JSE-listed specialist industrial logistics property fund, Equites Property Fund has concluded a transaction in terms of Statement 102 of the Codes of Good Practice on Broad-Based Black Economic Empowerment (B-BEE) with Mabel Black Knight Investments.
Equites will sell a portfolio of six logistics warehouses situated in Cape Town to Mabel for R190m. The shareholders of Mabel comprise of a consortium of B-BBEE investors, Equites said on Thursday.
The Property Sector B-BBEE Codes emphasise the need “to achieve sustainable and meaningful transformation and encourages participation of previously disadvantaged groups” according to Equites.
Equites and Mabel will collaborate to ensure that property and facilities management skills are transferred from Equites to Mabel. Equites will provide training, facilitate the skills transfer process to Mabel and will provide on-going mentorship and guidance. Transfer of the properties took place on July 21 2022.
“Equites is proud to have concluded an empowerment transaction with ambitious, driven and talented entrepreneurs. This transaction encapsulates the essence of transformation by supporting equitable wealth distribution and advances the development of black businesses through mentorship, support and a transfer of skills. I hope for nothing more than to see enormous success for the Mabel Group and Equites will be there to offer its support throughout their journey,” Equites’ CEO Andrea Taverna-Turisan said.
Ismael Ebrahim, co-founder of Mabel, said Mabel was delighted to have concluded the transaction.
“While it is a landmark moment for our young company it also reflects well on the market leading Reit once again showing their full commitment towards meaningfully transforming participation in the South African economy and the ethos of Ubuntu. Equites and its management have created a space for cultivating and nurturing young talent and encouraging their thinking and ideas which can be seen throughout their young team. We are excited to be partnering with an organisation with these values,” he said.