Real Estate Investor Magazine South Africa December / Jan 2016 | Page 14

MASTER INVESTOR

respectively. It is the first multi-listed property
fund to offer international property investors direct
access to immediate high growth opportunities on
the African continent outside of South Africa. This
has attracted a diverse shareholder base, including
the likes of Africa’s largest pension fund, the Public
Investment Corporation (PIC), who currently
holds 25.87% of the company.
“During our first year, we successfully bolstered
our asset base in Mozambique, migrated to the
JSE main board and concluded, among others,
the acquisition of Anfa Place retail centre in
Casablanca, Morocco,” said Corbett, who is the
CEO of Delta Africa.
On 16 November 2015, Delta Africa and Pivotal,
a JSE listed development focused investment
fund, announced the forming of a new strategic
relationship that will create a property powerhouse
on the African continent. The conclusion of the
strategic framework agreement is subject to the
confirmation of due diligences and Delta Africa
shareholder approval. Once concluded, Pivotal
will be a substantial shareholder with board
representation in Mara Delta. “Mara Delta will
be uniquely positioned with economies of scale
to consolidate a number of opportunities on the
continent,” commented Corbett.
Highlights
The over-subscribed listing of Delta Limited on the
JSE was a significant highlight, given the Fund’s
sovereign focus, says Corbett. “But our expansion
into Africa has certainly been a watershed move,
given the many challenges involved in investing in
property in a foreign country with very different
customs, laws and regulations. The sheer complexity
of the acquisition of the mall in Cassablanca, for
example, is proof of the persistence and resilience
required to invest in African real estate. However,
Delta Africa is pioneering direct property
investment into Africa’s high-growth economies
and bringing the opportunities these markets offer
to South African investors.”
She notes that South African investors are
increasingly seeking consistent high yielding,
dollar-based returns and exposure to the burgeoning
real estate market on the continent. In addition to
the rand hedge, which is crucial to local investors
given the value of the local currency, investors also
pay a lower marginal tax rate on foreign dividends.
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DEC/JAN 2016 SA Real Estate Investor

While the power of focused property investment
to generate wealth is clear from the results
achieved by Delta and Delta Africa, the work is not
always glamorous: investors need an unflinching
long-term commitment and solid support from
financiers and shareholders, while upholding the
highest standards of governance and being flexible
enough to make fast decisions.
“I have found that the key is maintaining
razor-sharp focus, resilience and a strong support
structure, knowing that there will be challenges
that must be overcome each step of the way,” says
Corbett. “However, I remain driven by a passion
for property itself, for the property investment
business and for the people in the business. The
property business shows what can be accomplished
by a determined team in a short time and the
recognition of the industry is inspiring. The
property industry offers so many