Black-owned property firm parts with R4.5bn for 8% stake in Growthpoint

Independent, black-owned and managed investment holding company Southern Palace Properties has acquired an 8% stake in Growthpoint Properties from the Public Investment Corporation’s (PIC’s) Government Employees Pension Fund (GEPF) for R4.5-billion. Standard Bank and Bank of America Merrill Lynch would equally fund the deal that was structured and arranged by Southern Palace advisers Symphony Capital.