Thursday, 2 October 2008

Giant property entrepreneurs sign South African deal

That is the title of a report in PropertyWire describing how Donald Trump Jnr and Devland have partnered to invest in the current soft South African property market. "They are looking at developing residential and hotel projects worth millions of dollars in the next three years. It is expected to cover some 300,000 square metres but further details have not yet been released." Neill Bernstein (Devland) is quoted as saying that "the deal would bring a much needed flow of intellectual capital into the country's property market." According to this article the deal is worth R5 billion (over 500 hundred million dollars), a figure 100 times larger than the brand licensing fee Trump was paid for the use of his name on the Daewoo Trump World based in Korea, according to Wikipedia.

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