South Africa Plans Firm for $8.4 Billion of State Property
This article is for subscribers only.
South Africa’s Public Works Minister Dean Macpherson said he plans to create a state-owned company that will manage the government’s real estate portfolio and entice private investment into infrastructure projects.
The state is the country’s biggest real estate owner with about 88,000 buildings and 5 million hectares (12.4 million acres) of land that together are estimated to be worth 155 billion rand ($8.4 billion). Macpherson’s department will also blacklist companies that don’t honor commitments.