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Jo Solomon Ceo Of Sareit Association
01Sep

SA REITs pull back 5.0% in August as investors take profits while local bond yields hold steady

Sector gives back part of its rating after a long run of gains, with domestic fundamentals still improving, distribution growth holding at 10.58% and every counter positive over 12 months.

South African real estate investment trusts (REITs) pulled back in August 2026, delivering a total return of -5.0% for the month. The All-Share Index returned 4.6% while the All-Bond Index returned 0.7%, leaving the sector behind both equities and bonds. SA REITs remain positive by 2.4% year to date, marginally behind the All-Share Index at 2.8% and the All-Bond Index at 3.5%. The month reversed July almost exactly, when the sector led the field at 7.8% year to date.

According to the latest SA REIT Association Chart Book August 2026, compiled by Ian Anderson, Head of Listed Property and Portfolio Manager at Merchant West Investments, the month’s decline was a re-rating of the sector rather than a response to domestic interest rates. The South African long bond ended August at 8.76% against 8.75% a month earlier, effectively unchanged, while the sector’s forward yield rose from 6.73% to 7.09%. Rolling 12-month distribution growth held at 10.58%.

“August reversed July almost exactly, although neither month behaved the way the textbook suggests it should,” says Anderson. “In July the sector rose while bonds retreated. In August it pulled back while bonds held firm. On both occasions the familiar framing of real estate investment trusts as a geared expression of the interest-rate view failed to describe what happened. What August looked like was investors choosing to take profits after a long run of price gains.”

A re-rating rather than a rate move

The movement in the sector’s forward yield accounts for essentially the entire negative return for the month. The rise of 36 basis points from 6.73% to 7.09% narrowed the gap between the sector’s yield and the long bond yield from -202 basis points to -167 basis points. The Chart Book records a long-run average differential of -14 basis points, so even after August’s adjustment the sector continues to price at a considerably tighter differential than its own history would suggest. Having delivered 38.6% in 2025 on 35.8% in 2024, it entered August at the tightest spread recorded this year and gave part of that rating back.

The wider backdrop was a difficult month for long-dated sovereign debt, with yields in several major developed markets reaching multi-year highs. South Africa did not participate in that move. A July inflation number of 4.3% released on 19 August, below the 4.5% market consensus, supported the local bond market. There was no meeting of the South African Reserve Bank’s (SARB) Monetary Policy Committee (MPC) during the month.

Where the month’s movement was concentrated

Three counters ended August higher. Emira (+2.3%) recorded the largest gain, followed by Fairvest A (+1.5%) and Equites (+0.3%). Several of the smaller counters, among them Heriot, Oasis Crescent and Spear, finished the month unchanged.

The decline was concentrated in the sector’s largest companies, which are also the ones carrying the most significant offshore portfolios. That pattern is consistent with the movement in global long rates, which would have weighed on local investor appetite for hard-currency property exposure during the month.

Trading volumes were light, with R9.7 billion of SA REIT units traded in August after R9.2 billion in July. These were the two quietest months of 2026 against a monthly average closer to R13.3 billion. Thin markets exaggerate price movements in both directions. The sector’s market capitalisation ended August at R325.4 billion against R342.6 billion a month earlier.

The year-to-date leaderboard is unchanged from a month ago, headed by Oasis Crescent (+36.4%), Octodec (+21.8%) and Heriot (+20.2%), with Fairvest A (+12.2%), Spear (+12.0%) and Burstone (+10.2%) close behind.

Over a longer measurement period the picture is different. Every counter in the Chart Book is positive over 12 months, with returns ranging from 2.3% to 74.0%. The Chart Book’s correlation data also show the sector’s five-year correlation with the All-Bond Index easing to 0.66 from 0.67 a month ago, against 0.55 over the full ten-year period.

Income growth stays well ahead of inflation

Rolling 12-month distribution growth is measured quarterly and the latest reading of 10.58%, struck at the end of June, remains the current rate. Headline consumer inflation eased to 4.3% in July from 5.0% in June, widening the gap between distribution growth and inflation to more than six percentage points.

“The real spread between distribution growth and consumer inflation has widened back above six percentage points,” Anderson notes. “Nothing that happened to share prices in August changed the income the sector produces. The distributions being declared and the guidance being upgraded point in the same direction, which is why the month seems like profit-taking and sector rotation rather than a reassessment of the underlying businesses.”

A busy corporate calendar

August brought a substantial flow of corporate activity, with roughly R3.5 billion of transactions announced or completed and more than R1 billion of new equity raised.

Dipula announced its largest transaction to date, acquiring nine shopping centres from the Moolman Group for R2.04 billion. The portfolio adds 89,169 m² at a 9.28% yield and is funded through a R1.1 billion share placement together with existing facilities. Classified as a category 2 transaction under the Johannesburg Stock Exchange (JSE) Listings Requirements, it requires no shareholder vote and awaits Competition Commission approval expected by November. Retail rises from 68% to 80% of income while portfolio value moves from R10.24 billion to R13.27 billion. The announcement also resolves the cautionary first flagged in late May and renewed through July. An accompanying pre-close update guided to distribution growth of 7% to 8%, with vacancy improving to 6% and rental reversions positive at 4.5%.

