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25May

SA REIT Association unveils Third Edition Best Practice Recommendations

SA REIT Association unveils Third Edition Best Practice Recommendations as global capital sharpens focus on South African real estate investment trusts

Updated guide raises transparency and comparability across the sector, taking its place alongside the Global REIT Alliance’s reporting frameworks at a moment of renewed institutional appetite

The South African Real Estate Investment Trust Association (SA REIT Association) has released the Third Edition of its Best Practice Recommendations (BPR), the framework that governs how every member of the SA REIT Association measures and reports its financial and operational performance. The updated guide is effective for reporting periods commencing on or after 1 January 2026 and is available for download from the SA REIT Association website.

Six years in the making, the Third Edition is the most substantive update to the framework since 2019. It arrives with renewed access by South African real estate investment trusts of the equity capital markets, while institutional underweight positions narrow towards a decade low and as the sector’s total market capitalisation moves through the R350 billion mark. It also arrives as the SA REIT Association took up its place as the South African member of the Global REIT Alliance (GRA), the international coalition that relaunched under its new name in September 2025. Members collectively represent companies that manage approximately 98% of the world’s roughly USD 2 trillion in REIT market capitalisation.

A decade of disciplined disclosure

First published in 2016 and updated in November 2019, the BPR has become a defining feature of the South African real estate investment trust sector. It establishes the common language by which member REITs, their auditors, sector analysts and the wider investor community measure operational performance, balance sheet strength and property fundamentals on a comparable basis. The Third Edition has been compiled with input from leading sector analysts, corporate advisors and SA REIT Association members.

The update comes as the Association marks more than a decade of impact in the sector and as the institutional capital base has visibly broadened. South African real estate investment trusts raised over R11.4 billion in fresh capital through heavily oversubscribed bookbuilds in 2025 and the average discount to Net Asset Value (NAV) has narrowed from deeply negative levels to between 3% and 4%. The case for a sharper, more practical disclosure framework has rarely been clearer.

What the Third Edition changes

The Third Edition tightens and expands the previous framework in several material respects.

SA REIT Funds from Operations (FFO) per share is formalised as the primary non-International Financial Reporting Standards (IFRS) performance measure, replacing distributable earnings per share. The new metric prescribes twenty-one specified reconciling adjustments to IFRS profit or loss, covering fair value adjustments, deferred tax movements, straight-lining lease adjustments, gains or losses on disposal, foreign exchange and hedging items and non-recurring transactions. Company-specific adjustments remain permissible but must be clearly defined and reconciled. The intent is straightforward. An income return on invested capital that investors can read across the sector without manually investigating each set of accounts.

SA REIT NAV per share is recast as a tangible measure, adjusting reported NAV to fair value where the cost model has been applied, excluding goodwill and intangible assets and removing deferred tax that would only crystallise on the sale of an asset. The metric closely resembles Tangible NAV and aligns South African disclosure with the way international institutional investors read REIT balance sheets.

Cost-to-income ratios are standardised on both a gross and a net basis, ending years of inconsistent presentation across the sector. The all-in weighted average cost of debt is reframed to capture the full economic cost of funding, incorporating the impact of interest rate derivatives, cross-currency interest rate swaps and amortised transaction costs imputed into the effective interest rate. The new framework explicitly accommodates the ongoing transition from the Johannesburg Interbank Average Rate (JIBAR) to the South African Rand Overnight Index Average (ZARONIA), recognising both as legitimate floating reference rates and providing the methodology to convert between compounding periods. Standardised Loan-to-Value (LTV) and Interest Cover Ratio (ICR) calculations are introduced, giving lenders, analysts and rating agencies a single, consistent basis for assessing financial risk.

The Third Edition also formalises the recommendation that companies’ external auditors assure the accuracy, validity and completeness of the BPR disclosures. To the extent that the SA REIT BPR disclosures are considered pro-forma financial information in terms of the JSE listings requirements, the SA REIT BPR disclosures must be compiled in terms of the JSE listings requirements and the Guide on Pro-Forma Financial Information, issued by SAICA and an assurance report prepared by the company’s external auditors in terms of the ISAE 3420 may be required. Where the SA REIT BPR disclosures are sufficiently cross-referenced to the audited annual financial statements, a dispensation must be obtained from the JSE. The Third Edition is to be read alongside JSE Practice Note 4/2019.

Leon Kok, chair of the SA REIT Association Accounting and JSE Committee and author of the Third Edition foreword, says the update reflects six years of practical experience with the framework.

