Marc Wainer, the Founder of South Africa’s second-largest listed property group, Redefine Properties, has retired as an Executive Director on the landlord’s board.
Wainer founded Redefine in 1999 and listed it in 2000 with a market capitalization of R463 million (approximately $302 million). Its market value has since grown by about 100 times.
“An astute dealmaker, Wainer held sway on the markets and the city’s skyline, taking Redefine Properties from humble beginnings to a listing and building it into one of South Africa’s largest, and most respected, real estate companies,” the group said.
Redefine, a Top-40 constituent, had a market capitalization of R45 billion (approximately $3 billion). The landlord has a property platform worth R92 billion (approximately $6 billion) with investments in South Africa, Germany, the UK, Poland and Australia.
"In line with Redefine’s stated intention to create value through good governance practices and as part of its board succession plan, Wainer, 70, had stepped down as Redefine’s executive chairman in May, handing the Chairmanship of the company he founded in 1999 to businessman Sipho Pityana,” it said.
“Looking back, I’m proud of what we have accomplished as a team,” Wainer said. “I am confident that Andrew Konig, CEO, and the executive leadership team will be able to navigate Redefine in the current environment."
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