The listed property sector has been hit by unexpected management changes, further denting already weak investor confidence. Industry veteran Pieter Prinsloo’s quitting on Tuesday as CEO of blue-chip mall owner Hyprop Investments resulted in the share price dropping to a two-year low of about R90. Prinsloo, who was at the Hyprop helm for 14 years, will be replaced by Morne Wilken, the CEO of European-focused MAS Real Estate. Wilken, previously CEO of Mall of Africa owner Attacq, has been at MAS only since January. The company has not yet appointed a successor for Wilken. The share price is down about 7% over the past week. In another surprise move, Texton Property Fund CEO Nosiphiwo Balfour tendered her resignation in September. Texton’s share price has shed about 16% since her departure was announced on September 14, barely a year after she took over from Nic Morris. Investec Property Fund also announced leadership changes in July, with CEO Nick Riley to make way for new joint CEOs ...
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