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Send  Share  RSS  Twitter  29 May 2011

PROPERTY: Trematon Spearheads New Venture


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CAPE TOWN-based investment company Trematon Capital Investments has broadened its property portfolio by acquiring a 50% stake in a newly formed property loan stock company.

The other 50% of the property venture will be held by Brian Goldberg and Ilan Kaplan, two former executives from Redefine Property. The new venture is relatively big deal for Trematon, which boasts a market capitalisation of around R240 million on the JSE.

The properties accumulated in the new venture will be housed in Trematon Management Company (TMC), which has – as an initial investment – snapped up five properties with a collective value of R90 million. The properties were acquired from Redefine.

The new property investment by Trematon is an interesting tack. Not too long ago the company lightened its property profile by opting to sell its majority stake in JSE-listed Ingenuity Property to concentrate on its directly owned properties held in Club Mykonos Langebaan (CML) as well as its interest in Boulevard Park on the Cape Town foreshore.

In fact, the biggest change in Trematon’s financial position in the half-year to end February 2011 was the change in the group’s shareholding in CML from 34% at the end of August 2010 to 87%.

This change followed a successful offer by Trematon to minority shareholders in CML (which aside from seaside property also owns a significant minority stake in the Mykonos Casino, which may have a shot at the second Cape Town casino licence).

Perhaps the fact that Trematon has deemed that CML’s operations have been “restructured to a level appropriate for the current level of economic activity” has spurred the decision to top up on property again.

According to the latest interim results the CML group made a profit of R4.1 million – a performance that can be considered good in the prevailing economic climate.

But Trematon chairman Monty Kaplan cautions that future growth at CML is heavily dependent on the state of the property market on the West Coast.

Kaplan says the West Coast remains subdued, but adds that the land available for development and sale is well located and should generate good returns.

CML is the biggest single investment made by Trematon during the period and is expected to yield good long-term returns once the property market recovers,” he says.

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