Europe-focused MAS Real Estate said on Friday former Nedbank executive Werner Behrens will take up the position of CEO from the beginning of May, as the group proceeds with its expansion into Eastern Europe. Behrens is a former chair of Nedbank Capital’s credit committee, and his 30-year track record includes a stint at the Development Bank of SA. MAS was created in 2009 as an initiative of several large SA property investors keen on diversifying their holdings into overseas markets. The major shareholders of the company, which has its head office on the Isle of Man, then included Attacq, Mertech and Sanlam. It has aggressively pursued acquisitions in central and Eastern Europe, tripling its asset base in the past three years to €900m in 2019. The company reported in March rental income in the six months to end-December rose 38%, with the group declaring an interim dividend of 3.78 euro cents, a 40% increase over the 2.70c in the prior period. MAS chair Ron Spencer said in a stateme...

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