Geoff Jennett, the former CEO of Johannesburg Stock Exchange-listed real estate investment trust (REIT) Emira, has been appointed as a non-executive director to the board of Heartwood Properties Limited, a commercial property development and investment company listed on the Cape Town Stock Exchange.
Jennett, who has 35 years’ experience in financial management, strategic planning and organisational leadership, spent almost 11 years at Emira, including a short stint as CFO, before stepping into the CEO role in September 2015.
His significant achievements at Emira included facilitating its conversion from a collective investment scheme to a REIT; investment in US power centre retail real estate (in the US, a power centre refers to a large outdoor retail shopping centre); the acquisition and ultimate delisting of Transcend Residential Property Fund; and generating significant liquidity through targeted asset disposals. He also oversaw an investment in the DL Invest Group in Poland.
“Geoff brings a wealth of property, strategy and business experience to the table and we’re delighted to welcome him on board,” says Heartwood Properties Limited CEO John Whall.
“Investor sentiment in the sector is improving, and his experience in financial direction and leadership roles and strong focus on positive team dynamics are invaluable as we move into our next phase.”
Heartwood Properties Limited is set up for substantial business growth, with a R325-million pipeline for developments in the Cape Town area over the next 14 months, comprising two 8 000m2 warehouse developments on long leases, a 4 000m2 warehouse and a 2 000m2 turnkey office development for a large information technology company. On completion, the total asset value will be over R650-million.
Some of the additional equity required for these new developments has been supplied by Nedbank Property Partners.
As developers, not long-term property holders, Heartwood Properties Limited’s strategy will be to exit this warehouse portfolio over the next three to five years and return all the proceeds to shareholders as a dividend.
The company’s audited financial results for the 2025 financial year reported a gross portfolio value of R401-million, net asset value of R150-million and loan-to-value ratio of 52% (reduced from 54% in 2024).
Says Jennett, “I’m thrilled to have joined the Heartwoods Properties Limited board and to contribute my expertise, insights and independent advice on a non-executive director level. I look forward to offering mentoring and strategy consulting as part of the company’s strong focus on governance.”