Well known South African businessman, Reuel Khoza, has become a shareholder in privately owned shopping centre investor and developer, Flanagan & Gerard Property Group.

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 yesterday.

Khoza is a former board chairperson of Nedbank Group, Public Investment Corporation, Globeleq, Eskom, and GlaxoSmithKline SA. He has held many directorships including at the JSE, Liberty Life, Standard Bank Group, Old Mutual, Nampak and IBM South Africa. He also farms.

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, Nkateko Khoza, a non-executive director of Flanagan & Gerard since 2021, serves as CEO.

“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,” Gerard 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,” said Khoza.

Flanagan & Gerard develops and invests in dominant regional shopping centres and high-end niche community centres. Its retail centre investments include the Ballito Junction Regional Mall in KwaZulu-Natal, as well as Morningside Shopping Centre, Springs Mall and Vaal Mall in Gauteng.

BUSINESS REPORT