South African Retail Magnate Christo Wiese Eyes Zambian Real Estate Firm

South African Retail Magnate Christo Wiese Eyes Zambian Real Estate Firm

Tradehold, an offshore investment holding company owned by South African retail magnet Christo Wiese, is planning to by a majority stake in Lusaka Stock Exchange-listed Real Estate Investments Zambia (Reiz).

According to a Reuters brief, Tradehold said it about to acquire a minimum of 51 percent shareholding in Reiz.

The Zamabian real estate firm develops commercial, industrial and retail property, and owns more than 50,000m² of prime property in Lusaka.

Its tenants include Barclays, BDO Zambia, Blue Financial Services, Deloitte & Touche, Ericsson, First National Bank, Spar Zambia and the Lusaka Stock Exchange.

Tradehold, which already owns properties in other parts of Africa — including Namibia — and the UK, said this is its first excursion into Zambia, BDlive reported.

The South African firm had in December said it was making the acquisition bid together with Heroit Properties, but indicated its latest update that it will making the purchase alone.

“It should be noted that Heriot Properties is no longer an Offeror. Heriot will only manage APIL’s properties and developments in Zambia under property management agreements,” Tradehold said in a statement.

According to Lamudi, Zambia’s property market has been experiencing an unprecedented boom in recent times with the number for sale and to let real estate sky-rocketing.

The country’s real estate sector has potential to grow on the back of the current infrastructure developments which continue to encourage investment in the country.

The recent fall in metal prices has however hurt the copper producing country’s economy in recent months.