RMI

RMI sources deals exclusively through its majority-owned subsidiary RMH Property Holdings. The firm acquires significant equity stakes in unlisted property development companies, partnering with specialist development teams on a deal-by-deal basis. The investment model emphasizes a hands-on value-add approach, where RMH Property works alongside operating partners from early-stage development through to project completion.

RMI does not pay regular ordinary dividends. Instead, the firm accumulates proceeds from asset sales over each reporting period and, after meeting governance requirements, declares special dividends from the accumulated proceeds. This monetisation-and-return approach — formalized as of March 2026 — means shareholders receive capital only when underlying property assets are successfully exited.

Remgro, controlled by the Rupert family, is a major shareholder and long-term strategic partner of RMI, creating a close alignment between two of South Africa's most prominent investment families. The FirstRand connection runs even deeper — RMI was historically the holding company for the founders' stake in FirstRand (the parent of RMB and FNB), and the FirstRand Foundation represents the group's philanthropic legacy.

RMI's confirmed property assets span major commercial and mixed-use developments, including the Mall of Africa in Midrand, Grove Mall in Windhoek (Namibia), the Atterbury Property Holdings platform, and the Newtown Precinct and Castle Gate mixed-use developments in the Johannesburg-Pretoria corridor. The portfolio is concentrated in high-quality retail and mixed-use properties rather than scattered across residential or industrial segments.