Sharenet Sites 
Sharenet Sites
Change in Directorate
Burstone Group Limited
(Previously Investec Property Fund)
Approved as a REIT by the JSE
Incorporated in the Republic of South Africa
Registration number: 2008/011366/06
Share code: BTN
Bond code: BTN
ISIN: ZAE000180915
Income tax reference number: 9332/719/16/1
("Burstone" or "the Group")
CHANGE IN DIRECTORATE
As part of its corporate governance practice, the board of directors ("the Board") of
Burstone on an ongoing basis, evaluates factors such as independence, diversity, skills
and attributes and rotation in determining the optimal board composition. In this regard,
the Board hereby notifies shareholders of the following directorate changes.
RETIREMENT OF A DIRECTOR
In compliance with paragraph 3.59 of the Listings Requirements of the JSE Limited
("JSE"), the Board hereby notifies shareholders that Mr. Sam Leon has retired as a non-
executive director of the Board on the 16 th of November 2023. Whilst Sam will no longer
serve as a member of the Board, he will remain contracted to Burstone in an advisory
capacity and will work alongside management on property related matters.
Sam has been instrumental in laying down the foundations of the Burstone business and
helping drive its growth and development into an integrated international real estate
business. Burstone's history is entrenched in Sam's successful career across all sectors
of the property industry. Sam initially served as the CEO of Investec Property Fund (now
Burstone) since its listing on the JSE in April 2011 and upon his retirement as CEO on
the 31st of March 2015, he continued to serve on the Board as a non-executive director.
Sam has over 45 years of experience within the property industry with 30 years at
Investec Property (Pty) Ltd, a business he helped build, and where he served as managing
director and then as deputy chairman. He was also instrumental in building and growing
Growthpoint into South Africa's largest listed property REIT and was a director until
Investec Limited sold its interests in October 2007. Sam was a key driver of the
formation of the Investec Australia Property Fund and was a non-executive director from
its initial listing in October 2013 until its transformation into Irongate Group in
2019, a business in which Burstone has a 50/50 JV relationship. Sam has also served on
the Board of the South African Property Owners' Association (SAPOA).
It is difficult to summarise in a short announcement, the profound impact that Sam has
had on Burstone, its strategy, its culture and most importantly its people. The Burstone
Group is immensely grateful to Sam for his valuable contributions over many years.
The Burstone Group looks forward to continuing to work with Sam and leverage his
invaluable industry knowledge and experience.
APPOINTMENT OF A DIRECTOR
Investors are advised that Mr Paul Andreas Theodosiou has been appointed as an
Independent Non-Executive Director to the board of Burstone Group Limited with effect
from 16th November 2023.
Paul is a Chartered Accountant of the South African Institute of Chartered Accountants
and holds an MBA degree from the University of Cape Town. After a decade in the accounting
profession, Paul started a commercial property development business in the early 1990's,
leading to the JSE listing of Acucap Properties in 2002. When Acucap was acquired by
Growthpoint in 2016, Paul returned to private equity property investment, and has also
participated in a number of tech-based start-ups. Outside of the workplace, Paul has a
strong commitment to the work of theological training colleges. He has been a board
member of the Bible Institute of SA for a number of years, and has also enjoyed a long
and fruitful involvement with George Whitefield College.
The Board welcomes Paul to the Group and looks forward to his contribution.
Burstone Group Limited
Johannesburg
16 November 2023
JSE Debt and Equity Sponsor: Investec Bank Limited
Date: 16-11-2023 09:10:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
