Norbert Sasse stepped back into Growthpoint's CEO role while Estienne de Klerk recovers

Growthpoint Properties' planned handover at the top has taken an unplanned turn. Estienne de Klerk became Group CEO on 1 July 2026 as scheduled, but the company said in its annual results announcement on 9 September that he had undergone a successful medical procedure and was recovering at home. Norbert Sasse, who led South Africa's largest primary-listed property company until 30 June, took on the Group CEO role in the interim. Growthpoint said it expected De Klerk back in office in approximately four to six weeks. At the time of writing we could not find a public statement confirming whether he has returned.

A succession plan that left room for this

The way the succession was designed made this cover straightforward. When Growthpoint announced the change on 11 August 2025, it said Sasse would stay in an executive role for six months after stepping down, until 31 December 2026, to support the transition. Sasse became CEO in October 2004, so the company still had nearly 22 years of leadership experience in the building when the need arose. De Klerk himself is no outsider. He has nearly 20 years at Growthpoint and previously ran the South African business, while José Snyders has taken over as Group CFO from Gerald Völkel, who retired on 31 March 2026.

The business both men are handing over and inheriting

The results themselves came in at the top of guidance. Distributable income per share rose 4.3% to 152.6 cents and the full-year dividend rose 7.4% to 133.5 cents. Group loan-to-value fell from 40.1% to 38.7%, and 29 non-core properties were sold for R4.9 billion against a R3.5 billion target. Vacancies in the South African portfolio improved from 8.2% to 7.2%, with industrial at 2.9% and retail at 3.5%. Offices remain the difficult part of the book at 14.1% vacancy, with rental reversions of -6.3%. Guidance for FY2027 is more modest, at 1% to 3% growth in both distributable income and dividend per share.

What to watch next

Sasse's executive role is due to end on 31 December, so the clear date to watch is the turn of the year. Growthpoint is targeting R2 billion to R3 billion of South African disposals a year and a similar annual development pipeline, and it says it now assesses every sector through a precinct-led lens. Sasse said on results day that vacancy in the Western Cape and KwaZulu-Natal has dropped below 5%, while Gauteng remains challenged by elevated vacancies. Occupiers can compare what that means on the ground through offices to let in Johannesburg, Cape Town and Durban.

Source: Growthpoint results announcement, via InsidEntity, 9 September 2026.

Source: Real Estate Investor, 9 September 2026.

Source: Rode Media, 14 September 2026.

Source: EWN, 9 September 2026.

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