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South Africa's PSG Group invests $50 mln in local property business Amdec
September 19, 2017 / 8:13 AM / in a month

South Africa's PSG Group invests $50 mln in local property business Amdec

CAPE TOWN, Sept 19 (Reuters) - South Africa’s PSG Group spent 675 million rand ($50.77 million) for a 50 percent stake in Evergreen Lifestyle, part of local property business Amdec, as it eyes expansion into the lucrative retirement property sector, the companies said on Tuesday.

“Our investment mandate is to invest in and work with businesses that show high growth potential,” said Nico de Waal, chief executive of PSG Alpha, a unit of PSG Group.

$1 = 13.2960 rand Reporting by Wendell Roelf; editing by Jason Neely

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