Equites and Mabel conclude R190m B-BBEE transaction

Equites CEO, Andrea Taverna-Turisan.
CEO of Equites Property Fund, Andrea Taverna-Turisan.

Equites Property Fund has concluded a transaction in terms of Statement 102 of the Codes of Good Practice on B-BBEE with Mabel Black Knight Investments 1 Pty Ltd. involving the disposal of a portfolio of six logistics warehouses in Cape Town to Mabel for a purchase price of R190 million.

The shareholders of Mabel comprise of a consortium of B-BBEE investors.

As part of the transaction, Equites and Mabel will collaborate to ensure that property and facilities management skills are transferred with Equites providing the training and facilitating this process. In addition, Equites will provide on-going mentorship and guidance to Mabel.

Transfer of the properties took place on the 21st of July 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”, commented Equites CEO, Andrea Taverna-Turisan.

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 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”, added Ismael Ebrahim, co-founder of Mabel.