RMB Holdings has taken its first step into the property market after agreeing to buy 25 percent of Atterbury Property Holdings Ltd.
Bloomberg reports that RMB will provide capital and "long-term focus to expand Atterbury and assist in executing on its development pipeline and broader growth ambitions."
The value of the transaction was not disclosed, Bloomberg said.
The Atterbury acquisition represents the first major deal by RMB since it spun off its insurance arm into Rand Merchant Investments Holdings Ltd. in 2011.
Atterbury developed the the Mall of Africa, which was opened in Midrand last week. The mall, which is 20 percent owned by Atterbury, is the largest first-phase retail development in southern Africa.
RMB holds the biggest stake, 34%, in South Africa's large bank by market value, FirstRand Ltd.