South African property group MAS Real Estate has announced $135.36 million (€111 million) in property sales in East Sussex and Scotland.
MAS Real Estate is a leading South African property investor and operator listed on the Johannesburg Stock Exchange. The group is internally managed and majority-owned by Prime Kapital, a real estate company founded by Martin Slabbert in 2015.
The properties sold by the company include an office building in Scotland worth $110.71 million (€91 million) and a piece of land in East Sussex worth $24.3 million (€20 million), Profit.ro reported. This adds up to about $135.36 million (€111 million).
The real estate group plans to reinvest the proceeds from selling the properties in the acquisition and development of retail projects in Romania.
The move aligns with the company’s strategic investment decision to focus on its core operations, while leveraging opportunities in the Eurozone.
With most of the group’s projects in Romania, the company is now developing shopping centers and residential complexes worth almost $1.1 billion (€870 million) in Europe.
MAS Real Estate combines investment, acquisition, leasing, asset and property management in its operations. The Slabbert-led group has been making strategic investments in recent times to channel funds into Eastern Europe.
The group sold $237 million (€195 million) in properties in Germany in 2020 and $154.5 million (€126.9 million) in properties in Germany and the United Kingdom.
Slabbert is a serial investor famed for his $1.22-billion (€1 billion) investment in Romanian real estate. Aside from his leadership role in MAS following his appointment as MAS CEO in November 2019, the real estate magnate further established New Europe Property Investments with Victor Semionov in 2007.