Wendelken, who is the first woman MD to be appointed in the listed property sector, has 23 years’ experience in the property industry. She says Calulo, in which Pangbourne Properties has recently acquired a controlling stake, is set to be turned into a dedicated office property fund.

Calulo’s market capitalisation is about R260m while its 20 property assets are worth about R600m.

“The objective is to bulk up the existing fund and it will be an office-focused fund,” says Wendelken.

“What we will also do is look at the existing properties and opportunities to extract the maximum value and performance.”

Retail is the dominant property type in Calulo’s property portfolio, making up 53% of the fund. Offices and industrial property make up about 26% and 21%, respectively.

Wendelken spent the past 10 years as an executive of property asset management for Transnet Pension Fund Administrators. She also served as the executive for projects at Pangbourne. Her new position came into effect earlier this month.