Q&A: Estienne de Klerk — the prince who became king

Growthpoint, SA’s largest listed property group, is preparing for a pivotal leadership transition. With longtime CEO Norbert Sasse set to hand the reins to Estienne de Klerk in July 2026, the company faces the challenge of sustaining growth in a sluggish economy while reshaping its portfolio for the future. Business Day sat down with De Klerk to reflect on his journey and unpack his vision for the next chapter.

Property gurus Estienne de Klerk and Norbert Sasse have come full circle. Saving Growthpoint from near death in the early 2000s and transforming it into SA’s largest listed property fund with assets north of R100bn has been no mean feat.

And with De Klerk set to take over from Sasse at the helm of the property major in July 2026, he said the group is well poised for further growth. Business Day caught up with him.

What has been the highlight of your tenure as Growthpoint SA CEO?

In the early years at Growthpoint, the highlights were the major merger & acquisition deals that transformed the business: the Primegro transaction, the acquisition of the Investec buildings, and three major deals concluded in a single year, one involving the simultaneous merger of two listed companies, Acucap and Sycom.

The V&A Waterfront and Growthpoint Properties Australia acquisitions were certainly major highlights. Yet what stands out most is how our business, our people and our portfolio have evolved since Growthpoint established its own identity after its management buy‑in in 2007.

You had to navigate the Covid‑19 pandemic, which affected the property sector in several ways. What are your memories of that period and what lessons did you draw from it?

Through the property industry group, we secured full co-operation across the real‑estate sector and worked closely with retailers, banks and various government departments to address the challenges of that difficult period. The experience drove home the fragility of the economy in the face of black swan events. At the same time, it showed how vital co-operation within and between industries is in weathering such crises.

Can you shed more light on the successes in your team’s efforts to improve the quality of the SA portfolio?

Since our 2017 financial year, we have cut the number of our retail properties almost in half, from 58 to 32 spanning 1.1-million square metres of gross lettable area (GLA), exiting noncore retail in declining CBDs and niche segments such as motor dealerships.

This has resulted in a more focused and relevant portfolio, and we’re selectively targeting more retail investment specifically in the Western Cape.

We streamlined our office portfolio from 186 properties to 146 with 1.6-million square metres of GLA, by reducing exposure to B‑ and C‑grade assets. This has refined our office holdings considerably, while aligning them more closely with modern business aspirations and operational needs.

In the logistics and industrial sector, we reduced our portfolio from 247 properties totalling 2.2-million square metres to 143 properties just shy of 1.8-million square metres, disposing primarily of older industrial and manufacturing facilities. Meanwhile, we are ramping up investment in Western Cape logistics, including the development of high‑quality logistics warehouses.

You’re coming into the group CEO role in a year’s time. Will your appointment herald a change or pivot in strategy, or will you be building on what already exists?

It is a privilege to be entrusted with contributing to the ongoing growth and development of a company like Growthpoint, surrounded by such dedicated people in a great industry.

Our best results come from tapping into our wide array of expertise and collective decision-making.

While I will be tasked with delivering the strategy, our best results come from tapping into our wide array of expertise and collective decision‑making. Growthpoint’s management team reviews our strategy annually to assess whether all elements remain relevant and where it should be adapted. Naturally, this annual review process leads to some changes.

Where does growth lie for Growthpoint in the years ahead?

Growthpoint is well-positioned for growth. In fact, all our business units have growth potential. Our scale and access to capital equip us for growth locally and offshore. Right now, some areas are enjoying greater growth in tandem with market demand, notably our portfolios in KwaZulu-Natal and the Western Cape, including the V&A Waterfront, and our logistics and industrial portfolio in both these regions, as well as in Gauteng. We remain alert for growth opportunities across the board.

Khumalok@businesslive.co.za