Delta maintains exceptional empowerment rating

Delta Property Fund says it has maintained exceptional empowerment rating.

Delta Property Fund said on Thursday it had maintained exceptional empowerment rating, as empowerment-sensitive tenants demand superior compliance.

This comes after Premier Verification Services affirmed the level 2 broad-based black economic empowerment (B-BBEE) rating.

The rating equates to a black economic empowerment recognition level of 125%.

Delta CEO Sandile Nomvete said the group was "extremely proud" of this rating.

"Approximately 60% of our portfolio is tenanted by government, which makes empowerment a business imperative for us. Conversely, we see empowerment-sensitive tenants increasingly demanding superior compliance as they look to benefit from our 125% BEE recognition level," Nomvete said.

Earlier this year, Delta's shareholders unanimously approved the appointment of a wholly-owned trust established for the benefit of its black employees as its asset manager.

The new asset management company - named Delta Property Asset Management - also employed the staff of the previous incumbent.

"The affirmation of our level 2 B-BBEE contributor status supports our vision of being a leader as far as empowerment and transformation in the property industry is concerned," he said.