Former Emira CEO Geoff Jennett takes seat on Heartwood Properties board

Heartwood Properties is entering a new phase of growth and market visibility, announcing both a senior board appointment and a forthcoming secondary listing on A2X Markets.

The commercial and industrial property investment and development company has appointed former Emira CEO Geoff Jennett as a non-executive director, strengthening its board as it advances a growing development pipeline.

Read:
Spear Reit lifts distribution as portfolio delivers growth
Emira increases stake in Polish developer DL Invest

Jennett brings 35 years’ experience in financial management, strategy and leadership.

During his time at Emira, Jennett oversaw several significant milestones, including the group’s conversion to a real estate investment trust, investment in US power-centre retail assets, the acquisition and eventual delisting of Transcend Residential Property Fund, and targeted disposals to improve liquidity. He also led an investment into the DL Invest Group in Poland.

“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,” says Jennett.

Heartwood CEO John Whall said the appointment comes as sentiment toward the property sector improves and as the company positions itself for its next growth phase.

That growth phase includes a development pipeline valued at R325 million over the next 14 months, focused on the Cape Town area.

Planned projects comprise two 8 000m² warehouses on long leases, a 4 000m² warehouse and a 2 000m² turnkey office development for a large information technology company.

Once completed, Heartwood’s total asset value is expected to exceed R650 million. Some of the equity required for these developments has been provided by Nedbank Property Partners.

Heartwood, which is listed on the Cape Town Stock Exchange (CTSE), reported a gross portfolio value of R401 million in its audited 2025 financial results, with a net asset value of R150 million and a loan-to-value ratio of 52%, down from 54% in 2024.

The company’s strategy is to develop rather than hold assets long term, exiting its warehouse portfolio over three to five years and returning proceeds to shareholders as dividends.

Alongside the board appointment, Heartwood has been approved for a secondary listing on A2X Markets, with trading scheduled to begin on 2 February 2026. The listing will allow Heartwood shares to be traded on both the CTSE and A2X, broadening market access and providing shareholders with an additional trading venue.

A2X said the secondary listing expands choice for investors and supports improved liquidity and price discovery.

Read:
Castleview CFO James Day named Emira Property Fund CEO
OUTsurance opts for secondary listing on A2X

Follow Moneyweb’s in-depth finance and business news on WhatsApp here.