Balwin Properties delists from JSE after $138 million buyout 

Balwin Properties (Balwin), a Johannesburg-based residential property developer led by South African businessman Stephen Brookes, has officially gone private after 11 years on the Johannesburg Stock Exchange, ending a public-market chapter that began in 2015. 

The residential developer also spent three and a half years listed on A2X Markets. Its delisting follows completion of a R2.26 billion ($138.1 million) take-private transaction approved by shareholders. 

Eligible shareholders backed the scheme of arrangement with 98.48% of votes, clearing the way for the company to leave the JSE. Investors received R4.35 ($0.26) in cash for each share on Sept. 21, 2026. Founder and CEO Steve Brookes, Managing Director Rodney Gray and the wider executive team have reinvested alongside the Public Investment Corporation.

New capital backs pipeline 

The PIC, acting for the Government Employees Pension Fund, brings long-term institutional capital to Balwin as the developer expands its residential pipeline. The company has 26,334 build-to-sell apartments across Gauteng, KwaZulu-Natal and the Western Cape, while assessing about 7,700 additional apartments for potential build-to-rent projects. 

Balwin handed over about 26,000 apartments during its years as a listed company and generated R28.3 billion ($1.73 billion) in cumulative revenue from apartment sales. It also returned nearly R1 billion ($61 million) to shareholders through dividends and completed its 100th residential development in 2025.

Brookes backs private ownership 

Brookes, who founded Balwin in 1996, said he and Gray were reinvesting because they remained confident in the company, its employees and development pipeline. The executive team will remain in place and continue running the business, providing continuity as Balwin moves beyond its listed-company structure. 

Brookes said the JSE years strengthened Balwin’s governance, discipline and accountability, adding that those practices would remain embedded in the business. He said the company remained committed to South Africa and planned to build on its 30-year operating history with its existing management team and long-term shareholders.

Liquidity weighed on listing 

Balwin listed in 2015 to access capital markets but faced limited trading liquidity and a sustained discount to its underlying net asset value. The costs of maintaining a public listing also reduced its appeal, making private ownership a more practical structure as management and institutional investors pursued the company’s next phase. 

The company has grown into one of South Africa’s largest developers of sectional-title apartment estates, focusing on affordable and lifestyle-oriented housing. Its private ownership structure now gives Balwin greater scope to pursue its development pipeline while retaining the governance practices and management team built during its 11-year public-market tenure.