“The objective with the Third Edition was clarity and credibility. We have tightened the supplemental performance measures so that investors and financiers can read across the sector without ambiguity. We have formalised the role of external assurance over the disclosures that matter most. The result is a framework that holds up to the scrutiny that institutional capital, both local and offshore, now applies,” says Kok.

Reading South African REITs against the world

With the September 2025 launch of the Global REIT Alliance (GRA), originally established in 2006 as the Real Estate Equity Securitisation Alliance, South Africa is a member of a 24-country coalition that includes the National Association of Real Estate Investment Trusts (Nareit) in the United States, the European Public Real Estate Association (EPRA) in Europe, the Real Property Association of Canada (REALPAC), the Property Council of Australia (PCA), the British Property Federation (BPF) and the Asia Pacific Real Assets Association (APREA). The SA REIT BPR takes its place in the Global REIT Alliance’s REIT Toolbox alongside EPRA’s Best Practice Recommendations, Nareit’s Funds from Operations White Paper, REALPAC’s Funds from Operations and Adjusted Funds from Operations guidance and the Property Council of Australia’s Funds from Operations frameworks.

Joanne Solomon, Chief Executive Officer of the SA REIT Association, says the Third Edition strengthens the case South African real estate investment trusts make to the international investor community.

“Comparability is the foundation on which capital is allocated. Global investors weighing South African real estate investment trusts against a roughly USD 2 trillion global market need to read the numbers in the same language they apply elsewhere. The Third Edition closes that gap and reflects how seriously the South African sector approaches its responsibilities to international capital,” she says.

A wider operational lens

The Third Edition introduces an entirely new section of standardised operating metrics that bring property-level economics into the same comparable framework. These include the renewal reversion rate (the percentage change between renewed and expired rentals per square metre), the renewal success rate by Gross Lettable Area (GLA), tenant retention rate calculated both by GLA and by Gross Monthly Rental (GMR), the Weighted Average Lease Escalation (WALE) and the Weighted Average Unexpired Lease Term (WAULT). Like-for-like revenue and net operating income growth, the rent-to-turnover ratio, trading density per Trading Density Area (TDA) for retail properties and the tenant effort ratio (full cost of occupancy over turnover) complete the new operational lens.

The intent is to give investors and analysts a standardised bridge between accounting performance and the underlying property fundamentals that drive it. For a sector in which top-line earnings can be shaped by lease escalations, retention dynamics, vacancy movements and like-for-like growth, the new metrics give the operational picture the same definitional discipline that has long applied to the financial statements.

Solomon adds that the timing of the update is significant.

“South African real estate investment trusts are coming off two of their strongest years in a decade. Distribution growth is approaching double digits on a rolling basis, balance sheets have been recapitalised and the investable universe continues to broaden through accretive corporate activity. The Third Edition gives the sector a disclosure foundation worthy of the trust the market has placed in it,” she explains.

To support adoption, the SA REIT Association will host a dedicated Best Practice Recommendations Question and Answer (Q&A) webinar in the coming weeks. The session will allow members, analysts, auditors, investors and other stakeholders to work through the practical application of the new edition with the team behind it. Details and registration will be communicated through the SA REIT Association website and member platforms.

Highlights from the SA REIT BPR Third Edition

  • Effective for financial years commencing on or after 1 January 2026, replacing the Second Edition (November 2019) in full
  • SA REIT Funds from Operations (FFO) per share formalised as the primary non-IFRS performance measure, with twenty-one specified reconciling adjustments
  • SA REIT Net Asset Value (NAV) per share recast as a tangible measure, excluding goodwill, intangible assets and crystallising deferred tax
  • Standardised cost-to-income ratios on both gross and net bases
  • All-in weighted average cost of debt framework explicitly accommodating the Johannesburg Interbank Average Rate (JIBAR) to South African Rand Overnight Index Average (ZARONIA) reference-rate transition
  • Standardised Loan-to-Value (LTV) and Interest Cover Ratio (ICR) calculations
  • New operating-metrics section adding renewal reversion, renewal success, tenant retention by Gross Lettable Area (GLA) and Gross Monthly Rental (GMR), Weighted Average Lease Escalation (WALE), Weighted Average Unexpired Lease Term (WAULT), like-for-like revenue and net income growth, rent-to-turnover ratio, trading density per Trading Density Area (TDA) and the tenant effort ratio
  • External assurance recommended, contemplated under International Standard on Assurance Engagements (ISAE) 3420 where the disclosures constitute pro forma financial information in terms of the JSE Listings Requirements

The SA REIT Best Practice Recommendations Third Edition is available for download at sareit.co.za.

