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04Jun

Delta moves from stabilisation to sustainability

• Net profit improved by 221.9% to R127.0 million, from a loss of R104.2 million in FY25
• Revenue increased by 0.9% to R1.15 billion
• SA REIT funds from operations per share increased by 14.6% to 17.3 cents
• Average rental collections improved to 99.8%, from 95.1% in FY25
• Overall portfolio vacancy improved to 27.3%, from 31.9% in FY25
• Covenant loan-to-value ratio improved to 56.7%, from 59.5% in FY25
• Interest cover ratio improved to 1.5 times, from 1.4 times in FY25
• Total interest-bearing debt reduced to R3.6 billion, from R3.9 billion

Delta Property Fund, the JSE’s only Level 1 B-BBEE sovereign-underpinned REIT, today published its audited annual results for the year ended 28 February 2026, reporting a return to profitability and further progress in executing its turnaround strategy.

CEO, Ms Bongi Masinga, said the results reflected a year of disciplined execution across the Group’s core strategic priorities. “FY26 was a year of meaningful operational and financial progress for Delta. We returned to profitability, reduced debt, improved our vacancy position, strengthened rental collections and continued to execute on our non-core disposal programme. The office market remains highly competitive, particularly for B- and C-grade space. However, the progress achieved during the year shows that Delta’s turnaround strategy is gaining traction and that management is focused on the areas that matter most: covenant improvement, leasing, collections, cost control and disposals.”

Strong recovery in profitability

Delta reported net profit of R127.0 million for the year, compared with a loss of R104.2 million in FY25. The improvement was supported by stable revenue, lower administration expenses, reduced finance costs and a positive swing in fair value movements.

Rental income increased by 0.9% to R1.15 billion from R1.14 billion in FY25, despite the impact of strategic property disposals, vacancies and rental reversions. Administration expenses decreased by 7.7% to R93.9 million, reflecting the benefit of cost-saving initiatives and the Group’s continued focus on operating as a leaner business.

The Group recorded a fair value gain of R5.1 million, compared with a fair value loss of R222.5 million in FY25. This positive movement was supported by portfolio optimisation, asset management initiatives and the disposal of weaker non-core assets.

Finance costs reduced materially

Finance costs decreased to R412.4 million from R463.0 million, supported by lower debt levels, the application of disposal proceeds to borrowings and the benefit of lower average interest rates during the financial year.

Total interest-bearing debt reduced to R3.6 billion from R3.9 billion. Capital repayments for the year amounted to R291.3 million, funded by R170.1 million from property disposal proceeds, R18.1 million from the disposal of the Group’s Grit shareholding and R103.1 million from amortisation payments.

Group CFO, Mr Fikile Mhlontlo, said Delta’s funding strategy remained focused on improving resilience and reducing refinancing risk.

“We continued to work closely with our lenders during the year to renew facilities, extend maturities and improve the Group’s debt profile. Total debt reduced by R291.3 million, finance costs declined and our key credit metrics improved, with covenant LTV reducing to 56.7% and ICR improving to 1.5 times. These metrics remain outside our target covenant levels, and we are not complacent. The priority remains clear: reduce debt, improve liquidity, continue disposing of non-core assets and restore the balance sheet to a more sustainable position.”

During the year, Delta renewed maturing debt facilities with key funders. The Nedbank facility was extended to 7 April 2027, three Investec facilities were consolidated into a single facility and renewed to 7 March 2027, while Standard Bank renewed facilities into two tranches maturing in May 2028 and November 2028. The Group also increased its revolving credit facility from R64.3 million to R82.0 million, of which R56.5 million was drawn at year-end.

Capital recycling and disposals continue

Delta continued to dispose of non-core and largely vacant properties as part of its portfolio optimisation strategy. During the reporting period, 16 properties with a combined fair value of R336.1 million and GLA of 112 110m² were sold for gross consideration of R318 million.

Delta also disposed of its entire holding of 14 869 210 shares in Grit Real Estate Income Group in November 2025. The shares were sold at 5.45 pence per share, with proceeds applied to debt reduction.

Masinga said the disposal programme remained central to the Group’s medium-term recovery. “The properties being sold are generally non-core, high-vacancy assets that place pressure on costs, income quality and capital allocation. Exiting these assets allows Delta to sharpen the portfolio, reduce income drag and focus management’s attention on the core portfolio.”

Vacancies improve, but leasing remains a key priority

Overall portfolio vacancy improved to 27.3% from 31.9% in FY25. The improvement was primarily driven by the disposal of non-core properties , as well as the conclusion of new lease agreements.

Core portfolio vacancy, excluding non-current assets held for sale, increased to 16.6% from 15.2% in FY25. Delta said reducing core vacancy remains a key management priority.

During the year, leases covering 139 666m² were renewed at a weighted average lease term of 1.3 years. The Group also concluded new leases covering 20 881m². WALE decreased to 12.9 months from 14.7 months, mainly as a result of most sovereign lease renewals being concluded for 12-month periods.

Masinga said longer-term lease renewals remained critical to improving the quality and predictability of income. “Delta’s sovereign tenant base remains a key strength, but the short-dated nature of several renewals continues to weigh on WALE. Our leasing focus is therefore on retaining existing tenants and converting short-term occupancy into longer-term lease commitments wherever possible whilst diversifying the tenant mix.”

Collections strengthen

Rental collections improved to 99.8% of billings from 95.1% in FY25, reflecting stronger collection performance and focused arrears management.

Trade and other receivables amounted to R160.5 million at year-end, compared with R155.4 million in FY25. A total provision for bad debts of R39.7 million was recognised at year-end, representing approximately 26% of trade receivables.

Looking ahead

Delta said the South African listed property sector continues to show gradual signs of recovery, supported by improved electricity supply, stabilising inflation and renewed investor engagement across the sector.

The South African Reserve Bank’s decision this week to increase interest rates by 25 basis points reinforces the likelihood of a cautious interest-rate environment. Higher funding costs, together with geopolitical uncertainty, elevated fuel price risk, municipal cost inflation and constrained economic growth, are expected to remain key pressure points for the sector.

Masinga concluded by saying. “The latest interest-rate increase is a reminder that the recovery path for highly geared property companies remains demanding. For Delta, that makes disciplined execution even more important. Our priorities are clear: reduce debt, improve covenant metrics, conclude non-core disposals, protect cash flows, renew leases and reduce vacancies. We are building a leaner and more focused business, with a portfolio increasingly centered on assets that support sustainable income.“

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Chief Executive Officer – Growthpoint Properties SA

Estienne de Klerk

Chairman – SA REIT Association

Estienne de Klerk is a qualified Chartered Accountant with 25 years’ experience in the listed property sector. During the 25 years, he has been involved in various corporate action such as take-overs, mergers and acquisitions, transformation deals and capital raises. De Klerk started his career at Eskom Durban Distribution in a marketing role. In 2002, he joined the Investec Property Group’s property fund management business where he was appointed Fund Manager and Executive Director of Metboard. Later on, he became Executive Director and Group Managing Director of Growthpoint before being appointed Chief Executive Officer (SA). Estienne is Chairman of the SA REIT Association and a longstanding member where he served as Chairman of the Taxation and Regulatory Committee since SAREIT’s inception. He is a former President of the South African Property Owners Association (SAPOA) and represented the industry in the Property Sector Charter negotiations.

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Joanne Solomon

Chief Executive Officer – SA REIT Association

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Raj Nana completed his bachelor’s degree in Accounting at the University of Witwatersrand and served his articles with the FirstRand group. During his career in investment banking, Raj was employed at RMB and Barclays Africa Group Limited where he worked in the sectors of property finance, corporate debt and acquisition and leveraged finance. Prior to joining Attacq in April 2014, Raj was a leveraged finance transactor. Raj joined Attacq’s Executive Committee on the 1st April 2016 and was appointed as the Attacq Group, Chief Financial Officer, in June 2018.

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Romy Maree

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Romy Maree is a Chartered Accountant with 10 years of experience in the finance field and currently holds the post of Finance Executive at Dipula Property Fund, a real estate investment trust (REIT) listed on the Johannesburg Securities Exchange (JSE).

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Chief Financial Officer at Equites Property Fund

Lalia Razack

Laila Razack has a BSc (Finance and Accounting) and PGDA, and is a qualified chartered accountant. She joined Equites in 2015 and has played an integral role in improving internal processes within the group as well as growing the scale and sophistication of the overall finance function. Prior to joining Equites, she worked in PricewaterhouseCoopers Inc.’s Advisory division with a focus on mergers & acquisitions. She has a keen interest for environmental, social and sustainable initiatives and serves as a director of The Michel Lanfranchi Foundation (NPC).

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Gerald Völkel

Chairperson of the Regulation & Taxation Committee - SA REIT

Gerald Völkel is a Chartered Accountant with over 25 years’ experience. Prior to being appointed Financial Director and Executive Director of Growthpoint Properties in 2013, he spent 12 years at JD Group Limited where he worked as Group Financial Director and later as Chief Financial Officer.

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Chief Legal Officer – Redefine Properties

Tracey-Ann Wolf

Chairperson of the Legal & Competetion Commission Committee - SA REIT

BA LLB (University of the Witwatersrand)

In July 2009, Tracey was appointed Chief Legal Officer of Redefine Properties. She specialises in property law and real estate, but in her capacity as Chief Legal Officer, she covers a very broad spectrum of legal practice is engaged with and has responsibilities and experience in the legal, operational, and strategic goals of the company. Her experience includes banking and corporate finance, transformation, empowerment and enterprise development initiatives, black economic empowerment, general commercial law, local and international property transactions, M&A, Competition Commission legislation, regulatory law, labour law, and business crime/investigation.

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Managing Director – Southern African division of Vukile Property Fund

Itumeleng Mothibeli

Chairperson of the Research Committee

Itumeleng Mothibeli is the Managing Director for the Southern African division of Vukile Property Fund, a real estate investment trust (REIT) listed on the Johannesburg Securities Exchange. He oversees a substantial property portfolio valued at around R16 billion. His role includes setting the strategic direction, leading a team of 13 senior managers, and handling operations that generate over R1 billion in net property income annually. His operational focus includes property redevelopment, reducing vacant space, and aggressive financial management. Itu’s journey with Vukile began in 2012 when he was hired as an Asset Manager. He was promoted in 2017 to oversee the asset management department and then took on the leadership of the entire Southern African business in 2019. The swift progression speaks to his proficiency in real estate investment and management.

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Head of Group Finance and Chief Financial Officer at Growthpoint Properties Limited

Dawie Swarts

Dawie Swarts serves as the Head of Group Finance at Growthpoint Properties Limited and holds the position of Chief Financial Officer for Growthpoint Investment Partners, the funds management arm of Growthpoint. He has been instrumental in enhancing the capabilities of the group finance team to handle more intricate structures and played a crucial role in steering Growthpoint Investment Partners to its current assets under management of R17.9 billion, focusing on deal structuring, finance, and tax aspects.

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Chairman of the Transformation Committee

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Andrew Wooler

Chairperson of the Investor Committee

B Bus Sci (Finance Hons), FCA (ICAEW), PLD (Harvard Business School)

Having joined the Investec Property Fund’s (now Burstone) executive management team in August 2012, Andrew has been instrumental in growing the Fund from R2bn of local assets into an integrated international real estate business with currently c.R35bn GAV under management and c.R5bn third-party capital under management across South Africa, Europe and Australia. Andrew successfully led the process of internalising the Fund’s asset management functions in South Africa and Europe, culminating in rebranding the Investec Property Fund to the Burstone Group in October 2023. Andrew fulfilled the role of Chief Financial Officer from August 2015 until 1 December 2018, when he became Chief Executive Officer of the Fund. This position is a culmination of Andrew’s commercial, corporate finance and property industry experience, leveraging his skill as a chartered accountant for the benefit of the Fund through all aspects of M&A opportunities, corporate activity, financial structuring and asset positioning to ensure consistent business growth, efficient capital recycling and industry-leading returns.

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Chief Financial Officer at Hyprop Investments

Brett Till

Brett Till is a chartered accountant with extensive experience in corporate finance, due diligence work, financial management and reporting, corporate governance, company and commercial law and taxation and exchange control compliance.

He started his career at Fisher Hoffman Stride in Johannesburg, before joining Rebhold Limited in 1998 as a Financial Executive. He was then appointed as the Group Chief Financial Officer in 1999, a position he held until 2007. Brett joined Mentor Africa Limited, a private investment company, in 2007, as the Chief Financial Officer, where he had various financial and corporate finance responsibilities.

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Chief Executive Officer – Emira Property Fund

Geoff Jennett

Chairperson of the Conference Committee

Geoff Jennett qualified as a Chartered Accountant and had over 20 years of experience in the financial markets before joining the property industry full-time. His career spans a progression of senior and leadership roles with performance-driven companies. Geoff joined Emira in November 2014 becoming Chief Executive Officer and Executive Director in September 2015.

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Head of Corporate Affairs and Investor Relations – Redefine Properties

Lesley Baerveldt

BCom (Hons) Accounting (University of Johannesburg)
Lesley joined Redefine Properties in 2010, was promoted to head of finance in 2015 and became head of corporate finance and investor relations in 2019. She plays a pivotal role in identifying and pursuing value-add opportunities to enhance the sustainable financial performance of the company. She also serves as a member of the Management Committee and a standing invitee to the Executive Committee meetings.

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Chief Financial Officer – Resilient REIT

Monica Muller

Monica Muller completed her articles at Deloitte where after she qualified as a chartered accountant. While working at Deloitte, she was then appointed Manager in the audit division in 2010 and was later promoted to Senior Manager in 2012. She joined Resilient in October 2013 as a Financial Manager and was appointed as the CFO in March 2020.

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Chief Finance Officer and Financial Director at Fortress REIT

Ian Vorster

Ian Vorster completed articles at PKF Johannesburg Inc and qualified as a chartered accountant in 2006. In 2007 he joined the PKF Corporate Division, where he was appointed a partner in 2009. Following the PKF and Grant Thornton Johannesburg merger in 2015 Ian was appointed the Head of the Grant Thornton Corporate Finance Division.

Vorster has extensive experience in due diligence investigations, valuations, fairness opinions – in terms of the Companies Act and the JSE – and Reporting Accountants’ work in respect of companies listed on the JSE.

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Chief Financial Officer – Vukile Property Fund

Laurence Cohen

Laurence obtained his bachelor’s degree in Business from the University of Witwatersrand in 1993 and his bachelor’s in Accounting in 1995 from UNISA. He has more than sixteen years’ experience in listed property asset management in South Africa, having previously served as CFO of retail-focused REIT Hyprop Investments from 2003 to 2018. Cohen joined Vukile in March 2019 and was appointed to the board as CFO in July 2019.

Laurence has extensive experience in various aspects of property asset management, including REIT regulation, IFRS and JSE reporting, deal structuring, debt and treasury management and investor relations. He was instrumental in the publication of the first BPR and previously chaired the Accounting and JSE Committee and served on its Executive Committee.

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Group Financial Manager – Attacq Ltd

Henry Kuhn

Henry Kuhn is a qualified chartered accountant who after being involved in a number of property company audits during his articles pursued his passion for property in joining the Atterbury Property Group. Since then, he joined the Attacq Limited group assisting the company with the listing in 2013 as well as conversion to a REIT in 2018. He is currently performing the role of Group Financial Manager for the Attacq Group.

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Chief Financial Officer - Burstone Group

Jenna Sprenger

Jenna joined the Fund in August 2014 and became an integral part of the management team in supporting the growth of the business. Jenna has well rounded experience in the business being responsible for Finance, Reporting, and Balance Sheet, and acts as a strategic partner in all decision making. She also assisted in driving the Fund’s Environmental Social Governance (ESG) strategy. She fulfilled the role of Chief Financial Officer (CFO) from 1 December 2018 to 30 November 2020, at which time she stepped down from the role to spend more time with her young family.  On 1 July 2022, Jenna assumed the role of interim CFO and was appointed permanently in the role on 20 January 2023. Jenna has extensive experience in managing the balance sheet and treasury function across both South African and European businesses. Prior to joining the Fund, Jenna was the Financial Manager at Annuity Properties Limited, which she joined shortly after it listed until its sale to Redefine Properties. Post-graduation, Jenna completed her accounting articles and gained experience at KPMG Johannesburg and KPMG New York.

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Partner – Fasken

Conor McFadden

Conor McFadden advises both domestic and international clients on direct and indirect taxation matters relating to corporate and business law, including the tax aspects of mergers and acquisitions, securities, corporate restructurings, cross border transactions, transfer pricing, thin capitalisation, employee share option schemes and State royalties on mineral resource transfers.He is regularly involved in making representations to the National Treasury on draft revenue legislation and applying for Advance Tax Rulings on behalf of clients from the Advance Tax Ruling Unit.Conor also has extensive experience in tax litigation and alternative dispute resolution and deals with the South African Revenue Service on a regular basis. He represents clients with regard to the South African Exchange Control Regulations and assists clients in obtaining exchange control approval from the Financial Surveillance Department on both inward and outward investments.
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Conor currently serves as Chairperson of the Tax Board in South Africa, Gauteng division, a five year appointment.

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Partner at Fasken

Werner de Waal

Werner De Waal is a Partner at Fasken in the Corporate & Commercial, and Real Estate practice areas.

He advises on M&A transactions, general corporate law, infrastructure projects, joint ventures, partnerships, private equity, corporate restructuring, due diligence, commercial law and real estate transactions. In addition, he acts for sponsors, funders and investors in the energy and infrastructure space.

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Partner at Fasken Banking and Finance

Pierre Swart

With a BComm (in Economics) degree and a master’s in corporate law, Pierre Swart specialises in the complete spectrum of debt and equity finance activities, including capital markets, DCM products, structured finance, regulatory work and market infrastructure-related work (such as the JSE and other exchanges).

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He also has extensive experience in debt workouts and corporate restructurings, traditional and synthetic securitisation structures, invoice discounting and debt factoring, leveraged and acquisition finance, as well as local and cross-border real estate funding, property and financial regulatory work.

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Financial Director at Vukile Property Fund Ltd

Lizelle Pottas

Lizelle Pottas has been the Financial Director at Vukile since 2018. In this role, she oversees group reporting, IFRS compliance, JSE compliance, and internal and external audits.

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Chief Operating Officer – Equites Property Fund

Riaan Gous

Riaan Gous has an LLB and was previously a director of one of the predecessor firms of Cliffe Dekker Hofmeyr Inc. where he gained extensive exposure to real estate transactions. He then spent some 10 years as an executive director of the Arabella Group and was actively involved in the development of their property portfolio.

His legal knowledge in the property sector has proven invaluable in the listing process and the many significant transaction Equites has concluded to date.

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Legal Manager – Fortress REIT

Dov Green

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Head of Legal at Growthpoint Properties

Samantha Jardine

BCom LLB, LLM (corporate law)

Samantha Jardine joined Growthpoint in 2014. She was a practising attorney and conveyancer in her earlier career and has been involved in the property industry for over 20 years. She has become a specialist in all aspects of property law, including leasing, landlord and tenant law, conveyancing, developments, and competition law.

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National Legal Executive – Hyprop Investments

Desirée Nafte

Desirée Nafte joined Hyprop in 2011, and before that, she was a practising attorney.

Nafte entered the commercial property industry in 2001 as a Legal Advisor, specialising in property law as well as landlord and tenant law.

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Head of Legal – Liberty Two Degrees

Farhana Haffejee

Farhana Haffejee is the Head of Legal at Liberty Two Degrees.

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Deputy Chairman – Oasis Crescent Property Fund

Nazeem Ebrahim

Nazeem Ebrahim has a B.Soc.Sci. and a B. Proc and in 1996 was admitted as an Attorney to the High Court of South Africa. He has been involved with the Board of Oasis Group Holdings in an advisory capacity since its inception in 1997.

Nazeem’s professional experience includes over twenty years of business and professional legal practice. He is an official member of the Industry Supervision Standing Committee of the Association of Collective Investments of South Africa. He has served on the Board of the Institute of Retirement Funds, the Association of Collective Investment Schemes, and the Investment Managers Association of South Africa. Ebrahim completed formal qualifications from the Graduate School of Business Administration of the University of Witwatersrand which qualifies him to serve as a Director on the ALT X Board of the JSE.

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Partner: Real Estate – Fasken

Johan Coetzee

Johan Coetzee is Head of the Real Estate Team and a leading Commercial Attorney in Fasken’s Johannesburg office, with recognised expertise in competition law. He also specialises in commercial property transactions and all related real estate law matters. Johan advises the REIT sector, and his experience includes advising some of the largest commercial property developments and mergers in the REIT sector in South Africa over the last few years.

With more than 30 years of extensive experience as a commercial attorney in the real estate sector, he acts for numerous clients in South Africa. His work in this area consists of all aspects of real estate work, including conveyancing and notarial work, commercial property developments, sectional title schemes, registration of leases, servitudes and mortgage and notarial bonds for lenders in renewable energy projects, property legal, due diligence investigations and clients in the mining and manufacturing industries.

Within competition law, Johan works with clients from a broad range of sectors. He prepares merger notifications to the South African competition authorities, including in the steel, manufacturing, property management services and REIT sectors; provides compliance advice and training to clients; and provides opinions on competition law considerations in the consumer goods, agricultural services and aviation sectors.

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Head: Marketing & Communications – Growthpoint Properties

Cindi-Leigh Breed

Cindi-Leigh Breed has over 25 years of experience as a real estate and financial services marketing professional. She has spearheaded high-impact marketing initiatives with ambitious campaign goals across diverse channels. Her work experience includes developing effective brand strategies, promotional events and marketing campaigns aligned with strategic corporate objectives.

Before joining Growthpoint, Cindi-Leigh’s career included a progression of key marketing positions at top-tier organisations, including Investec Bank and Macquarie. In addition to her innovative marketing acumen, Cindi-Leigh holds a Bachelor of Arts in English and Communications.

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Global Head of Marketing at Burstone

Cheryl Leicher

Cheryl brings over 25 years of experience in the marketing industry, with deep expertise spanning the full spectrum of the marketing landscape. Her approach is grounded in the power of storytelling, creativity and data-driven decision-making, consistently delivering brand experiences that resonate and produce measurable outcomes.

As Global Head of Marketing at Burstone, Cheryl leads with purpose, driving sustainable growth across the global business. She connects teams to a shared vision, champions innovation and oversees the development and execution of integrated marketing strategies that align with the organisation’s long-term goals.

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Head: Marketing & Stakeholder Affairs – Redefine Properties Ltd

Doug Mayne

BCom in Marketing, Advertising and Business Administration (University of KwaZulu-Natal)In his current role, Doug leads a world-class team, responsible for marketing the Redefine Properties brand, mall brands, and all other sub-brands. His role includes managing alternative income and driving stakeholder engagement across the company’s key stakeholders.

Doug joined Redefine in 2016 as a National Non-GLA Sales Manager, where he was responsible for the company’s income across retail, commercial, and industrial property sectors. In 2021, the role of Retail marketing manager was added to his responsibilities, where he focused on digital, community, and tenant support. One year later, Doug was appointed as head of the marketing department.

Doug is also highly skilled in new business development, brand management, people development, project management, budgeting, innovation and new idea execution, negotiation, commercialisation, sales revenue, and stakeholder relations.

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Marketing Executive – Equites Property Fund

Shirley McMurray-Wolmarans

Shirley McMurray-Wolmarans holds an Honours Degree in Business Management: Marketing as her highest qualification. Since 2008, she has gained extensive experience in marketing event management at an international level, including executing large-scale exhibitions and trade shows for significant brands, before moving more specifically into senior marketing executive roles, with a focus on brand positioning and exposure.

Shirley joined Equites in 2021 and has applied creative and strategic thinking, to establish Equites in the digital space and grow the REIT’s online footprint across platforms, driving engagement and growth.

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Partner – Fasken

Janke Strydom

Janke Strydom is a Corporate and Commercial Real Estate Partner at Fasken with eight years post qualification experience.Her practice comprises commercial real estate agreements and conveyancing transactions, including bond registrations, transfers, subdivisions, consolidations, township establishment and the opening of sectional title schemes for a range of clients, including REITs, financial institutions and property developers.

Janke’s experience includes advising on complex commercial real estate transactions and corporate and commercial advice concerning sectional title developments, large intra-group restructures, the sale of commercial letting enterprises and real security transactions. These include, amongst other things, the registration of mortgage bonds, notarial bonds, ship and aircraft mortgages and the cancellation and cession of these bonds.

She has broad experience in commercial real estate transactions and corporate law, including drafting sale agreements, co-ownership agreements, shareholder agreements, bespoke MOIs and commercial lease agreements.

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Head of CSI and Transformation – Fortress REIT

Jodie Ellinor-Dreyer

Jodie Ellinor-Dreyer FCA CA(SA)

Financial Manager and Head of Corporate Social Investment & Transformation
Fortress Real Estate Investments Limited
Jodie, an ordinary person with extraordinary determination, has been working within the Fortress group structures for over 20 years doing what she loves.
“Start by doing what is necessary, then what is possible, and suddenly you are doing the impossible.” St Francis of Assisi

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Funding Officer – Attacq

Pierre Le Roux

Pierre Le Roux is a Chartered Accountant with over 15 years of expertise in the financial services sector, with Commercial Property Finance and Treasury specialisation. He joined Attacq in 2018 as the Funding Officer, with overall responsibility for Attacq’s debt funding and interest rate risk management.

Before joining Attacq, Pierre spent seven years with First National Bank as a Dealmaker in New Business Acquisitions and Commercial Property Finance in South Africa and sub-Saharan Africa. In addition to originating new commercial property finance business, he assisted the FNB African subsidiaries in designing solutions for clients, obtaining approval from the relevant credit committees, and drafting and implementing their commercial property finance risk management policies.

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General Manager (Inland) – Property Management, Redefine Properties

Poovendran Reddy

Poovendran Reddy is the General Manager (Inland) of Property Management at Redefine Properties, where he oversees the property management of the inland property portfolio across office, retail, and industrial sectors. With a background in BCom Accounting and PGDA from the University of KZN, Poovendran joined Redefine Properties in 2020 as Head of Operational Finance, bringing with him over a decade of experience in the hospitality sector.

In his previous role, Poovendran managed the day-to-day operational finance functions, including taxation, before being promoted to his current position in March 2023. In addition to managing the property portfolio, he also provides oversight of BBBEE initiatives and their monitoring.

Poovendran’s expertise lies in combining financial acumen with operational excellence, making him a valuable member of the Redefine team. He is actively involved in the Management Committee and the Management Risk Committee, contributing his insights and leadership to drive the company’s success.

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HR & Transformation Manager, Vukile Property Fund

Nomsa Kole

Nomsa is the HR & Transformation Manager at Vukile Property Fund Ltd. In her current role, she manages the human resources processes, drives the B-BBEE goals and superintends the skills development initiatives. She is a Professional Accountant (SA) with degrees in Financial Accounting and Accounting Sciences. She is currently enrolled for a post-graduate degree in HR and Business Management with the University of Witwatersrand. She is passionate about people management and fostering transformative change in the workplace.

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Associate Professor at the University of Pretoria

Dr Douw Boshoff

BSc Construction Management, MSc Real Estate, PhD Real Estate, Business Leadership Certificate, Project Management Professional Certification

Douw has close on 30 years of experience in the property and construction sectors. He started his career in project management with Barrow Projects and Property Finance with Rand Merchant Bank. Also, he spent about 10 years in academia with the University of Pretoria. During that time, he supervised 20 research students at the master’s and doctoral levels and published more than 50 papers in academic journals, conference proceedings and other trade publications. He is a Professional Valuer (SACPVP) and Chartered Valuation Surveyor (RICS).

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Chief Investment Officer, Spear REIT Limited

Kim Pfaff-Karg

Kim is the first female member of the Spear Executive Committee. Kim has 18 years experience in the listed and non-listed real estate sector.

Kim’s qualifications include a BSc (Hons) Property Studies (UCT), a Certificate in Lease Negotiation (University of Pretoria), is a member of the Royal Institute of Chartered Surveyors (MRICS), a Registered Valuer of the Royal Institute of Chartered Surveyors (RICS) and a Professional Valuer (SACPVP).

Kim performs a strategic role across the business at Spear, focusing on acquisition, disposals, portfolio valuations and other corporate business requirements.

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Founder, Philbar Consulting; Director, Pooled Data Services (Pty) Ltd

 

Phil Barttram

A thought leader and independent consultant on real estate investment and ESG strategies, Phil Barttram has over 27 years of experience in the financial sector, having worked in the UK, South Africa and the Middle East.
He spent nearly a decade as an Executive Director at MSCI and is currently in the start-up stage of building a collaborative data business.

Phil’s interest lies in investment strategy and portfolio optimisation, and on utilising the value of data virtualisation to improve strategic investment decisions. Since going out on his own, Phil has taken an interest in the impact of ESG risk and opportunity factors on portfolio buy-sell-hold strategies.

As an established authority on South African real estate and ESG, Phil is a regularly invited conference speaker and frequent contributor to trade and mainstream media publications. He holds an MBA from UCT’s Graduate School of Business and currently serves as Deputy Chair of the Green Building Council South Africa (GBCSA), is a past Non-Executive Director of the SA Council of Shopping Centres (SACSC), and is a member of the SA REIT Association’s Research Committee.

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Head of Research – Sefikile Capital

Naeem Tilly

Naeem holds a qualification as a Chartered Accountant (CA SA) and is a Chartered Financial Analyst (CFA) charter holder. With 11 years of experience in the listed property sector, he embarked on his professional journey after earning a Bachelor of Accountancy degree from the University of Witwatersrand. Naeem’s career took off at PricewaterhouseCoopers.

Before joining Sesfikile Capital, Naeem was executive director and senior listed property analyst at Avior Capital Markets. His outstanding expertise was acknowledged by the Financial Mail, where he received the top-rated analyst award for three consecutive years, as recognised by industry peers.

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Economist – STANLIB

Ndivhuho Netshitenzhe

Ndivhuho Netshitenzhe obtained her undergraduate degree in Economics and Politics from Rhodes University and has two Masters’ degrees: one in Economics from University of Pretoria and a second in Finance from Cambridge University. Ndivhuho has 7 years’ experience in the property sector and began her career at the South African Reserve Bank, where she joined as a graduate in 2013 in the Financial Stability department. Since then she has worked on macroeconomic policy, helping develop South Africa’s macroprudential policy and financial stability monitoring framework.

In her current role at STANLIB which was effective in 2019, Ndivhuho is responsible for conducting macroeconomic research and forecasts with a focus on South Africa and China. As a research economist, she has authored a number of research papers which have been presented at The Economic Society of South Africa conferences.

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Associate Professor – University of the Witwatersrand

Kola Akinsomi

Professor Kola Akinsomi has over 15 years’ experience in the property sector and holds a PhD in Real Estate Finance and MSc in Real Estate from the National University of Singapore as well as a BSc in Real Estate Management with Honours from Oxford Brookes University, England. He has been a visiting researcher at the National University of Singapore, University of Tokyo, Japan and the University of Western Sydney, Australia. Kola is the Vice-President and board member of the African Real Estate Society and on the board of directors of the International Real Estate Society. He is on the Advisory Forum of the South African Council for Property Valuer and Profession (SACPVP). In addition, Kola is the Chair of the future leaders of the American Real Estate Society (FLARES). He has served on the program committees for the African Real Estate Society, American Real Estate Society and European Real Estate Society conferences.

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Partner – Fasken

Jacques Marais

Advisory Member

Jacques Marais is a Senior Associate at Fasken and works in the Real Estate team in Johannesburg, advising clients on commercial property transactions, renewable energy project developments (infrastructure and development) and all related real estate law matters. He has a proven track record of being a part of legal teams advising some of the largest commercial and residential property developers and REITs in South Africa over the last few years.

Jacques’ work in the field of law consists of all aspects of real estate work, including conveyancing, property finance, commercial property developments, renewable energy project developments (infrastructure and development), sectional title schemes, retirement villages, mergers and acquisitions.

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Chief Executive Officer – Vukile Property Fund

Laurence Rapp

Chairman of the Investor Committee

He is a well-respected thought leader with over 12 years of experience in the property industry. As a forward-thinking and results-driven leader, he has successfully navigated the complexities of the corporate landscape and made significant contributions to the real estate sector. With a keen focus on general management, corporate finance, capital markets and real estate, Laurence has garnered a reputation as a dynamic and strategic visionary.

Previous roles include Head of Insurance and Asset Management at Standard Bank and Chairman of Synergy Income Fund Limited. Currently, Laurence serves as Chairman of Castellana Properties SOCIMI SA and holds directorships in various Vukile group entities. His dedication to innovation makes him a driving force in the real estate sector, and his leadership and passion inspire the next generation of property professionals.

He was appointed Chief Executive Officer at Vukile Properties on 1 August 2011.

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Portfolio Manager – M&G Investments

Yusuf Mowlana

Yusuf Mowlana holds a Bachelor of Business Science and is a qualified Chartered Accountant and Chartered Financial Analyst. He is currently responsible for all property funds at Prudential Investment Managers. Additionally, Yusuf co-manages the Prudential Equity Fund and the institutional general equity funds for South African and Namibian clients.

Mowlana spent the first five and half years of his investment career at Allan Gray, covering companies across various sectors, before joining Prudential in October 2018. Prior to that, he worked at Deloitte, where he completed his articles.

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Head of Investor Relations – Attacq Limited

Brenda Botha

Brenda started her career as a music teacher (BMUS HED, UP) and taught at Waterkloof Primary School, Pretoria. In 2004 she decided to change her career and joined Colenbrander Inc, Pietermaritzburg as an article clerk. Brenda has been the Financial Manager for PrivateProperty.co.za, Atterbury Property Holdings and Attacq Limited, before being appointed in the role of Head of Investor Relations in 2017. Brenda is a qualified CA (SA) and holds an MBA from the Graduate School of Business, UCT.

