Michael Bromley is a director in our Corporate and Commercial practice. Michael has practised as an admitted attorney for 27 years and for the last 15 years has practised commercial law specialising in mergers and aquisition property transactions and construction, particularly in the property transactions and hospitality and leisure sectors. Michael is the Hospitality and Leisure Sector Head and specialises in law relating to the development and construction of substantial capital intensive facilities, such as convention centres, casinos and hotels which includes advising on and drafting agreements relating to the corporate structuring (consisting of inter alia choice and establishment of special purpose vehicles, shareholder relationships and financing) of the developer, land tenure issues, and structuring relationships with stakeholders during the development (tender and construction) and operational phases (leases, license agreements, franchise and management agreements). Michael is a non-executive director of Cape Consumers, a buying co-operative, and of the property owning and operating companies of the Winchester Estate Group, incorporating the Winchester Mansions Hotel (Sea Point), residential and retail properties. Michael began his career as a candidate attorney at Prisman Wilson Choritz and Goldberg in 1987 and became a partner in 1993. In 1996, he joined Herbsteins as a director and remained a director of Hofmeyr Herbsteins and Gihwala, pursuant to a merger a year later. Michael became a director of Cliffe Dekker Hofmeyr pursuant to a merger in 2008, where he became the Hospitality and Leisure Sector Head for Africa. Michael joined STBB in April 2017, where he continues to practice as a property transaction advisor specialising in hospitality.

Thought of the Week | Offshore Property and South African REITs

The South African listed property sector has exposure in more than 25 countries. 45% of the FTSE/JSE SAPY Index earnings come from outside South Africa and over 50% of listed property in SA is exposed to offshore markets.

To date, no SA real estate investment trust (REIT) has achieved true global exposure i.e.: being invested in all the major global markets in the world. Some REITs do, however, have large representative businesses in specific markets, for example, NEPI Rockcastle is the largest real estate firm in Central and Eastern Europe (CEE) and Growthpoint Properties Australia is the 11th largest REIT on the ASX.

Our REIT sector had a poor showing in terms of overall performance in the first quarter of 2018. According SBG Securities, global monetary policy shifts in developed markets sparked a broad sell-off in emerging markets.

For more information on the above, please contact STBB.

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