Sustainability-linked investment is expected to bolster the group’s presence in the Central and Eastern European market, where it already has office property assets worth around R7bn.
Old Mutual Property, which owns landmark retail assets in SA like Umhlanga’s Gateway Theatre of Shopping and Cape Town’s Cavendish Square, has secured €150 million in funding from the International Finance Corporation to expand into the logistics property market in Bulgaria and Romania.
Although not a separately listed Real Estate Investment Trust , the property counter is part of JSE-listed insurance and financial services giant Old Mutual Group. “Old Mutual Property is able to leverage off its existing knowledge base in South Africa, where we own and manage circa R3.5 billion of logistics and warehouse assets,” added Nosarka.
Lion’s Head currently owns and operates five office buildings in Bulgaria’s capital Sofia and Bucharest, the capital of Romania. All the buildings have green certifications with a high level of sustainability.
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