Konig to lead Fountainhead after Len van Niekerk resignation

Len van Niekerk (Left) resigns as Fountainhead Property Trust CEO while Andrew Konig‚ currently Redefine Properties CEO‚ has been appointed for the same role.

Fountainhead Property Trust on Tuesday confirmed the resignation of CEO Len van Niekerk, while Andrew Konig‚ currently an executive director of Fountainhead‚ has been appointed for the role with effect from 30 November 2014.

Lesley Dukes has been appointed as financial director from October 28‚ the company said.

Details of Niekerk’s resignation are unclear at this stage, but what SA Commercial Prop News has learnt, is that Konig who is also currently Redefine Properties CEO, will be taking two roles for the companies.

Early this month, Fountainhead declared distribution growth of 6.85% for the year ended August 2014, delivering on its market guidance of 6.25 to 7.25%.

Corporate Activity: Fountainhead and Redefine

In August, Redefine, SA’s second biggest listed property company, made a surprise announcement that its prolonged effort to take over Fountainhead Property Trust had failed at the last hurdle.

Redefine has been trying to gain control of Fountainhead since late in 2012. It emerged as the victor in the long-running takeover battle with Growthpoint Properties, but had fallen short taking the prize home.

The offer by Redefine to acquire the assets fell somewhat short of the required 75% consent from Fountainhead unitholders.

Both listed on the JSE as Reits, the Fountainhead portfolio is valued at over R12 billion comprising 66 properties, while Redefine assets are valued at R44.5 billion. Growthpoint, SA's largest REIT company, has a consolidated property assets including offshore, valued at R76,2 billion.