of Dipula’s property
portfolio at 31 August 2010 was R809,2 million.
Mergence
Redefine entered into a joint venture with Mergence Africa
Properties (Mergence Africa), a substantially black-owned
company, to create an enterprise development initiative
called Mergence Africa Property Fund (Mergence), which
is 51% owned by Mergence Africa and 49% by Redefine. Redefine
facilitated the establishment of the company by assisting
with financial backing to enable the company to acquire
properties. At 31 August 2010, Redefine had invested R28,0
million in Mergence and had advanced loans of R159,3 million
to Mergence Africa. The value of the Mergence property
portfolio was R620,1 million.
Isivuno
ApexHi’s enterprise development initiative, Isivuno,
was established to manage a portfolio of office properties
let to and occupied by government departments and parastatals.
Since the merger, Isivuno has been retained as a property
manager on the Redefine portfolio. Isivuno is a 100% black
owned and managed property company.
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