VENTURES: Buy-In At Building Supplies Group
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In a strategic investment move, Metropolitan and Molash have jointly acquired a significant minority stake in building supplies company Duro Pressings – which has operations in the Western Cape, where it plays a key supplier role in the economic and affordable housing development sector.
Established 54 years ago, Duro Pressings is one of South Africa’s biggest and longest-standing manufacturers and distributors of steel and aluminium windows, doorframes and allied building products.
“As a major South African institution, we have been actively seeking direct investment exposure to low-cost housing and we have partnered with Molash to achieve that goal by way of a combined holding in Duro,” says Metropolitan Asset Managers portfolio manager Godfrey Albertyn.
“The stake will be held in Metropolitan’s African Wealth Creator fund, which has a socially responsible mandate.
“We strongly believe that having a positive impact on the broader community does not have to be at the expense of investment returns – and the investment into Duro has the potential to deliver on both of these objectives,” says Albertyn.
“A key motivation behind the buy into Duro is Molash’s and Metropolitan’s firm belief that the current government will apply greater emphasis, and far higher priority, on the provision of economic and affordable housing than prior administrations,” says Eldon Beinart who, with David Pimstein and Shaun Laffer, founded Molash four years ago.
“There is a pent-up backlog on this vital area of service delivery – not only in the Western Cape - which must clearly be caught up with, and overtaken, in any accelerated programme of expenditure on this front.
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