Sipho Pityana replaces Redefine Wainer as chairman

Redefine Properties has appointed Sipho Pityana as its new chairman replacing founder Marc Wainer. The company is South Africa’s third largest real estate investor by market capitalization. Wainer led the company into Europe, establishing Redefine Europe along with a major investment into Polish-based EPP NV. Its fund, RDI REIT, controls a portfolio worth GBP 1.6bn, of which GBP 258.6m is located in Germany, with the remainder in the UK. The company is looking to reduce its exposure to the German and UK retail markets through a proposed disposal of four UK shopping centers and a planned German retail portfolio disposal. In late March, RDI REIT acknowledged that there had been discussions over Cromwell Property Group’s interest in buying shares in it. “RDI Reit has challenges,” Wainer admitted. “We are looking at a few options to create value in the company.”