Exchange-Listed Companies
Vukile Property Fund, through its 99.5% held subsidiary Castellana Properties, has acquired the shopping centre known as Forum Madeira, located in Funchal, Portugal. Vukile will pay DWS Grundbesitz, a German alternative investment fund manager, €72,82 million for the centre. The acquisition will be funded by a combination of existing cash resource and in-country debt of €28 million, representing a loan-to-value ratio of c.38.5%.
Delta Property Fund has disposed of 88 Field Street (88 Joe Slovo) in Durban to Jordisys for a cash consideration of R76 million. The disposal is classified as a category 1 transaction and as such requires shareholder approval.
Unlisted Companies
South African payments infrastructure startup Stitch has raised US$55 million in a Series B round led by QED Investors with participation from Flourish Ventures, Glynn Capital and Norrsken22, joining existing backers Ribbit Capital, PayPal Ventures, firstminute capital and The Raba Partnership. This latest round brings total funding secured since its launch in 2021 to $107 million. The funding will be used to expand in-person payments and further expand the online payments suite with potential acquisitions.
Mergence Investment Managers, a Cape-based, black-owned institutional fund manager and Scalar International, have announced the launch of a US$150 million private equity fund to finance clean energy and digital infrastructure in sub-Saharan Africa. The fund will invest in energy-efficient/decarbonisation projects in the private commercial and industrial (C&I) sector by supporting the emergence of first-tier, indigenous, women- and youth-led companies that are developing new technologies in clean energy solutions and digital infrastructure. At least 25% of the fund’s investment will be into underserved communities.
New GX Capital and RMB Ventures have launched Airnergize Capital Fund I having secured an initial commitment of R2,4 billion (US$120 million). The fund, which is focused on accelerating clean technology solutions in renewable energy, gas and water infrastructure across South Africa, is targeting a final close of R4 billion. Airnergize Capital will be managed by New GX Capital.
DealMakers is SA’s quarterly M&A publication.
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