End of a combined 35-year era for R55 billion property giant in South Africa

Business Malcolm Libera 9 Sep 2026 Business End of a combined 35-year era for R55 billion property giant in South Africa Malcolm Libera  ·9 Sep 2026 Growthpoint Properties, South Africa’s largest JSE-listed real estate investment trust, has entered a new era after the departure of two executives who collectively spent around 35 years in the company’s top leadership positions. The group concluded the official transition in its annual results for the year ended 30 June 2026. The Sandton-headquartered property giant, founded in 1987, now has a market capitalisation of more than R55 billion and has completed a long-planned transition involving both its CEO and CFO. Norbert Sasse stepped down as Growthpoint’s Group CEO on 30 June 2026 after almost 22 years at the helm. Gerald Völkel, meanwhile, retired as Group Financial Director on 31 March 2026 after more than 13 years in the position. Together, the two executives oversaw Growthpoint through much of recent growth, including its expansion into one of South Africa’s largest listed companies and its inclusion in the FTSE/JSE Top 40 Index. Sasse led the company for approximately 21 years and 8 months, having assumed the CEO role in 2004. While he formally stepped down as CEO at the end of June, he remains with Growthpoint in an executive capacity until 31 December 2026 to support the leadership transition. Estienne de Klerk was appointed Group CEO effective from 1 July 2026. However, Growthpoint said Sasse has subsequently assumed the role of Interim Group CEO pending De Klerk’s return to office. “Estienne de Klerk was appointed as Group Chief Executive Officer effective 1 July 2026. Norbert Sasse served as Group Chief Executive Officer until 30 June 2026 and remains in an executive role until 31 December 2026,” the company said. “Norbert has assumed the Interim Group Chief Executive Officer role until Estienne’s return to office.” De Klerk has spent nearly 20 years with the company in a range of senior executive positions. Before his appointment as Group CEO, he served as CEO of Growthpoint South Africa. A chartered accountant with three decades of experience across banking and listed property, De Klerk has also held leadership positions across the broader property sector. New blood Group CEO Estienne de Klerk (left) and CFO José Snyders (right). Growthpoint chairman Rhidwaan Gasant said the appointment represented both continuity and a carefully planned succession process. “This is a natural and timeous transition to new leadership to take Growthpoint into its next chapter,” Gasant said. “We are pleased to announce Estienne de Klerk’s appointment as Group CEO, which represents strong continuity and deep corporate knowledge.” José Snyders joined the company as Group CFO on 1 January 2026, replacing Völkel, who officially retired at the end of March following a three-month handover period. “José Snyders joined as the Group Chief Financial Officer on 1 January 2026, while Gerald Völkel continued as Group Financial Director until 31 March 2026,” Growthpoint said. Snyders joined Growthpoint from Liberty Two Degrees, where he served as CEO following previous roles as Commercial Director and Financial Director. He brings more than 22 years of experience across financial services, investment banking and listed real estate. Gasant said Snyders’ appointment would bring a new perspective to the executive team. “The appointment of José Snyders as Group CFO injects fresh perspective into the mix,” he said. The leadership changes come as Growthpoint remains a major force in South Africa’s property sector, with a portfolio of 453 properties across four major business units and total property assets valued at R160.1 billion. The group reported distributable income per share growth of 4.3% to 152.6 cents for the 2026 financial year, while dividends per share increased by 7.4% to 133.5 cents. Group key financials summary table FY26FY25Year-on-Year % Change Net Property Income (excl. straight-line)R9.448 billionR9.391 billion+0.6%Distributable IncomeR5.180 billionR4.964 billion+4.35%Distributable Income per Share (DIPS)152.6 cps146.3 cps+4.3%Dividend per Share (DPS)133.5 cps124.3 cps+7.4%Total Property AssetsR160.1 billionR155.8 billion+2.8%Group NAV per Share2,131 cps2,054 cps+3.8%Group Loan-to-Value (LTV)38.7%40.1%-1.4% (Improvement)Group Interest Cover Ratio (ICR)2.63 times2.38 times+0.25 times Subscribe Show comments Autoload comments