South African multimillionaire Des de Beer, the co-founder and CEO of Resilient REIT Limited (JSE: RES), a South African-based real estate investment trust, has sold 70,000 shares of the company at a weighted average price of R39.6569, totaling R2,775,983 ($184,895 approx), according to a statement released by the JSE SENS Department.
The transaction occurred on September 19, a day after de Beer’s investment entity Delsa Investments Proprietary Limited made a substantial on-market purchase of Resilient shares.
Delsa Investments, in which de Beer is a beneficiary through the Grove Trust, acquired 83,958 ordinary shares on Sept. 18 at a rate of R40.21 per share, totaling R3,375,951.18.
Both the buying and selling transactions were given clearance, and de Beer’s interest was identified as “indirect beneficial.”
Monica Muller, another director of Resilient REIT, made a significant acquisition of 33,442 shares at a price of R40.21 each on the same day, totaling R1,344,702.82.
Johann Kriek, who has a 50% beneficial interest in Kibera Investments Proprietary Limited, also joined in the buying spree, acquiring 67,166 shares at R40.21 each, amounting to R2,700,744.86.
The flurry of activity comes on the heels of the vesting of shares under Resilient REIT’s Conditional Share Plan awarded in September 2020, which prompted these high-level transactions.
Java Capital acted as the sponsor for the transaction, and Rand Merchant Bank, a division of First Rand Bank Limited, served as the debt sponsor.
These transactions raise questions about the strategic moves being made by key insiders of the company amidst a volatile market. The shares were traded at a high of R40.15 and a low of R39.50 on the day of de Beer’s sale.
Des de Beer, a prominent property tycoon and influential business executive, is one of South Africa’s wealthiest individuals, pivotal in shaping the nation’s real estate landscape.
He is a co-founder of Resilient REIT Limited, a leading South African Real Estate Investment Trust (REIT). Additionally, he is a co-founder of New Europe Property Investments Plc and its successor, NEPI Rockcastle Plc. He is also the largest individual shareholder position in Lighthouse Capital Limited, a global investment firm focusing on property and real estate securities.
