The deal sees Symmetry Capital Partners acquire 30% equity of Galetti Corporate Real Estate in a rebrand which seeks to better align the company with the South African market.
The significant investment by Symmetry Capital into the real estate services sector sees the company looking to capitalise on Galetti’s position in the market, as well as its IP and proprietary real estate software which it has built since being founded in 2006.
John Jack was appointed Galetti’s new CEO in June 2018. Jack, who has been with the company since 2010 when he joined as Gauteng director tasked with securing a foothold in the province, replaced Tony Galetti and Francois Staples, who remain on the Galetti board as non-executive directors.
Jack said one of the key elements in bringing the deal to fruition was to once again trade under the Galetti name, and that the deal will further align the company with the property charter and allow for targeted growth in the corporate real estate services sector.
The residential and valuations businesses in South Africa will continue as Knight Frank, headed by CEO Richard Hardie.