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After a series of scandals over the past few years.
By Antony Sguazzin, Bloomberg
11 May 2021 08:18
Image: Moneyweb
Senior employees at a unit of South Africaâs Public Investment Corp. have accused executives at the continentâs biggest fund manager of causing an âexistential crisisâ after a series of scandals over the past few years.
Staff at the Isibaya Fund, which oversees unlisted assets at the $136 billion PIC, submitted a list of complaints including a failure to renew a mandate with the divisionâs biggest client and allegations of general poor management, according to a nine-page letter to the companyâs investment committee seen by Bloomberg.
Staff at the PIC s Isibaya Fund have submitted a list of complaints including a failure to renew a mandate with the state-owned asset manager s largest client - the Government Employees Pension Fund
A halt to the PIC’s investments in unlisted assets would hamper its aim to play a developmental role promoting the growth of black-owned businesses
and investing in projects with a social impact.
This comes as the PIC struggles to recover from the outcome of a judicial inquiry, which last year found that it made questionable investment decisions over many years
Senior employees at a unit of the Public Investment Corporation (PIC) have accused executives at the continent’s biggest fund manager of causing an existential crisis after a series of scandals over the past few years.
The Deloitte building in Midrand. Photo: Atterbury
The Public Investment Corporation (PIC), on behalf of the Government Employees Pension Fund (GEPF), has taken over the office building that houses Deloitte in Waterfall in Midrand, Gauteng.
It is paying R1.7 billion as part of the deal, which includes 100% of the leasehold rights, the office building and letting enterprise with Deloitte as the anchor tenant.
An aerial view of the Deloitte building in Midrand. Photo: Atterbury
The building is currently owned by property companies Attacq and Atterbury, which each – via subsidiaries – has an equal 50% stake.
It which was completed last year, comprises 42 500m² and has office space for 5 000 people The premises consist of a ground floor with six stories of offices and four basement parking levels including nearly 2 000 parking bays.
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Public Investment Corporation Buys New Deloitte Building in Gauteng
Posted on 05/07/2021
South Africa’s Public Investment Corporation (PIC) acquired an office building in Waterfall City in Midrand, Gauteng. The asset was acquired on behalf of the Government Employees Pension Fund (GEPF). The building’s anchor tenant is Deloitte and it was completed in 2020. The building is 42,500 square meters and is right on the Allandale interchange of the N1 highway. The Gauteng office premises consist of a ground floor with six stories of offices and four basement parking levels including nearly 2,000 parking bays.
PIC is paying 1.7 billion ZAR for the building. The sellers are property companies JSE-listed real estate capital growth fund Attacq Limited (Waterfall Investment Company) and Atterbury Property (Dale Creek Investments), which each owned a 50% stake in the building via subsidiaries.