The SA REIT Association, the representative umbrella body for South Africa’s listed property sector, is rolling out a repositioning strategy and additional capacity to support local REITs adjust for long-term sustainability.
Following the introduction of the REIT structure in South Africa, the association was established in 2013 and it is entering a new maturity phase. The transition is on the back of the appointment of Joanne Solomon as full-time CEO and its 2020 AGM when the decision was taken to grow SA REIT’s responsibilities, activities, and services to members and its wider stakeholder group.
Estienne de Klerk, Chairman of the SA REIT Association says they have made good progress to ensure that SA REIT is positioned to provide a compelling support structure to its members and to meet their needs during this challenging time for the industry.
“Joanne Solomon’s appointment as CEO was a significant milestone, bringing a wealth of relevant experience and the dedicated capacity to fulfil our strategic objectives and drive new initiatives” he says.
As part of the association’s repositioning process, a range of new initiatives are being rolled out including the establishment of two new committees (institutional and research) and a comprehensive stakeholder engagement plan to grow the involvement of institutional investors, universities and large property investors.
“I have worked closely with SA REIT’s Executive Committee to update our strategic priorities in line with the changing environment. In particular, I look forward to strengthening relationships across a wider range of sector stakeholders to create a united voice on critical regulatory and business issues whilst also ensuring the availability of relevant statistics and information to support meaningful engagements” comments SA REIT CEO, Joanne Solomon.
The new Research Committee, chaired by Amelia Beattie, will provide high quality, independent research related to the South African listed property sector. The committee will be crucial in the growth of the Association as it aims to become a trusted research source hub for members and the industry at large.
A number of changes also took place across the existing five committees which continued to progress their respective focus areas including the industry consultation process with regulators regarding temporary amendments to the REIT legislation as well as the release of the well-received Second SA REIT Best Practice Recommendation for Financial Reporting, with the JSE considering it a benchmark for other sectors to follow.
“The property sector continues to play a vital part in socio-economic development and our members have responded decisively to the environment by expanding SA REIT’s capacity to bring the sector closer together. I am excited to continue working with current and future members to drive good governance, innovation and international best practises that will maintain REITs’ position as an attractive investment class in the long term,” concluded Solomon.