In 2000, publicly-traded real estate companies were trending. These JSE-listings generally took the form of Variable Loan-Stock companies, where shareholders received an interest-bearing debenture, linked to each ordinary share purchased. The interest rate of the debenture varied, according to the net pre-tax income of the company. Normally VLS’s paid out all, or most of their income, in the form of debenture interest, so that the income would be taxed in the hands of its shareholders, rather than the company, thereby avoiding two tiers of taxation. REIT’s, already popular in the US, were yet to come to South Africa, which still lacked the requisite, enabling Income Tax legislation.

Solomon Brothers Group was being pursued by many newly listed companies, wanting our real estate portfolio and reputation attaching to their new or recent listing.

In that year, we injected a portfolio into Arnold Property Fund Ltd, an IPO that debuted on the JSE, becoming one of the listed companies largest shareholders and serving on its board of directors.

Soon thereafter, we injected a portfolio into the recently listed Redefine Income Fund Ltd, again becoming its largest shareholder and serving on its board of directors and various key corporate committees.

The “Entrepreneurial Bug” was biting. Our natural inclination to make deals swiftly, identifying undervalued opportunities and deploying an array of innovative value-unlocks, was simply not being put to use.

We soon returned to what we loved – the coal-face of real estate. This time, we also opened some significant new divisions – Industrial development, Residential development and Hospitality.

During the heady days of the residential boom, prior to the 2008 sub-prime crisis, we developed, sold and delivered over 1,000 new homes.