Co-CEO of Investec Property Fund resigns

One of the co-CEOs of the Investec Property Fund (IPF) has resigned after taking charge of the real estate investment trust (Reit) more than four years ago.

Darryl Mayers will step down on November 30 and Andrew Wooler, who joined the company in 2012, will continue as sole CEO. The company said he has served in various leadership positions at the company over the past decade.

IPF is a JSE-listed Reit that owns a diversified portfolio of 86 properties in the retail, industrial and office sectors valued at R8.4bn. These include The Firs in Rosebank and the Design Quarter in Fourways, both in Johannesburg. IPF listed on the JSE in 2011.

The company thanked Mayers for his “dedication and contribution to delivering on the strategic objectives” of the fund.

“This leadership transition comes at a time when the fund’s operating business, portfolio of local and international assets, and balance sheet are in a strong position after the challenges faced by the property sector over the last two years,” it said.

Mayers is pursuing other opportunities but will remain involved with the fund in an advisory capacity.