The evolution of Sanlam Properties:
1989
- In order to secure the services of property experts to manage and grow their portfolio, Sanlam’s Board of Directors transferred their property division into a separate company named Sanlam Properties
Late 1990’s
- Sanlam Asset Management is taken over by Gensec.
- Sanlam Properties becomes a wholly owned subsidiary of Gensec and the name changes to Gensec Property Services.
- During this period, a Sanlam Property Investment Committee (consisting of Sanlam’s Chief Actuary and various representatives from other business units) is established to take ownership of the portfolio.
- The Sanlam Properties portfolio is now reduced due to the illiquidity of direct property investments in the market.
- Gensec Property Services, together with the property services business unitsa re sold.
- After further restructuring at Gensec Property Services, the old company continues to trade under the name of JHI Property Services.
2002
- The remainder of the Sanlam Property Asset Management business is tasked with managing and pruning the existing portfolio. In doing so, a large number of properties are sold.
2006
- A decision is taken to migrate Sanlam’s exposure to the property sector from that of a direct holding position of properties to a more flexible, liquid exposure. To achieve this, Sanlam acquires a percentage stake in Vukile Property Fund Limited (“Vukile”), the listed property loan stock company, and sold, (and continues to sell), its properties to Vukile.
2010
- The asset management function of Sanlam properties responsible for the managing of property interest is sold to Vukile.
2011
- A new business plan for Sanlam Properties is presented and approved at the Sanlam Capital Management cluster board in May 2011. This changes the strategic direction of the business and to focus on structured property finance and related activities.
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