Billionaire mining magnate Patrice Motsepe has made his first venture into the property sector by buying a 20% stake in Val de Vie Investments.
Val de Vie Investments, managed by swimming star turned businessman Ryk Neethling, is the development company responsible for expanding high-end residential estates in the Western Cape.
In addition to owning Val de Vie Estate, Neethling explains that Val de Vie Investments has acquired Pearl Valley Golf & Country Estate, and at least 600 hectares around Val de Vie and Paarl.
Neethling says that the value of Motsepe's 20% stake is in the range of R150 to R200 million.
It's great to get some cash in and be able to invest back into the land... It's really nice to see someone like Patrice Motsepe [recognise] the Western Cape property market.— Ryk Neethling, Marketing Director at Val de Vie Estate
Listen to the full conversation from CapeTalk's Breakfast with Kieno Kammies: