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Sanlam hits UK property market

Mar 05 2010 10:29

Company Data

Sanlam Limited [JSE:SLM]

Last traded 54.90
Change 0.35
% Change 0.01
Cumulative volume 2071031
Market cap 118.94bn

Last Updated: 17/04/2014 at 04:28. Prices are delayed by 15 minutes. Source: McGregor BFA

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Johannesburg - Financial services group Sanlam [JSE:SLM] has entered into an international joint venture to form a new Isle of Man-based European property investment advisory and management company.

Sanlam said on Friday the new company - called Exclusive Holdings - was a partnership with the Mertech and Attventure Groups in South Africa and Salt Properties on the Isle of Man.

This brings to four the number of international deals concluded by Sanlam International Investment Partners in the past 18 months, the company said in a statement.

Hendrik Pfaff, managing director of Sanlam International Investment Partners, said the partnership was in line with the Sanlam Group's strategic objective of expanding its global asset management footprint through direct investment in specialist investment management businesses in specific regions.

"Notwithstanding its inherent attractions, the European property market is particularly attractive right now because of the quality of direct property investment opportunities that are available to investors," Pfaff said.

Investors were now able to acquire top quality properties with top quality tenants as a result of the current market dislocation, he said.

This applied especially to investors who were not constrained by the distress in the traditional credit funding markets and who were in a position to hold the assets through the current cycle, he said.

The new company would focus on commercial property in the UK, Switzerland and Germany.

- Sapa

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