Former Emira Property Fund CEO Geoff Jennett has joined the board of Cape Town Stock Exchange–listed Heartwood Properties as a nonexecutive director, adding seasoned strategic and capital-markets depth to the developer as it positions itself for a period of accelerated execution.
Jennett stepped down as CEO of Emira at the end of April last year, drawing the curtain on almost a decade at the helm. His departure marked the conclusion of a tenure shaped more by balance-sheet repair, portfolio repositioning and offshore diversification
During his time at Emira, Jennett oversaw its conversion into a real estate investment trust. He led investments in US power centre retail assets, acquired and ultimately delisted Transcend Residential Property Fund, unlocked liquidity through targeted disposals, and expanded offshore exposure through an investment in Poland-based DL Invest Group.
Heartwood Properties, which specialises in commercial and warehousing assets, is benefiting from a gradual improvement in investor sentiment. CEO John Whall said Jennett’s extensive experience in financial leadership, strategic direction and fostering strong team dynamics would be invaluable as the company moves into its next phase of growth.
According to the group’s audited results for the 2025 financial year, Heartwood Properties reported a gross portfolio value of R401 m, a net asset value of R150m, and a loan-to-value ratio of 52%, down from 54% in 2024.
“Heartwood Properties is set up for substantial business growth, with a R325 m pipeline for developments in the Cape Town area over the next 14 months, comprising two 8,000m² warehouse developments on long leases, a 4,000m² warehouse and a 2,000m² turnkey office development for a large IT company. On completion, the total asset value will be over R650m,” Whall said.
Part of the additional equity for these developments has been secured through Nedbank Property Partners. “Geoff brings a wealth of property, strategy and business experience to the table, and we’re delighted to welcome him on board,” Whall said.
The group intends to exit the warehouse portfolio within 3-5 years, unlocking value and returning the proceeds directly to shareholders, in line with its developer-led approach, it said.
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