SA Corporate Reshapes Board

Posted On Monday, 28 May 2007 02:00 Published by
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SA Corporate Real Estate Fund which has grown to become one of the largest listed property funds in 2007, has reshaped its board following the acquisition of SA Retail Properties Ltd and the conclusion of a BEE transaction

SA Corporate’s chairman, Ben Kodisang, said that as result of the BEE deal Women Investment Portfolio Holdings Ltd and Kensani Properties have an 11% interest in the fund, and Louisa Mojela and Musa Ncgoba had been appointed directors. Mojela is CEO of Wiphold and Ncgoba, who is a national councillor for SAPOA and has played a leading role in property charter initiatives, is CEO of Kensani Properties.
John Swain, chairman of the audit committee of SA Retail Properties Ltd, which was recently acquired by SA Corporate, and Wayne van der Vent, head of property at the Public Investment Corporation, a major unitholder of the fund, have also joined the board.

Malcolm Wyndham and Colin Young have resigned.

“Colin Young is responsible for the launch of the innovative institutional Triangle Property Funds at Old Mutual Investment Group Property Investments and his resignation is in the interest of good corporate governance to avoid any potential conflict of interest,” said Kodisang.

“Peter Sparks, formerly managing director of SA Retail, has joined the board as an executive director to focus on sourcing investment opportunities. He joins an executive team of Craig Ewin, CEO, Roger Perkin, who will focus on investment performance and extracting value from the portfolio, and Lauren Tapping, financial director. “

Ewin said the level of support for SA Corporate’s investment strategy had helped the fund to achieve a number of firsts in the listed property sector in 2007.

“The R3.5 billion acquisition of SA Retail was the largest single corporate action in the sector. This was the first reverse listing under the new JSE listing requirements. The R1 billion funding of the Sharemax portfolio acquisition was the largest single capital raising exercise in the sector. Another first was the finalisation of the BEE transaction with no financial support from the fund.

“To be R1 billion oversubscribed in our recent capital raising and to receive more than 99% approval from SA Corporate investors for the SA Retail acquisition and 99% acceptance of the offer by SA Retail unit holders justifies the merits of the transactions and also suggests that our efforts to raise the bar in investor relations is paying dividends. ”

Ewin said the appreciation in the price of SA Corporate units since the start of 2007 meant that unitholders in the two funds had gained more than R1,3 billion in incremental value.

“We are looking to build on this momentum to be a market leader in terms of investment rating and earnings growth.”

Publisher: SA Corporate Real Estate Fund
Source: SA Corporate Real Estate Fund

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