Bloomberg News

Resilient to Shift Development to Nigeria, Business Day Says

June 08, 2012

Resilient Property Income Fund Ltd. (RES) will stop developing shopping centers in South Africa and will focus instead on projects in Nigeria, Business Day reported, citing Chief Executive Officer Des de Beer.

Bureaucracy and red tape have affected profitability as development of shopping centers in South Africa takes six years, compared with two years in Europe, the Johannesburg-based newspaper cited De Beer as saying.

Redefine Properties Ltd. (RDF) Chief Executive Officer Marc Wainer said his company would look to Australia and Germany for developments rather than Africa, Business Day said.

To contact the reporters on this story: Stephen Gunnion in Johannesburg at sgunnion@bloomberg.net.

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net


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