Louis van der Watt, one of the founders of capital growth fund Attacq, has resigned as a nonexecutive director to pursue his own interests.
The board said it regretted announcing his resignation with effect from July 1.
"Louis was one of the founding members of Attacq and has played an integral part in the business, first as an executive director when the business was formed, and later as a non-executive director and member of the investment committee," the board said.
"Louis was instrumental in the acquisition and visioning of Attacq’s Waterfall development and has laid a sound foundation for the future roll-out of this prestige development.
"With Attacq now being a well-established mature business, Louis, a fervent entrepreneur, wishes to spend more time pursuing his own business interests," it said.
Even though Van der Watt would not be involved directly with Attacq in the future, the relationship between Attacq, Van der Watt and his development company Atterbury Property remained intact and "would continue with new and exciting transactions at Waterfall in the future".
Recently Attacq decided to become a real estate investment trust and start paying dividends. To do this, it is undergoing certain structural changes.
Van der Watt founded development company Atterbury Property, which created some assets for Attacq.
The move to the Reit structure means it will start paying dividends to shareholders, which is likely to put the counter on the radar of a wider investor audience.
Attacq listed on the JSE in October 2013.