In its bid to diversify its asset base across industries and geographical locations, Zungu Investments completed its first investment into the European real estate market.
The investment holding company concluded a R350m investment directly into European real estate private equity firm, RN3, and its intended target for acquisition, the ICON prime logistics park at Manchester Airport.
“We are excited to partner with RN3 and to participate in the acquisition of the ICON prime logistics park. This investment has the potential for great value creation and growth. It is a great addition to our portfolio as we pursue global expansion,” said Sandile Zungu, Chairman of Zungu Investments.
The acquisition of the over 92,000m² ICON logistics hub has been described as the largest industrial transaction in the North of England. The property is at Manchester Airport, the busiest airport outside London.
RN3 is domiciled in Luxembourg, with offices in London, United Kingdom.