| Fri 18 Aug 2006, 16:31 | | Purple Capital - Secures offshore funding interest |
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PPE
PPE
Purple Capital - Secures offshore funding interest for BEE deals
Purple Capital Limited
(Incorporated in the Republic of South Africa)
(Registration number 1998/013637/06)
Share code: PPE & ISIN: ZAE000071411
("Purple Capital" or "the company")
PURPLE CAPITAL SECURES OFFSHORE FUNDING INTEREST FOR BEE DEALS
IN SOUTH AFRICA
Lubert-Adler Partners ("LAP") and Klaff Realty, LP ("KR") and their
investors,have entered into an arrangement with Purple Capital to
participate in BEE deals in South Africa by way of equity investment
and/or the provision of finance.
Funding will be deal specific and subject to normal due diligence and
contract execution requirements. LAP and KR, subject to their
investment criteria, are able to invest in excess of $150 million in
this venture.
LAP is a real estate private equity firm specialising in redevelopments
through joint ventures with local operating partners. LAP was formed in
1997 and has invested in approximately 260 investments representing $10
billion of real estate and related assets. These assets include retail,
multi-family,office, industrial, hospitality and residential resort
properties. In December 2003, LAP closed Fund IV, representing
approximately $1.1 billion in equity capital. LAP"s current fund - Fund
V, representing $1.7 billion of equity,commenced in early 2006. LAP
investors include the largest university endowments in the USA and
other significant institutional investors.
KR have been the operating partner in all of LAP"s retail real estate
transactions for the past 20 years. KR was established in 1982, and is
a privately owned real estate investment company based in Chicago,
Illinois that engages in the acquisition, redevelopment and management
of commercial real estate, with a primary focus on office and retail,
throughout the USA.
Over the past eight years, LAP and KR have acquired over 1 600
properties totalling over 106 million square feet.
In January 2006 LAP and KR, together with a consortium of partners,
acquired the second largest grocer in the USA for $18.5 billion.
LAP and KR, together with Purple Capital, have developed a BEE
investment structure which anticipates a combination of equity and debt
instrument funding with features attractive to USA funds, local
institutional financiers,BEE partners and the target companies. Purple
Capital will approach local debt funding partners to formalise their
participation in the BEE funding structure.
Johannesburg
18 August 2006
Sponsor
Bridge Capital
Date: 18/08/2006 04:31:16 PM Produced by the JSE SENS Department
