At a Glance
- PIC, Delsa, and Resilient Properties collectively hold 32.77% of Resilient REIT, reflecting a combined stake of 119.68 million shares.
- Resilient REIT’s share price surged by 30.7% in 2024, driving its market value to over $1 billion by year-end.
- Ninety-One acquired a 5% stake worth $57.1 million in early 2025, signaling rising institutional interest in Resilient’s assets.
The Public Investment Corporation (PIC), Africa’s largest asset manager, alongside Delsa Investments and Resilient Properties, experienced significant wealth gains in 2024, driven by the rising market value of their holdings in Sandton-based Resilient REIT.
The real estate investment trust (REIT), co-founded by South African tycoons Des de Beer and Barry Stuhler, closed the year with the value of their combined stake soaring to $78.4 million.
PIC holds largest stake in Resilient REIT
The PIC, South Africa’s state-owned asset manager and the largest single investor on the Johannesburg Stock Exchange (JSE) hold a dominant 15.7 percent stake in Resilient REIT, representing 57.4 million shares.Â
Delsa Investments, the private investment vehicle controlled by Des de Beer, commands an 8.8 percent holding, while Resilient Properties Proprietary Limited, controls 8.26 percent. Collectively, these entities own 32.77 percent of Resilient REIT, translating to 119.68 million ordinary shares.
Resilient’s market performance in 2024
In 2024, Resilient REIT’s market value climbed by R2.91 billion ($78.4 million), reflecting robust performance on the JSE and renewed investor confidence in the company’s retail and commercial property assets.
In Half-year 2024, Resilient realised a total profit of $57.4 million, despite challenging economic conditions and ongoing construction activities at several of its shopping centers.
Founded in 2002 by Barry Stuhler and Des de Beer, Resilient REIT focuses on retail and logistics properties in South Africa and select international markets.
The company’s share price appreciated 30.7 percent during the year, rising from R44.80 on January 1 to R58.55 by December 31, 2024. This growth propelled Resilient’s market capitalization to over $1 billion by year-end.
While the South African rand depreciated by 2.41% against the U.S. dollar, marginally curbing foreign currency returns, Resilient’s dollar-denominated share price still advanced from $2.39 to $3.13 over the same period.
Ninety-One joins Resilient’s key investors
Entering 2025, Resilient has attracted additional institutional interest. On January 3, 2025, Anglo-South African asset manager Ninety-One disclosed the acquisition of a 5% stake in Resilient REIT, valued at R1.07 billion ($57.1 million).
This strategic acquisition aligns Ninety-One with other leading investors, reinforcing the broader appeal of South Africa’s real estate market to institutional players seeking resilient, high-performing assets.
The move highlights continued optimism about Resilient’s property portfolio, market resilience, and long-term growth prospects, even amid economic headwinds.
With PIC, Delsa, and Ninety-One securing significant holdings, Resilient REIT is positioned as a key player in South Africa’s real estate sector.
The REIT’s ability to deliver shareholder value through property appreciation and strategic acquisitions underscores its appeal in an evolving investment landscape.
