Investec Property Fund has proposed a name change subject to approval by shareholders at a general meeting to be held on the 31st of August 2023.
The proposed name change to Burstone Group Limited follows the REIT’s successful internalisation of its asset management functions across SA and Europe which was previously undertaken by Investec Limited. Shareholders approved the internalisation in May 2023 and competition approval was granted that June. Investec retains a 24% stake in the business.
“The new name reflects our vision to be a dynamic and agile fully integrated international real estate business, with a strong heritage, that has the unique ability to identify potential and unlock value for our shareholders and partners,” said CEO Andrew Wooler.
“The proposed name, Burstone, is an inspiring story of transformation. It’s about seeing the potential that lies within something and then transforming it into something of real value. We strive to deliver purposeful and authentic client experiences with agility, speed, and passion. The ability to see potential and to transform it into positive outcomes has always been at the heart of our approach, entrepreneurial mindset, and strategy,” he said.
The Fund has c.R35 billion Gross Asset Values (GAV) under management and c.R5 billion third-party capital under management across South Africa, Europe, and Australia. It listed on the Johannesburg Stock Exchange in 2011 and has a strong management track record of more than 40 years’ operating in both local and international property markets.
“We have had a long and proud heritage under the Investec brand name. It is time now for us to build on that foundation and deliver on our strategic plans following the internalisation of our asset management functions.”
“We have in place best-in-class asset management teams with proven track records in all our core regions. I believe this name change reflects the company we plan to become. An internationally focused real estate business which, through its dedicated partnership approach, has the ability to identify potential, deliver attractive returns for our investors, generate value for all stakeholders, and pursue sustainable outcomes for the communities in which we invest,” he concluded.