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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

Joanne Solomon holds a BCom in Economics and is a seasoned marketer with 22 years’ experience. She has an established history in the financial services industry, working in one of the largest financial institutions in South Africa. The financial services industry allowed her to diversify her skills at an executive level in commercial property finance and in corporate investment banking. Joanne started her career as the Regional Marketing Manager in the Nedbank property finance division in 1998. She then grew from strength to strength until she served her final position, as Head of Brand and Client Insights at the Nedbank Corporate and Investment Banking division in 2019.

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Raj Nana

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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Romy holds a Bachelor of Accounting Science from the University of South Africa. She came in the top 10 with her postgraduate diploma in Accounting from the University of the Western Cape. Romy is a registered Chartered Accountant and is awaiting her Registered Auditor accreditation from  The Independent Regulating Board of Auditors.

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Chief Operating Officer – Redefine Properties

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Chairman of the Accounting & JSE Committee

Leon was appointed as financial director and to the board in October 2014 and elected as chief operating officer in February 2021. He is responsible for all aspects of the asset and property management of the business, which includes the general administration of the property portfolio.

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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

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Gerald began his career in the auditing industry, where he was an Audit Partner of Ernst & Young for four years.

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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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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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Danny Vermeulen

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Chief Executive Officer – Burnstone Group

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 Operating Officer at Resillient REIT

Nick Hanekom

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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.

Among many others, her core responsibilities include producing and coordinating interim and year-end financial statements, integrated reports and other reports for the company and its subsidiaries and ensuring strict compliance with IFRS and Johannesburg Stock Exchange requirements. Since launching her career as an Audit manager at Grant Thornton Johannesburg in 2007, Lesley has honed her senior leadership skills by supervising financial managers within the company and property management finance areas.

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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.
Conor has also been involved in setting up a number of public benefit organisations (charities) and obtaining tax exempt status for such organizations from the Tax Exemption Unit.

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).

Pierre’s experience extends to all areas of debt and equity funding, including corporate and M&A work and bilateral and syndicated loans, taking security, preference shares, corporate bonds and asset-backed financing.

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.

Before joining Vukile, Lizelle worked at ABSA in the Technical Advisory Group from 2015 to 2018. She also served as a part-time accounting lecturer at Varsity College Sandton between 2014 and 2016. Her earlier experience includes roles at PWC, where she was part of the Accounting Consulting Services in 2014, worked in the Washington Metro (USA) from November 2013 to April 2014, and specialized in Financial Services: Insurance & Investment Management from 2012 to 2013. Additionally, she completed academic articles at the University of Johannesburg in 2011.

Lizelle is a Chartered Accountant (CA(SA)) and holds a BCom Accounting degree (cum laude) and a BCom Accounting Honours degree, both from the University of Johannesburg.

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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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Chief Financial Manager at Redefine Properties

Ntobeko Nyawo

Ntobeko is a qualified chartered accountant with more than two decades of experience across finance, investment management and executive leadership. After completing his articles, he began his corporate career within the mining sector before moving into financial services. He held several senior positions at Alexander Forbes, including Chief Operating Officer and Chief Financial Officer of Alexander Forbes Investments and Financial Director of Alexander Forbes Emerging Markets. During his time with the group, Ntobeko served on executive, audit and risk committees and was a key member of the finance team involved in Alexander Forbes’ relisting in 2014. He later joined STANLIB as Chief Operating Officer, where he gained further experience in investment management and operational leadership. Ntobeko joined Redefine Properties in 2021 as Chief Financial Officer, marking his move into the listed property sector. He continues to serve as Chief Financial Officer of Redefine Properties, playing a key role in the group’s financial and capital management strategy.

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Head of Transformation & CSR at Growthpoint Properties

Shawn Theunissen

Shawn is an experienced transformation and corporate social responsibility professional with more than 20 years of experience across the corporate and non-governmental sectors. His background includes organisational development, socioeconomic development, enterprise development and creating stronger links between small businesses and large corporate organisations. He holds a BCom in Industrial Psychology from the University of Johannesburg and has completed the People Centric Innovation Masters Programme at the 180° Academy in Denmark as well as the Senior Executive Programme Africa at Harvard Business School. Shawn is the founder of Property Point, an enterprise and supplier development initiative focused on helping SMMEs build sustainable businesses and access opportunities within South Africa’s property sector. He has also served as President of the Johannesburg Chamber of Commerce and Industry. Shawn currently serves as Head of Corporate Social Responsibility and Transformation at Growthpoint Properties, where his responsibilities span transformation, social impact and initiatives aimed at supporting greater participation and inclusion within the property sector.

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