About us

Company snapshot

Company name The Pivotal Fund Limited
JSE Share code PIV
ISIN ZAE000196440
Registration number 2005/030215/06
JSE sector Real Estate Investment & Services
Year-end 28 February
Listing date 8 December 2014
Group established 2005
Issued shares 331 320 111

Business strategy

Pivotal is a development-focused investment fund listed on the JSE main board, focusing on delivering sustainable capital returns through A-grade property developments and investments in South Africa and other selected countries. At year-end, Pivotal’s directly owned portfolio and indirect property portfolio was valued at R11.3 billion and R1.2 billion respectively.

The property portfolio’s completed income producing properties are highly resilient, are sustained by constant maintenance and upgrades, optimal tenant mix with low levels of arrears, low vacancy levels and high tenant retention. The income generated is mainly reinvested into value-enhancing property upgrades, acquisitions and developments and Pivotal’s current dividend policy is therefore not to make any distributions to shareholders.

The company’s strategic partnerships and joint ventures with Abland and other developers ensure a continued pipeline of high-quality, value-adding development opportunities that meet the company’s investment criteria. The completed merger, post year-end, between Mara Delta Property Holdings Limited (“Mara Delta”) and Delta Africa Property Holdings Limited (“Delta Africa”) has strengthened Pivotal’s investment diversification strategy offshore, while forging a relationship for investment in Africa.

Pivotal’s investment in Echo Polska Properties B.V. (“EPP”) is in keeping with the company’s strategy of investing up to 15% in mature emerging markets, offering the company an opportunity to invest in a number of high-quality properties with attractive yield spreads. In addition, the transaction offers participation in a substantial development pipeline with a value on completion in excess of €500 million. Given EPP’s right to share in the profit derived from the sale of certain assets, currently being developed by subsidiaries of Echo Investment S.A. (“Echo”) in respect of which EPP has a right of first offer to acquire.

Download Pivotal Integrated Report 2016 (8MB)

Operational structure

Download Pivotal Integrated Report 2016 (8MB)

Material matters


Pivotal's material matters remain two pronged:


Portfolio management

  Increase sustainable shareholder value .
  Focus on maintaining premium and A-grade properties.
  Increased sustainability benefits of efficient buildings.
  Grow the asset base through development opportunities .
  Efficient debt levels at market-related cost .
  Diversify the investment strategy › Strategic relationship building.

Operational management

  Minimise operational cost.
  Minimise vacancy levels.
  Retain quality tenants.
  Optimise arrears collections.
  Optimise maintenance.
  Mitigate council charges.

Download Pivotal Integrated Report 2016 (8MB)

Directorate

Sakumzi ("Saki") Macozoma

Sakumzi ("Saki") Macozoma

(59) BA
Independent non-executive chairman
Remuneration and nominations committee
Appointment date: 20 May 2016 (Post year-end)
Saki is one of the most prominent business figures in South Africa. He is chairman of mining and exploration companies, Tshipi é Ntle Manganese Mining and Ntsimbintle Mining and a board member of Volkswagen SA. In additio to his business interests, Saki is recognised for his work in civil society. In 2012, the University of South Africa (UNISA) gave him a Calabash award,the university’s highest honour, for his fight against State oppression during the apartheid regime. Saki is the President of Business Leadership in South Africa and a member of the International Business Advisory Council (IBAC) of the G20.

Jackie van Niekerk

Jackie van Niekerk

(33) BCom
Chief executive officer
Appointment date: 6 December 2013
Jackie studied BCom Accounting at the University of Pretoria. She has over 10 years of property experience in all property industries and disciplines. She joined Pivotal in 2009 as an asset manager, where she gained experience in property management, investment and development in all property sectors. Jackie was elected to the board and appointed as managing director in June 2013.

Aaron Suckerman

Aaron Suckerman

(31) Bcom (Acc), ACCA UK
Financial director
Appointment date: 6 June 2014
Aaron has held various senior finance positions in the United Kingdom before returning to South Africa. He gained experience in corporate and property management as financial manager at Redefine Properties Limited and financial director at Fountainhead Property Trust.

Dave Savage

Dave Savage

(52) BSc (Building) and MSc (Building)
Non-Executive director

Investment committee; Remuneration and nomination committee
Appointment date: 29 August 2005
Dave has 28 years’ experience in the property industry, 26 years of which have been dedicated to the growth of the Abcon Group. Dave has been involved in all aspects of Abland becoming a national property development company active in all industry sectors. He was also integrally involved in the formation and listing of Pivotal. Dave currently serves as Abcon Group CEO for the various companies. He also serves on the board of the MaraDelta Fund. Dave stepped down as an executive director on 20 May 2016 but remains on the board as a non-executive director.

Thys Neser

Thys Neser

(60) BSc (Building Management), MBA
Non-executive director

Investment committee
Appointment date: 29 August 2015
Thys has been involved with the Abcon Group since 1981 and is currently executive chairman of the various companies within the group. He is active in the residential and commercial property field, as well as in other business ventures.

