Nedbank Corporate Property Finance in conjunction with Nedbank Capital has refinanced R450 000 000 of debt within MICC Properties (Pty) Ltd.
MICC Properties (Pty) Ltd is a wholly owned subsidiary of the Johannesburg Stock Exchange (JSE) property listed company, Vukile Property Fund Limited.
Vukile is a property loan stock company which listed on the JSE in June 2004 and on the Namibian Stock Exchange in July 2007.
Its market capitalisation is just over R5 billion and its property portfolio is valued at R5.35 billion.
MICC Properties owns a portfolio of predominantly retail properties valued in excess of R1.2 billion.
The properties are located in South Africa and Namibia with the largest properties being Meadowdale Mall in Germiston, Roodepoort Hillfox Power Centre and Oshakati Game Shopping Centre in Namibia.
Through this collaboration, Nedbank Corporate Property Finance, in conjunction with Nedbank Capital, was able to secure this refinancing opportunity by providing the client with attractive funding at competitive rates, says Ken Reynolds, regional executive of Nedbank Corporate Property Finance Gauteng.
“Nedbank Corporate Property Finance specialises in carefully matching the specific needs of clients as these evolve over time, with the skills and experience of our professional property consultants.”
He says these experts work closely with clients to provide financial solutions that anticipate and fulfil the requirement for growth and expansion and taking a view to build long-term, mutually beneficial relationships, such as we have established with MICC.
Nedbank Corporate Property Finance specialises in financing commercial, industrial, retail and residential development property.
It offers loan funding to developers, owners, occupiers and investors.
Nedbank Capital is the investment banking business of the Nedbank Group which provides seamless, specialist advice, debt and equity raising and execution, and trading capabilities to clients in all major South African business sectors.
It's clients include the top 200 domestic corporates, parastatals, financial institutions, multinational corporates and major infrastructure and mining projects in Africa, as well as emerging BEE consortiums. – Denise Mhlanga
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