This week in Tabloid Tuesday, a snapshot of some of weird and not-so-wonderful property news: an astonishing deal that cost Old Mutual’s shareholders and customers a mountain of money - and well-heeled black people told they’re unwelcome tenants in India. Plus, a solution for desperate landlords.
My ego’s bigger than your ego. In these times of tough profits, you’d think the professional property investors would be getting things right. Not so, at Old Mutual - listed on a number of stock exchanges, including Johannesburg’s.
The saying goes that no-one looks after your own money like you do. Old Mutual, it seems, forgot that the money it has to play with is not its own when it refused to sell Johannesburg’s Nedbank Gardens to the highest bidder, Hyprop, because of real estate industry politics. Instead, it sold the property to another party for less - and that company in turn offloaded 70% ownership of the building to Hyprop, making money in the deal.
More : realestateweb.co.za
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