Aveng offloads majority of property portfolio

Thursday 3rd September, 2015

South Africa’s biggest infrastructure development company, Aveng Group, announced on Thursday it had sold the majority of its property portfolio to the Collins Property Group for R1.127 billion.

The deal has been touted within the industry as one that looks set to start a burgeoning collaboration between the two entities.

After reporting a 17% decline in revenue, Aveng has sold 70% of Dimopoint to Collins Property’s Imbali Props 21 as part of its bid to strengthen its financial position and reduce debt.
In addition to the R1.1 billion cash injection, Aveng chief executive officer Kobus Verster noted that the retention of 30% of Dimopoint created opportunities for collaboration with Collins Group in South Africa as well as elsewhere in Africa.

Murray Collins, of the Durban-based, family-owned Collins Property Group, said the deal “adds significant and valuable stock to our commercial property portfolio” and added the company was “delighted to be able to partner with Aveng, which is one of Africa’s largest infrastructure groups”.

Published by - The Citizen