JSE-listed real estate investment trust (Reit) Redefine Properties will be bidding farewell to its long-time COO David Rice on August 31.
Rice will be retiring from a career of more than 30 years in the property industry but will still remain on-hand on a month-to-month basis to assist in ensuring a smooth transition as Leon Kok takes over, and until a new CFO is appointed to succeed Kok.
During a virtual farewell session on August 28, Rice commented on the fundamentals of the property industry over his almost 40-year tenure, noting that the industry has, over the years, seen increased levels of governance, significant increases in regulations and has, overall, “become more professional”.
Preventive maintenance programmes have also increased in priority, he said.
While the property industry is currently considered to be “a very different ballgame”, compared to when Rice began his career, he tells the media that, looking ahead, the impact of Covid-19 may well lead to essential services and value offerings remaining in good stead, while other industries are likely to remain under pressure.