Delta shareholders approve new asset management group

Black-managed property fund Delta Property Fund said on Wednesday it had received shareholder approval to appoint a new asset management company.

Named Delta Property Asset Management, the new asset management company would be wholly-owned by a trust to be established for the benefit of its black employees.

"It was very important to the board that the new asset manager retains the corporate memory required to manage Delta's growing asset portfolio, and to provide job certainty for staff," said Nooraya Khan, lead independent non-executive director of Delta.

"We are very encouraged by our shareholders' overwhelming support of this unique structure that supports our vision of being a leader as far as empowerment and transformation in the property industry is concerned," Khan said.

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