Diepenbroek will remain on iFour's board, and will take on a new post at sister firm Pangbourne Properties. It holds a 48% stake in iFour.

It is uncertain how the market will react to the news. iFour's unit price dropped 2,2% to close at R6,21 yesterday, while Pangbourne's also dropped 0,13%, closing at R7,42.

Andisa Securities property analyst Len van Niekerk said yesterday the market would probably take a "wait and see approach" to the changes. iFour said Diepenbroek and Nunes were responsible for the successful iFour listing in June 2002.

"Nune's focus has been on the management of the properties as well as on iFour's asset management vital roles which he will continue to fulfil when taking over the reins of CEO," said iFour.

iFour chairman Tony Richards said management had grown the portfolio to R1,9bn in the past two years. He said with 14 years' experience as an executive director of listed property companies Rand Mine Properties, IProp and iFour, Nunes was "ideally suited to take the company forward".

Diepenbroek stays on the iFour board as a nonexecutive , but moves to Pangbourne, handling strategic operations and asset management.

iFour said Diepenbroek would play a significant role in Pangbourne's investment drive into "diversified specialised property portfolios such as its iFour investment".

"Diepenbroek's shift to become part of the team that will drive Pangbourne's expansion strategy forward represents a tremendous new challenge for him," said Pangbourne CEO Athol Campbell.