Redefine used its capital markets day to confirm full-year 2026 distributable income growth at the upper end of its 6.5% to 7.0% guidance range. Its loan-to-value (LTV) ratio improved to 39.0% from 40.3%, moving into its target range, while the cost of debt eased to 8.60% from 8.90%. Occupancy rose to 94.9% and overall rental reversions narrowed to -3.9% from -5.2%, led by industrial at 4.4% and retail at 3.2%. Office remains the laggard across the sector.

Resilient declared an interim dividend of 274.38 cents, an increase of 11.7% on a 100% payout ratio. Its South African portfolio grew net property income by 6.0% on tenant sales growth of 2.9%, with vacancy at 1.9% and the expense ratio improving to 36.7% as its solar and battery programme reached the income statement. Full-year guidance is for growth of at least 9%.

Equites reaffirmed full-year 2027 guidance of 5% to 7% growth and set out a rapid deleveraging path, with its LTV ratio expected to fall by roughly five percentage points to around 30% on a disposal concluded during the period.

Elsewhere, Hyprop completed its acquisition of Galleria Burgas for €122.2 million, lifting its LTV ratio from 31% to 33.5%. Stor-Age agreed to acquire ten Xtraspace properties for R387 million together with a management contract over six more, taking its domestic footprint to 80 properties. Spear implemented both of its Western Cape acquisitions, the R960 million office portfolio at 1 Sportica Crescent at a 9.67% yield and the R442 million Watergate Centre at 8.37%, while committing a further R90 million to a distribution centre at Blackheath.

Joanne Solomon, Chief Executive Officer of the SA REIT Association, says the contrast between the month’s share price movement and its corporate activity stands out. “August was a weak month for prices, yet it was one of the busier months of the year for our members. Around R3.5 billion of transactions were announced or completed and more than R1 billion of new equity was raised. Companies do not commit capital on that scale into markets they are worried about. Occupancies are improving, reversions are turning positive across most property types and balance sheets are moving into target ranges. That is the picture the operating numbers describe.”

The interest-rate and macro backdrop

There was no MPC meeting during August, leaving the repo rate at 7.0% following the decision to hold in July. The next decision comes on 23 September, alongside the August inflation data. July’s improvement in inflation came largely from fuel and food, the more variable components of the basket, so the domestic position is more comfortable than it was without being free of risk.

Internationally, the term premium being demanded on long-dated sovereign debt has moved higher across several major developed markets. That shift matters for a sector in which several of the larger companies hold significant offshore portfolios. A generation of South African REITs internationalised on the argument that hard-currency income would dampen domestic volatility. That argument holds while global long rates are stable or falling. It works less well when they are rising.

Solomon adds: “The global rate environment is the variable to watch from here, particularly for those of our members with substantial offshore portfolios. Locally the position is more settled, with inflation inside the target range and the repo rate unchanged. What has not changed at all is the income the sector produces. Distribution growth above 10% and more than six percentage points ahead of inflation is the reason every counter in the Chart Book is positive over 12 months, notwithstanding a difficult August.”

Outlook

Looking ahead, Anderson expects the offshore rate environment to remain the principal risk while the domestic income line continues to anchor returns.

“Distribution growth remains elevated and well above consumer inflation. Management teams have continued to upgrade guidance,” he concludes. “The recent shift in global bond yields is a cause for concern for those companies with large offshore portfolios and that is where attention belongs over the coming months. Locally, fundamentals continue to improve, which is why the scale of August’s price declines was somewhat surprising. The income line remains the more reliable guide.”

Highlights from the SA REIT Chart Book August 2026

  • SA REITs’ total return (August): -5.0%
  • All Share Index (August): 4.6%
  • All Bond Index (August): 0.7%
  • Year-to-date return: 2.4%
  • Distribution growth (rolling 12 months): 10.58%
  • Monthly gainers: Emira (+2.3%), Fairvest A (+1.5%) and Equites (+0.3%)
  • Year-to-date leaders: Oasis Crescent (+36.4%), Octodec (+21.8%) and Heriot (+20.2%)
  • 12-month performance: every counter in the Chart Book is positive, with returns ranging from 2.3% to 74.0%
  • Corporate activity: roughly R3.5 billion of transactions announced or completed and more than R1 billion of new equity raised
  • Interest rates: No Monetary Policy Committee meeting in August, with the repo rate at 7.0% and the next decision due on 23 September.

The SA REIT Association Chart Books are available for download here.

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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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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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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.

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Laurence Cohen

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Henry Kuhn

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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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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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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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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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Dov Green

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Samantha Jardine

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

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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.

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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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