Burstone Group has announced an SA Core Plus funds-management platform seeded with 14 retail and industrial assets. Nedbank Property Partners is its platform partner.
Burstone Group has announced a South African funds-management platform called SA Core Plus, seeded with 14 retail and industrial assets. The assets have a stated combined gross asset value of approximately R5.4 billion.
Nedbank Property Partners is the platform partner. Burstone said it would retain a 50% equity interest and serve as both fund manager and asset manager.
Burstone said the transaction would release R4.5 billion in capital for growth opportunities. It also expects its reported loan-to-value ratio to fall from 39.6% to a range of 17.5%–19.5%. Both figures describe the company’s expectations for the transaction, not completed outcomes.
