By Lehlohonolo Lehana.
Former Eskom chairman and distinguished businessman Reuel Khoza has become a shareholder in shopping centre investor and developer Flanagan & Gerard Property Group.
Flanagan & Gerard develops and invests in dominant regional shopping centres and high-end niche community centres. It co-owns Ballito Junction Regional Mall in KwaZulu-Natal as well as Morningside Shopping Centre, Springs Mall and Vaal Mall in Gauteng, together with Highveld Mall and Middelburg Mall in Mpumalanga, and Thavhani Mall, Musina Mall, Great North Plaza and Mall of the North in Limpopo.
Khoza’s investment – the extent of which was not disclosed – was built on a decades-long relationship with the company’s founders Patrick Flanagan and Peter Gerard, and furthered by Khoza’s long-held interest in property and real estate investment, a statement said.
With a long list of academic achievements and leadership positions in South Africa’s private and public sectors alike, Khoza is a former board chairperson of Nedbank Group, PIC, Globeleq, Eskom, and GlaxoSmithKline SA. He has held directorships at the JSE, Liberty Life Group, Standard Bank Group, Old Mutual, Nampak and IBM South Africa. He also farms and is an author and lyricist, among other ventures
A change agent at the forefront of economic transformation in South Africa, Khoza has played a pivotal role in developing the King Codes of corporate governance, including serving as Mervyn King’s deputy in the formulation of the most recent King III and King IV codes.
Flanagan said, “Both Peter Gerard and I extend a hearty welcome to Reuel and have no doubt his involvement and that of his daughter Nkateko Khoza, who has been a non-executive director for some time, will continue to add value to the business.”
Its esteemed track record also includes numerous retail properties developed for other leading investors.
Paul Gerard, MD of Flanagan & Gerard, added that, “We have a clear strategic vision and the quality of our shareholders, board, senior management, skilled team and business partners is extremely valuable as we navigate the future.”
Flanagan & Gerard recently boosted its capacity with new appointments at various levels as it continues to play a critical role in the retail real estate sector, developing new assets and investing in and transforming existing properties.
Khoza said, “Flanagan & Gerard has a long record of success in developing and investing in retail real estate. I am thrilled to become a stakeholder in this exceptional business and its high-calibre assets and, in doing so, extend valued relationships and enjoy a deeper involvement in the exciting property sector.”
Khoza is currently chairman of Discovery Bank as well as Dzana Investments, an investment holding company with interests in property, energy, education, health and ICT sectors, and where his daughter, respected businesswoman Nkateko Khoza, a Non-executive Director of Flanagan & Gerard since 2021, serves as CEO.