ALISTAIR ANDERSON: Andrew Konig champions measured management in a sector regaining trust
Redefine is cleaning up its balance sheet and has put R8bn worth of properties up for sale
Andrew Konig, president-elect of the South African Property Owners Association (Sapoa) and CEO of SA’s second-largest listed property group, Redefine Properties, believes that to restore credibility property groups will need to be cautious and realistic in the toughest economic environment in SA in decades.
Redefine, which has a portfolio of investments worth more than R95bn, is under pressure in a weak environment, like many of its peers. It is difficult to raise rents when some tenants battle to meet existing contracts. As a result, it is cleaning up its balance sheet and has put R8bn worth of properties, or 8.4% of its asset base, up for sale.