Diepenbroek, who resigned from industrial-focused listed property loan stock company Pangbourne last Thursday, said he hoped to list his first empowerment property fund in the next 12-18 months.

Diepenbroek was CEO of iFour Properties before moving to sister company Pangbourne as executive director.

He was instrumental in the successful listing of iFour Properties in June 2002, and helped set up its debt securitisation apparatus.

In addition, he played a key role in the property sector empowerment charter process.

Diepenbroek said that over the past "four or five years" he had the "good fortune to accumulate fantastic experience in property listings, securitisation and asset management".

He said transformation in the property sector could succeed only if these kinds of skills were transferred.

"In my view the one way is if black people buy into white companies. But a better way is if we form new partnerships in start up ventures," Diepenbroek said.

He has set up a new asset management company called Inani Realty Asset Management, which is 43% black owned.

"We've drawn talented young black professionals into that organisation. We've already got financial backing and we are already starting to assemble a property portfolio," said Diepenbroek.

He said the new listed property company's property portfolio would comprise 40%-50% industrial property with retail making up 40% and offices 10%.

In line with the draft property charter requirements Inani was already in negotiation for black ownership to make up 25% of the new property fund.

"Inani is going to be looking at listing other specialised property funds."