In June 2006, Thesele acquired a 10% stake in Acucap Properties for a sum of R180-million, fulfilling our objective of investing in South Africa’s listed property sector. The sector was deemed to be ripe for consolidation and it was Thesele’s belief that Acucap would emerge as one of the consolidators.
The corporate activity at Acucap offered the company an opportunity to leverage Thesele’s experience in corporate finance and structured finance, and its access to institutional investors to bulk up the business through the acquisition of other property companies.
Over the ensuing seven years Acucap made several acquisitions, including Atlas Properties and Sycom Properties. The market capitalisation of Acucap grew from R1.8-billion to R8-billion over the same period.
Thesele had a 4.7% equity interest (diluted from the initial 10% through various share issues) in Acucap Properties, when it was acquired by Growthpoint Properties in March 2015 in exchange for Growthpoint shares. As a result of this acquisition of Acucap, we own shares in Growthpoint, a JSE-listed real estate investment trust (REIT) with a market capitalisation of circa R59.8-billion as at 22 January 2016.