Harman joins the executive team of Martin Ettin, Derek Greenberg, Gary Fisher and Sean Mackay. Fisher says Harman, who spent two years as CEO of Calulo Property Fund, one of SA’s first black empowerment property funds, will be of “great value for our transformation ambitions”.

“We are already down the road with a nice BEE (black economic empowerment) initiative and we expect to announce something before the end of the year. Notwithstanding Richard’s appointment, we are already approaching a deal on the BEE side,” says Fisher.

While Harman’s prior involvement in an empowerment property fund is of benefit to CBS, Fisher says the company was “thinking more of his merchant banking and direct property background when it came to the appointment”.

“He goes back a number of years with Derek and Martin, and I know him from when he worked at Nedbank.” He says Harman initiated Nedbank Property Partners seven or eight years ago.

Nedbank Property Partners is Nedbank’s property initiative where the bank takes equity positions in properties together with partners.