So get this nugget of new info: At the end of November, Steinhoff bought a high-end luxury apartment block from Investec director Bernard Kantor.
Yes, the same Steinhoff that, days later, caused Christo Wiese to lose a lot of money in one day after it was revealed that then-CEO Markus Jooste had been manipulating the company’s financial statements.
According to information sourced from Windeed, the elven on which the apartment block was built was bought by a company called “Greggaleighk” (Pty) Limited for R39 million in 2008. In 2014, the land was bonded by Investec Bank for an amount of R105 million. The sectional scheme was registered on December 9 2016.
In 2009, the managing director of Investec, Bernard Kantor, became the sole director of Greggaleighk, and he remains a director to this day, according to Windeed. In August and September last year, the company added Steinhoff Secretarial Services as its company secretary and changed its financial year-end to end September, in line with Steinhoff’s own financial year-end. It also added new directors to its board, including the managing director of Steinhoff Properties.
At the end of November, mere days before the resignation of Markus Jooste as CEO of Steinhoff, the company changed its name to EastWest Real Estate Investments. In response to Moneyweb questions, Steinhoff admitted that it had acquired a controlling stake in the company late last year but would not disclose the amount invested.
Still wondering where 51 Beach Road is? Check:
The block, the bottom of which is where Lily’s Restaurant is situated, comprises of six levels above ground floor, with each apartment occupying an entire floor:
Each apartment (with the exception of the penthouse unit) has different finishes and enjoys floor sizes of about 340 square metres with “wrap-around beautiful panoramic views of the ocean” according to the estate agent Moneyweb spoke to.
However, the fifth and sixth floor comprise of one duplex penthouse apartment that features its own wine cellar and pool.
Apparently, only the fourth floor has been sold at this point, and prices for each of the five units available for sale, first listed in February this year, start at R35 million for the apartment on the first floor and work their way up:
The 678 square metre penthouse apartment is listed for sale on both the Seeff and Pam Golding websites for R88 million and looks simply incredible.
According to the description on the Private Property website: “The apartment oozes luxury and the finishes are of the utmost quality.”
But let’s get back to the whole Steinhoff-acquisition side of things.
You see, although the company is known for dipping their squishy fingers in all kinds of pie, never once did they announce their move into residential development and sales. Which, of course, is where the smell of fish becomes stronger.
You see, it’s no secret that Jooste and Kantor go back a long way:
Through their shared love of horse racing, Kantor and Jooste became co-owners and directors of Klawervlei Stud Farm and Cape Thoroughbred Sales, assets Jooste owned through his investment vehicle, Mayfair Speculators.
In addition, both Jooste and Kantor served as directors of Phumelela Gaming and Leisure, the listed horse racing and gaming company that stages and broadcasts most of the country’s horse races.
There’s even photographic evidence of Kantor (centre) and Jooste (right):
Horsey poeple, hey? But there’s more:
Investec lent Mayfair Speculators as much as R250 million according to court documents filed last year. In addition, Markus Jooste was invited to join the board of Investec Equity Partners (IEP) in 2017 as chairman by chief executive Andy Leith. The board of IEP includes a roster of Investec’s most senior executives: CEO Stephen Koseff, finance director Glynn Burger, Leith, and Bernard Kantor.
So was this a mere agreement between friends? That’s what Moneyweb’s asking, and we would like to know the answer, too.
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