JSE-listed logistics property fund Equites has concluded a R190-million transaction to sell six logistics warehouses, in Cape Town, to broad-based black economic empowerment (BBBEE) investor consortium Mabel Black Knight Investments.
As part of the transaction, Equites and Mabel will collaborate to ensure property and facilities management skills are transferred from Equites to Mabel.
Equites will provide training, facilitate the skills transfer process to Mabel and ensure a smooth transition for the tenants of each of the properties. It will also provide ongoing mentorship and guidance to Mabel to allow it to further develop and enhance its property expertise.
Equites says the transaction demonstrates the company’s support of BBBEE and transformation in South Africa by promoting economic transformation as envisaged by the Property Sector BBBEE Codes, which emphasise the need to achieve sustainable and meaningful transformation and encourage participation of previously disadvantaged groups.
Further, Equites believes true transformation lies in the development of black-owned businesses, especially in sectors in which they may have historically been underrepresented, through mentorship, support and the transfer of skills.
“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,” says Equites CEO Andrea Taverna-Turisan.
“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,” he says.
“We are delighted to have concluded this transaction with Equites. While it is a landmark moment for our young company, it also reflects well on the market leading real estate investment trust, once again showing their full commitment towards meaningfully transforming participation in the South African economy and the ethos of Ubuntu,” says Mabel co-founder Ismael Ebrahim.
“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 says.