Liberty Group grabs 25% stake in Melrose Arch precinct

Liberty Holdings on Monday announced it had entered into an agreement with Melrose Arch Investment Holdings (“MAIH”) to acquire an undivided 25% share in Melrose Arch Precinct, north of Johannesburg.

Financial service group Liberty Holdings on Monday said it had entered into an agreement with Melrose Arch Investment Holdings (MAIH) to acquire an undivided 25% share in Melrose Arch Precinct, north of Johannesburg.

Dubbed as a fancy high class street mall, the prestigious mixed-use Melrose Arch has a touch of Paris and Milan, with a floor space of 200,000 m2 of high-end tenants.

The group said the acquisition supported and considered in line with the Liberty Property Portfolio investment strategy.

Amelia Beattie, Chief Investment officer, STANLIB Direct Property Investments, the asset managers for the Liberty Property Portfolio, said: “We are excited to include Melrose Arch in our portfolio of premium quality assets. The new partnership will enable us to maximise the long-term sustainable investment performance of this quality asset."

The trendy complex located in the North of Johannesburg, it is one place to relax and do some shopping and dining.

“We continue to look for opportunities to re-balance, upgrade and restructure the Liberty Property Portfolio to support the investment strategy of delivering on the benchmark of CPI plus 5% per annum over a rolling five-year period,” adds Ms Beattie.

James Wilson of Amdec, the holding company of MAIH, noted: “We are delighted to welcome Liberty as our new partner at Melrose Arch. This transaction will allow us to complete the remainder of the Melrose Arch development within the next five years.  We are extremely excited about the potential opportunities that could develop through this new relationship.”

The transaction is subject to the approval of the South African competition authorities.

Liberty Group Limited, a wholly-owned division of Liberty Holdings Limited, is wealth management group based in Johannesburg.

Liberty has interests in life and health insurance, asset management and property development, with business operations in six other countries across Southern, East and West Africa.

Liberty Holdings is 53% owned by the Standard Bank Group, the largest African bank by total assets.