Recent Acquisition Doubles RDC Total Value

Guido Giachetti
Guido Giachetti

A recent transaction in which 98% of South African company, Tower Property Fund shareholders approved its acquisition, has doubled local outfit, RDC Properties Limited's total value. This follows RDC, the Botswana Stock Exchange (BSE) listed property investment company, announcing the conclusion of the acquisition of the Johannesburg Stock Exchange (JSE) listed property business.

Commenting on the issue, RDC executive chairperson Guido Giachetti said doubling the total value of the RDC portfolio has a fundamental effect on their business. "As RDC Properties Limited we are very excited about this significant milestone in the groundbreaking transaction that has been underway for the past 12 months," he said.

Tower Property Fund owns a South African domiciled portfolio of mixed-use, retail and high-quality office properties predominantly in Western Cape, Gauteng and some exposure in KwaZulu-Natal, as well as a large stabilised Euro-based portfolio in Croatia. The company’s flagship properties include the iconic Cape Quarter, a landmark retail and office precinct in Cape Town, Sunclare, an anchor property in the highly successful decentralised node of Claremont, and VMD Towers in Zagreb – one of the European City’s latest landmarks.

“This transaction has been a major achievement at diversifying our portfolio and mitigating against market risks, and is a testament that a Botswana company can grow beyond our borders and compete with the best anywhere in the world,” he said. The process will culminate in the listing of the new RDC shares on the BSE just before Christmas, and the delisting of the Tower shares from the JSE approximately a week later. According to Giachetti, this move will benefit their beneficiaries which are unit holders from the institutional shareholders, Botswana pension funds and ordinary Batswana. “RDC is proud to contribute to the diversification of the Botswana economy as the growth of the foreign property portfolio. Through this, RDC will be able to take advantage of more sophisticated and deeper property markets enabling the company to take up opportunities further afield for the benefit of its unitholders,” he said. The group has properties in Botswana, South Africa, Croatia, Madagascar, and are presently carrying out developments in Botswana, South Africa, Mozambique and the US, each property and all developments are selected to provide a strong revenue and substantial capital growth.

Editor's Comment
A step in the right direction

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