Siyabonga Mbanjwa resigned as CEO and from the board of Delta Property Fund on Friday, citing personal reasons.
Mbanjwa, a seasoned executive with more than 24 years of experience in the construction and property sector, has been at the helm since February 1.
Non-executive director Bongi Masinga has been reappointed as interim CEO with immediate effect — a role she held from August 25 2020 to January 31 2022.
Further to his role as an independent non-executive director, the board has entered into a consultancy agreement with Caswell Rampheri to drive Delta’s strategy including the disposal of assets.
Rampheri is the founder and CEO of Buna Group, a diversified property and infrastructure business with operations in SA and other African markets.
He has extensive experience in business advisory, structuring, raising capital and overseeing the successful implementation of several property transactions.
Delta Property Fund is a JSE-listed real estate investment trust (Reit) with a diversified property portfolio.
Disposing of noncore assets and optimising the property portfolio are part of the company’s turnaround strategy.
For the financial year ended February, Delta had earmarked 26 properties for disposal with a market value of R787m. In November, Delta revised this number to 37 properties valued at R877m.
Sale proceeds were used to reduce debt which was sitting at R4.54bn in February to R4.36bn at the end of August. The remaining disposals are expected to reduce debt and loan-to-value from 58.2% to about 50% by 2025, the company said at the time.
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