By Lebone Rodah Mosima
The Municipal Employees Pension Fund (MEPF) has expanded its hospitality portfolio with a R350-million hotel and convention centre in Middelburg.
The Destiny Exclusive Hotel and International Convention Centre was officially opened by Mpumalanga Premier Mandla Ndlovu on Friday. It was developed by Akani Properties on behalf of the MEPF.
Akani said ahead of the opening that the investment had taken MEPF’s total hospitality exposure to about R529.6 million, adding to its existing investments in the sector.
The development comprises 150 hotel rooms and a 1,000-seat convention centre, together with a spa and wellness centre, gym, restaurant and bar.
The project highlights an investment strategy aimed at taking institutional capital into secondary and peri-urban markets rather than concentrating property assets in South Africa’s largest cities.
Ndlovu said at the opening that pension savings could play a bigger role in developing infrastructure in the communities from which fund
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