Banking group ABSA has appointed Sipho Mashinini, former CEO of Propnet, as managing executive of REAM (Absa Real Estate Asset Management), effective 1 March 2004, the group announced.

Mashinini succeeds Dr Gert Dry who will be retiring at the end of October 2004. "Due to the size, complexity and diversity of the REAM portfolio, there will be a six-month handover period, which will allow enough time to ensure a smooth and successful transition of duties and responsibilities," ABSA said.

Mashinini serves as board member of V&A Waterfront Properties; Transnet Group Tender Board and INROADS SA and holds an MBA (Thames Valley University U.K).

Says Absa executive director, Pieter van der Merwe; "Sipho is a very experienced and highly qualified campaigner in the field of property.

He will bring valuable skills and insight to the Group in the field of real estate asset management."

I-Net Bridge

12 February 2004