Afrirent Holdings acquires Flyt Property’s WINK Aparthotels

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Looking to broaden their hospitality offering into South Africa, WINK Aparthotels, part of Flyt Property Investment group, a property development and investment team, has been acquired by Afrirent Holdings (Pty) Ltd a Level-1BEE 100% black, female- owned company, via its subsidiary  Indalo Hotels and Leisure, effective 1 May 2021.

“The primary driver for the acquisition is to see growth beyond Cape Town for the WINK brand and to become a major player in the serviced apartments and long-stay markets,” explains WINK General Manager Lauren Barnard.    WINK’s focus on international trends specific to the modern traveller ensures that its aparthotel offering ticks all the boxes in terms of innovation, functionality and accessibility, offering short- and long-term accommodation solutions catering to domestic and international business and leisure travellers, digital nomads and migrant workers.

WINK Aparthotels currently operates two locations: WINK Foreshore and WINK Eaton Square in Dieprivier, with an additional two new properties in the pipeline.  The recently launched WINK Cafe eateries will also provide an excellent add-on to their offering.

CEO of investment house Afrirent Holdings Senzo Tsabedze says that besides being a perfect fit for the Group’s business model, the main aim is to elevate the WINK Aparthotel brand and roll out its offering throughout South Africa.    The company structure and management will largely remain the same, falling under the leadership of Barnard and her team, working closely with hospitality industry veteran Andrew Rogers, CEO at Indalo.

Commenting on the sale, Zane de Decker, MD of Flyt Property Investment, states that the launch of WINK in 2019 with a view to providing a modern, new hospitality offering to the industry to operate and manage properties in the group’s highly successful 12J property investment portfolio, despite Covid restrictions and enormous pressure on the hotel sector, has seen WINK grow into a successful hospitality management company.  “The sale of the business to Afrirent via Indalo, whose focus is on high-end international and domestic tourism and travel, is a solid decision that will benefit both WINK and its shareholders and see the brand flourish even more,” he comments.

WINK Aparthotels will continue to operate and manage all future properties in the Flyt Property Investment portfolio in Cape Town.

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WHAT IS SECTION 12

Section 12J of the Income Tax Act – the most efficient tax saving tool, provided by SARS and government that allows you to hold on to your tax cash while investing it wisely.

The section specifically aims to help the growth of small and medium sized businesses by increasing their access to equity finance. To attract investors into this typically under-funded sector, which is imperative for driving economic growth, SARS has written Section 12J into the Tax Act, which offers taxpayers a 100% tax deduction in the year of investment if they invest in SMMEs by way of subscription of shares in a Section 12J Venture Capital Company.

Flyt’s Section 12J compliant property developments give investors the full 12J tax deduction, allowing them to put this saving/refund towards their property purchase. This means that SARS will effectively fund up to 45% of the purchase price of the property.

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