Texton Property Fund Limited has appointed Nic Morris as its Chief Executive Officer (CEO), with effect from 1 December 2016.
Texton Property Fund Limited was established in 2006 and listed on the JSE in August 2011. It is a property investment fund that holds 55 property assets across South Africa and the United Kingdom, valued at circa R5.8 billion with a net property income of R400.7 million for the financial year ended 30 June 2016.
Morris joined Texton as Chief Operating Officer in January 2016, and was promoted to Managing Director in September 2016. He assumes the role of CEO after the resignation of Texton’s acting CEO, UK-based Angelique de Rauville, which was part of the structured succession plan and pursuant to a handover process.
In his new role, Morris will continue to grow Texton as a REIT of choice for local and international investors, managed by a team of professionals who provide a high quality product to its tenants. Texton offers a portfolio of diverse, quality assets that deliver a robust income stream and attractive yields to its investors.
“Texton’s portfolio is geographically diversified across the United Kingdom and South Africa, and consists of office, retail and industrial properties, allowing investors to invest in a South African listed entity that provides dividends made up of rental income partially derived in Pound sterling.” says Morris.
“Morris believes that Investors who spread their risk by investing in property funds that are sectorally and geographically diversified are more likely to enhance returns in the current unpredictable economic environment. Our strategy aims to provide investors with secure and robust income streams and attractive dividend yields through exposure to solid long term leases with excellent tenants. Texton remains focused on increasing the average value of its properties through enhancing its core portfolio and disposing of smaller non-core assets. Texton will continue with the reduction in government exposure and secondary office exposure with a view to moving closer to a balanced portfolio across the UK and South Africa”.
“We are very pleased with the appointment of Nic as the CEO and wish him well in his new role. We are confident that he will further progress Texton’s strategy to diversify geographically beyond South Africa’s borders, whilst continuing to enhance the South African properties, building on the success of past years.” says Dempsey Naidoo, Board Chairman of Texton Property Fund Limited.
Prior to joining Texton, Morris was CEO of Arch Property Fund Limited, after leading the real estate advisory team at Rand Merchant Bank.
He is a certified Chartered Accountant and holds a BCom from Stellenbosch University and a BCom (Hons) in Accounting from the University of KwaZulu-Natal. He completed a post-graduate diploma in real estate at the University of Cape Town in 2012.