Tom Wixley

Tom Wixley

(76) BCom, CA(SA)
Independent non-executive director
Audit and risk committee, Remuneration and nominations committee, Social and ethics committee
Appointment date: 5 September 2014
Tom was a partner at Ernst & Young for over 30 years, the last 10 of which as chairman. He has held directorships in a number of listed companies and is co-author with Professor Geoff Everingham of “Corporate Governance” now in its third edition.

Stewart Shaw-Taylor

Stewart Shaw-Taylor

(63) CA(SA)

Non-executive director

Investment committee
Appointment date: 12 December 2005
Stewart has more than 32 years’ experience in investment banking and real estate. Prior to his retirement at Standard Bank he was head of Real Estate Investments, Corporate and Investment Banking, responsible for the equity-related real estate activities undertaken by the Division. He currently serves on a number of listed and unlisted boards.

Tony Dixon

Tony Dixon

(70) CA(SA); EDP (Wits) F inst D
Independent non-executive director

Audit and risk committee
Appointment date: 5 September 2014
Tony was a partner, regional CEO and regional chairman of Coopers & Lybrand (PricewaterhouseCoopers) KZN as well as a member of National Executive and Governing Board (1975 to 1995).He has also had executive director and non-executive director experience on a number of publicly listed companies. Tony has five years’ experience as executive director of the Institute of Directors (IoD) (2003 to 2008) was a long serving member of the King Committee on Corporate Governance and is an experienced CEDR-accredited mediator.

Chris Ewing

Chris Ewing

(67) BCom LLB (Wits)
Independent non-executive director

Audit and risk committee, social and ethics committee
Appointment date: 5 September 2014
Chris is the immediate past Chairman of Cliffe Dekker Hofmeyr. He was appointed as a partner in 1982 and has more than 30 years of corporate law experience. Chris is currently Chairman of DLA Piper Africa and is a consultant to DLA Piper International.

Thando Sishuba

Thando Sishuba

(45) BSc Hons (Land Management) and MSc (Property Investment)
Independent non-executive director

Remuneration and nominations committee
Appointment date: 30 August 2012
Thando has over 20 years of property experience, having served in various roles within the property industry (mainly as fund manager at Old Mutual Properties, MD of Shanduka Properties and most recently as the Head of Properties at Imperial Holdings). Thando is currently the Managing Director of Ubunono Properties, a black owned asset management and development facilitation entity. He is also a director of Texton Property Fund and Catalyst Fund Managers South Africa. He has previously served as a non-executive director of various listed property funds, as well as Kia Motors S.A.

Awards and accolades

Alice Lane

  Building 1 and 2 were awarded a 4 star rating for New Office Design v1 by the Green Building Council of South Africa (GBCSA).
  Building 1 was the winner of the South African Owners Association (SAPOA) Innovative Excellence in Property Development for Commercial Office Developments.
  Virgin Active in building 1 was awarded a green star rating for interiors v1 by the Green Building Council of South Africa (GBCSA).
  Virgin Active was a special award winner for leisure and retail interior at the annual Retail Development & Design Award (RDDA) 2014 by the South African Council of Shopping Centre’s (SACSC)
  Building 2 was given a merit award of the South African Owners Association (SAPOA) Innovative Excellence in Property Development for Commercial Office Developments.

 

  • Alice Lane Awards

    • Alice Lane - Building 1

    • Alice Lane - Building 1

    • Alice Lane - Building 1

    • Alice Lane - Building 2

    • Alice Lane - Building 2

    • Alice Lane - Building 2

     

    Monte Cirlce

      4 Star Green Star Office Rating.

     

  • Monte Awards

    • Monte Circle

    • Monte Circle

    • Monte Circle

    • Monte Circle

    • Monte Circle

    • Monte Circle

     

    Lakeview Nedbank

      4 Star Green Star Office Rating.

     

    • Lakeview Nedbank

    • Lakeview Nedbank

    • Lakeview Nedbank

    • Lakeview Nedbank

    • Lakeview Nedbank

    • Lakeview Nedbank

     

    Cradlestone Mall

      Cradlestone Mall took home a gold award for its Hangers for Hope community relations initiative by Bespoke Marketing at the 2016 SACSC Footprint Awards.
      Winner of the South African Property Owners Association (SAPOA) Innovative Excellence in Retail Property Development Award 2014.
      Overall winner of the Spectrum Award in the South African Council of Shopping Centre’s (SACSC) annual Retail Development & Design Award (RDDA) 2014.
      Winner in the commercial section of the 9th Saint-Gobain Gypsum International Trophy Awards, which took place in Berlin Germany. This global award was for its innovative roof design.
      Winner of African Property Award 2014-2015 in the Retail Architecture Category.

     

  • Cradle Stone Awards