That is why the appointment of former Edcon retail property executive Mike Lewin to listed property asset manager Madison Property Fund Managers is such a coup for the company.
His appointment, with effect from mid-January next year, could start a trend for top retail executives with strategic skills to be recruited to property companies with large retail exposures.
Lewin, the former property development executive for Edcon who left the group at the end of July after more than 18 years, is considered one of the most experienced retail executives in the country.
Wolf Cesman, executive director at Madison, which manages assets of listed property companies Hyprop Investments, Redefine Income Fund and ApexHi Properties, says that Lewin was involved in “new developments wherever Edcon needed new stores. He was responsible for about a million square metres of retail space (at Edcon).” Lewin was also involved in the expansion of stores and renewals of leases.
“His role will be group retail director, which means he would oversee the retail property in ApexHi, Redefine and Hyprop.”
Cesman says that combined, ApexHi, Redefine and Hyprop have about 3,6-million square metres of retail space.
“He will be fulfilling the role of asset manager, specialising in existing developments, expansion opportunities of existing developments and new developments.”
He says Lewin has “huge experience in every aspect of retail and has a huge profile”.
“He understands retail, he understands the geography of SA. I don’t think there is a town he hasn’t visited in SA. He has superb relationships with retail executives of other retail groups.”
“For us, he’s a fantastic asset. From our point of view this is all part of a campaign to attract the best property talent.”
Cesman says there will always be movement in the retail and property sectors, but that Lewin’s appointment was the first time “someone has switched roles from one side of the table to the other”. Previously he represented Edcon, a tenant, but now would represent the landlord.
Lewin says: “I decided to move on and do something different. I have been on the retailer side of property all my life basically providing a property service to retailers. I would rather be part of a core business and for Madison, property is a core business.”
In a similar move, John Rabbolini, the property manager at Mr Price Group, will be joining listed property loan stock company Resilient Property Income Fund at the beginning of next year.
Des de Beer, MD of Resilient Property Income Fund, which has a large retail property exposure, says Rabbolini’s role within Resilient will be an asset management one, managing some of Resilient’s malls.
“We had been looking for an experienced respected retail specialist for some time. Obviously we don’t want to influence negatively our relationship with Mr Price. We have had discussions with them and John is leaving on very good terms.”
He says there is a shortage of highly skilled retail specialists in SA.
John Davis, CEO of Colliers International in the Middle East, says this shortage is not confined to SA. “Go to China, India and the Middle East and just look at the number of positions available for experienced property professionals.”
He says it is difficult to find “highly respected quality” retail property specialists in SA, because SA is competing with the rest of the world for these skills.
“Countries like India and China are looking for skills on a global basis and South Africans are perceived as good quality staff and reasonably priced and good value for money,” says Davis.
Publisher: Business Day
Source: Business Day
