Arrowhead Properties, which owns a diversified range of properties, initially enjoyed tremendous acquisition-driven success. It was listed in 2011 when Redefine unbundled a portfolio of 96 smaller properties worth R1.7bn, to a new property fund. Arrowhead also borrowed R800m from banks.

Its CEO at the time, the late Gerald Leissner, said the company had aspirations to own assets worth R10bn within five years and that it would achieve this through buying income-producing, high-yielding properties...

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