Investec Property Fund sells stakes in Musina and Boitekong malls

SOUTH AFRICA – Investec Property Fund (IPF) has sold its stakes in Musina Mall in Musina, Limpopo, and Boitekong Mall, in Rustenburg, North West Province for US$49.73 million (R727 million), as it funnels capital into better performing properties in Europe. The sales are in line with a strategy of recycling capital through disposals, using the proceeds to degear the balance sheet, and provide further funding capital for the European logistics real estate and UK Fund strategies. Growth in IPF’s South African portfolio has been subdued, and the real estate investment…

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