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Johannesburg - RMB Holdings agreed to buy 25% of Atterbury Property as part of a plan to expand into real estate and diversify earnings, it announced on Tuesday.
RMB Holdings (RMH) will provide capital and “long-term focus to expand Atterbury and assist in executing on its development pipeline and broader growth ambitions,” the investment company said in a statement on Tuesday, without disclosing the value of the transaction.
The acquisition of Atterbury marks the first major deal by RMH since the company spun off its insurance businesses into Rand Merchant Investments Holdings in 2011.
Atterbury developed the Mall of Africa, which opened last week as the largest first-phase retail development in southern Africa, covering 130 000 square metres of stores.
RMH - which was built out of a company founded by some of South Africa’s richest men, GT Ferreira, Laurie Dippenaar and Paul Harris - is the biggest shareholder in FirstRand, with a 34% stake.
Businesses under their control have also helped start or grow companies such as Discovery, OUTsurance, and MMI Holdings (Metropolitan and Momentum).
RMH declined 2.4% to R56.71 by 9:52 in Johannesburg, the lowest since April 11, and biggest decline among the seven-member FTSE/JSE Africa Banks Index.
