Investec Property Fund (IPF) announced its intention today to rebrand as ‘Burstone’.
In a recent announcement, the company said the name change is subject to approval by shareholders at a general meeting set to be held at the end of August.
This news follows the successful internalisation of the fund’s asset management functions across South Africa and Europe which Investec Limited previously undertook.
Shareholders approved the internalisation in May, and approval from the Competition Commission was granted in June. Investec retains a 24% stake in the business.
“The new name reflects our vision to be a dynamic and agile fully integrated international real estate business with a strong heritage that has the unique ability to identify potential and unlock value for our shareholders and partners,” said CEO Andrew Wooler.
“The proposed name, Burstone, is an inspiring story of transformation. It’s about seeing the potential that lies within something and then transforming it into something of real value.”
IPF has around R35 billion in gross asset values (GAV) under management and approximately R5 billion in third-party capital under management across South Africa, Europe and Australia.
The fund was listed on the Johannesburg Stock Exchange in 2011 and has operated in local and international property markets for 40 years.
“We have had a long and proud heritage under the Investec brand name. It is time now for us to build on that foundation and deliver on our strategic plans following the internalisation of our asset management functions,” said Wooler.
“I believe this name change reflects the company we plan to become – an internationally focused real estate business which, through its dedicated partnership approach, has the ability to identify potential, deliver attractive returns for our investors, generate value for all stakeholders, and pursue sustainable outcomes for the communities in which we invest.”