The 40% acquired from Corpcapital, in addition to the 60% already collectively owned by the trio, means that Madison is now co-owned by Cesman, Wainer and Standard Bank.

Madison’s main focus is the asset management of Redefine Income Fund, ApexHi and Prima Property Trust and it is also a co-asset manager of Hyprop.

Collectively the gross assets under management by Madison exceed R8 billion.

Over the past four years Cesman and Wainer, who together have more years experience in the property industry than is polite to mention, have been responsible for the formation and growth in the Funds now under Madison’s management. They were also the driving force in the acquisition of Canal Walk Shopping Centre on behalf of Hyprop.

"Property is what we know and what we are good at and passionate about -- it’s in our blood. It is exciting to now own part of the business that we have created and to have the freedom to implement increasingly innovative solutions for our clients", said Cesman.

The transition is seamless as all of the staff employed in the various Funds remain in place.

"We look forward to continue to growing the assets in our various Listed Funds and a number of exciting acquisitions are currently being negotiated", said Wainer.

"We will continue to relish the challenges which come our way and are excited about our partner, Standard Bank Properties, with which we have built an outstanding relationship over the years. There are many synergies between our complementary areas of expertise," added Wainer.

In addition to the asset management of the Property Funds, Madison also provides specialist property advice with a foundation of comprehensive insight which enables them to offer innovative property solutions to corporate clients.