PROFILE HEARTWOOD PROPERTIES
brings leadership to Heartwood Properties
GEOFF JENNETT
Heartwood strengthens its board with experienced leadership as it pursues a R325-million property development pipeline.
Geoff Jennett, the former CEO of Johannesburg Stock Exchangelisted real estate investment trust( REIT) Emira, has joined the board of Heartwood Properties Limited as a non-executive director. Heartwood is a commercial property development and investment company listed on the Cape Town Stock Exchange.
Jennett has 35 years of experience in financial management, strategic planning, and leadership. He spent almost 11 years at Emira, including a brief period as CFO, before becoming CEO in September 2015.
Heartwood Properties Limited is positioned for substantial growth, with a R325 million development pipeline in the Cape Town area over the next 14 months. This includes two 8 000m ² warehouse developments on long leases, a 4 000m ² warehouse, and a 2 000m ² turnkey office development for a major information technology company. Once completed, the total asset value is expected to exceed R650 million.
Some of the additional equity required for these projects has been provided by Nedbank Property Partners.
Among his achievements at Emira, Jennett managed its conversion from a collective investment scheme to a REIT; he led investments in US power centre retail properties, managed the acquisition and delisting of Transcend Residential Property Fund, and generated significant liquidity through targeted asset sales. He also managed Emira’ s investment in the DL Invest Group in Poland.
“ Geoff brings a wealth of property, strategy and business experience to the table, and we’ re delighted to welcome him on board,” says Heartwood Properties Limited CEO John Whall.
“ Investor sentiment in the sector is improving, and his experience in financial direction and leadership roles and strong focus on positive team dynamics are invaluable as we move into our next phase.”
As a developer rather than a long-term property holder, Heartwood’ s strategy is to exit this warehouse portfolio within three to five years and return all proceeds to shareholders as a dividend.
The company’ s audited results for the 2025 financial year reported a gross portfolio value of R401 million, a net asset value of R150 million, and a loan-to-value ratio of 52 %, down from 54 % in 2024.
Jennett says,“ I’ m thrilled to have joined the Heartwoods Properties Limited board and to contribute my expertise, insights and independent advice on a non-executive director level. I look forward to offering mentoring and strategy consulting as part of the company’ s strong focus on governance.” ■
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