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Chief Executive Officer – Fairvest Limited

Darren Wilder

Darren Wilder is currently the CEO at Fairvest Property Holdings Limited and has over 30 years’ experience in all aspects of the property industry. His various portfolios include Asset Management, Property Management, Leasing, Property Development and Management. He worked for Seeff Properties in various positions from 1991 until 1997. In 1997 he was appointed to the board of the then JSE-listed company, Capital Alliance Properties, and was a participant in its management buy-out. Wilder was part of the team that listed Spearhead Property group on the JSE and was appointed COO in 1999. Darren’s work experience also includes National Leasing Director for Madison Properties, Business Development Director of the V&A Waterfront and a Consultant to the Chief Executive Officer of the V&A Waterfront.

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Head: ESG, Strategy & Investor Relations – Growthpoint Properties

Lauren Turner

With over two decades of experience in the financial sector, Lauren has an exceptional understanding of local and international financial markets, products and participants.

Starting her career in the financial services division at Deloitte and Touche, she went on to structure and sell interest rate products for institutional investors at the Fixed-Income Desk of Standard Bank. Coming from a third-generation stockbroking family and driven by her passion for the equity markets, Lauren then made strategic moves to the JSE and, gaining valuable insight into the offshore investment community, to BNY Mellon as Vice President of their American Depositary Receipt Business for Sub-Saharan Africa.

Today, as Head of ESG, Strategy & Investor Relations at Growthpoint, she applies her strong relationships and expertise to fostering a culture of excellence in the various aspects of her high-performance role. Lauren is a CA(SA), a member of the South African Institute of Chartered Accountants (SAICA) and sits on the Group Executive Committee of Growthpoint.

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Founder and Managing Partner – REdimension Capital

Peter Clark

Peter is the Founder and Managing Partner of REdimension Capital, an investment manager focused on technology and innovation companies solving challenges for the built environment. He also serves on the Africa Proptech Forum advisory board and the SAPOA Proptech committee.

Previously, Peter was Head of Property Investments for Ninety One, where he managed a range of portfolios in South Africa and globally valued more than $1bn. Peter is a CFA charter holder with an honours degree from the University of Cape Town and a master’s degree from the University of Cambridge.

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Chief Executive Officer of Attacq Ltd

Jackie van Niekerk

Chairperson of the Marketing and Conference Committee

Jackie joined Attacq as the Chief Operating Officer in June 2017 and was appointed to the board in June 2018. Jackie has over 14 years of experience in the property industry and prior to joining Attacq, was the Chief Executive Officer of Pivotal.

At the end of 2016, she successfully concluded the merger between Pivotal and Redefine Properties. Jackie joined Pivotal Property Fund in 2009 and became the youngest and only woman Chief Executive Officer in the property sector at the time, growing the fund to a R12 billion listed development fund.

She established Pivotal’s offshore strategy by successfully concluding the merger of Mara and Delta Africa to create the MaraDelta Africa fund and acquired an equity stake in Echo Property Polska based in Poland.

 

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Chief Operating Officer at Diversifi

Eric Ackroyd

Eric has 11 years' experience in B-BBEE and Transformation and before that 12 years' experience in Financial Auditing. Prior to joining Alternative Prosperity he was the Verification Director at a leading B-BBEE Verification Agency. He started his career as a Chartered Accountant and Auditor during which time he worked in the UK and Germany for 3 years. He is experienced in the Automotive, Advertising, Financial, Construction and ICT industries.

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Company Secretary & Legal Executive at Equites Property Fund

Thabo Vilakazi

Experienced Property and Development professional with a demonstrated history of delivering major Negotiation and developments for clients. Strong strategic capability, professional skilled in Asset Management Asset Management across the Due Diligence and development sectors including residential (including high-rise), commercial properties, industrial property, retail land, hotels and master planning. Significant experience in managing large scale complex multi-use projects. Broad understanding of urbanism and its impacts on people and property

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Research Analyst and Assistant Property Portfolio Manager at Truffle Asset Management (Pty) Ltd

Pranita Daya

Pranita is a qualified chartered accountant, having completed her undergraduate at WITS and honours at the University of Johannesburg. She has served three years of articles at KPMG, working in the consumer markets and technology sector where some of her biggest clients were Yum Restaurants and Business Connexion, to name a few. She joined the sell-side covering listed property at Anchor Stockbrokers in January 2018 where she served four years before joining Standard Bank Securities. Pranita has participated in the Financial Mail Analyst Awards since 2019 and was ranked third in 2019, second in 2020, 2021 and 2024 and first in 2022 and 2023. She has also served on the SA REIT Research Committee and is currently the vice chairman of the Women’s Property Network having served on the exco since 2020. Pranita joined Truffle in January 2025 as a Research Analyst and Assistant Property Portfolio Manager.

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