World’s leading financial institution finances property firm

chika ebuzor

June 19, 2015 4:01 PM

This is a key win for Standard Bank in the KwaZulu-Natal and Durban market.

Standard Bank Group.

The debt facility which is worth R1 billion approximately $80 million will help Shree Property Holdings refinance its loan facilities and invest in new properties.

Speaking on the latest business move between the Standard bank and Durban’s Shree Property Holdings,Vanessa Murray, Head of Real Estate Finance Wholesale at Standard Bank said “This is a key win for Standard Bank in the KwaZulu-Natal and Durban market and is testament to our long-standing relationship with Shree Property Holdings.”

Murray also said that 'This is a client that we have grown with for over a quarter century, and assisted in growing his business from an initial cold-storage and distribution operation, with a key presence in the fruit industry, into a multi-billion rand property and development business.'

Expressing satisfaction on the deal, Pran Shree, Chief Executive Officer of Shree Property Holdings said “The evolution of our partnership with Standard Bank will enable us to take our business to the next level and further enhance our footprint both locally and abroad.”

'We have already acquired land in Mauritius, USA, India, and the UK, and we are looking to leverage these properties into future growth opportunities,' he added.

Our sources say the company has deals with blue chip companies like Samsung,DHL, Unilever and Tongaat-Hulett and a host of others.

This move is in line with Standard Bank Group’s objective, which is, “To partner with clients who have outstanding business acumen in their respective fields, and who have developed strong property portfolios with good quality tenants located in strategic regional and national nodes.”

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chika ebuzor