Marc Wainer, who founded what became SA's second-biggest listed property fund and oversaw deals from Australian to Eastern Europe without ever having a formal education, has died.
Wainer, 71, succumbed to a heart attack on Monday, Redefine Properties confirmed. He had retired from the company just eight months ago, shortly after the death of his wife, Lesley. He started Redefine, of which he was CEO and later chair, in 1999 and listed it on the JSE in 2000. He also served as executive director on the landlord’s board.
He started in business running his parents’ grocer and fish shop in Yeoville, Johannesburg, and was well known for his knack for doing business deals and building real estate companies worth billions. Redefine listed with a market capitalisation of R463m. Its market value has since grown to about R15bn.
He entered the property business in 1973 when he stumbled on a job advert for a shopping centre manager in Kempton Park, partly landing the post because he was the only candidate who had visited the mall before his interview to get an insight on required improvements.
He went on to join Investec in 1986 as MD for property, and then started his own consultancy firm, Marc Wainer & Associates, in 1992.
Wainer was “a visionary and an astute deal maker”, Redefine said in a statement on Monday. The company owns more than 300 local properties with the last reported total assets exceeding R100bn. It also has investments in Germany, the UK, Poland and Australia.
Wainer was succeeded as CEO by Andrew Konig in 2014.
In his later life, he became well known for running mentorship programmes, including The Mentorship Challenge TV show, and as a business commentator.
Konig said Wainer was a huge loss for corporate SA.
“He leaves a void in the lives of people in the entire property sector who did not escape his characteristic wit, infectious laughter and his genuine love and concern for those he worked with.”
Wainer was “truly a stalwart of SA's property landscape”, said South African Property Owners Association (Sapoa) CEO Neil Gopal. Some of his career highlights included the development of Canal Walk in Cape Town and deals that produced funds ApexHi and the Fountainhead, he said.
Norbert Sasse, group CEO of rival real estate company Growthpoint Properties, said news of Wainer's death had shook the commercial property industry.
“Marc Wainer was a huge part of this country. There was a healthy level of competition between Marc and I and we had a lot of respect for each other. After his retirement, we became closer in our common interest, a love for property. He made a lot of time for others and lived life to the full. He was an unforgettable person.”
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