Rael Levitt in first property venture since Auction Alliance drama
Rael Levitt, who has not been seen in real estate since 2012 when he fought with one of the country’s wealthiest women, Wendy Appelbaum, has co-founded a new property fund called Inospace.
This is the first property venture he has been involved with since the company he headed, Auction Alliance, unravelled and was shut down in 2012 after Appelbaum, the owner and chair of De Morgenzon Wine Estate in Stellenbosch, accused him of bid rigging and using ghost-bidding tactics at an auction for Quoin Rock Winery and Manor Estate.
Levitt was not available for interviews on Wednesday.
The new company, which was co-founded by Levitt and former Investec banker Nicholas van Eeden in March 2017, is trying to compete with office-owning real estate investment trusts, its management says.
Inospace converts buildings often located outside of Johannesburg and Cape Town’s premier business nodes, into flexible office business parks, designed to appeal to small and medium-enterprises. Its parks also include studios, storage and traditional warehouse space.