Insignia expands into Southern Africa

Real Estate Weekly, Nov 6, 2002

Insignia Financial Group, Inc. announced its expansion into Southern Africa, following an agreement with Broil Property Group. The agreement will enable Insignia to extend its representation throughout South and Sub-Saharan Africa, including the Indian Ocean Islands of Madagascar, Seychelles, Mauritius and Comores.

Established in Cape Town in 1974, Broll is South Africa's largest and most profitable real estate services provider, with offices in Durban, Johannesburg, Port Elizabeth and Pretoria, ensuring full national coverage.

Broil is jointly-owned by Mvelaphanda Strategic Investments -- one of South Africa's foremost black empowerment companies, its employees and Nedcor, a leading South African bank.

It is a multi-disciplinary group with experience in property management, brokerage, property services and consulting to the retail, industrial and office markets.

With a population of 45 million, South Africa is Africa's powerhouse, generating 30% of the continent's GDP. As the world's 14th largest trading nation, it has an influence well beyond its borders.

Alan Froggatt, chief executive of Insignia in Europe, said: "This is an excellent opportunity to secure a relationship with the No. 1 property services firm in South Africa.

Not only will this increase our ability to service multi-national corporates, but in addition we anticipate significant flows of investment monies into international markets."

According to Broll executive chairman, Jonathan Broll, "By establishing ties with arguably the best property advisor in the world, we will provide new opportunities for our shareholders, our staff and most importantly our clients."

He said: "In addition to the obvious networking opportunities the new relationship brings, Insignia has set the benchmark for industry best-practice.

They are market leaders in the United States, the United Kingdom, Europe and the Far East and their accumulated know-how will enhance our own abilities."

The company will trade as 'Broil, In Association with Insignia', for the time being. Insignia Financial Group will not have an economic interest in Broil Property Group.