Home » 6 companies owned by South African real estate tycoon Steven Herring

6 companies owned by South African real estate tycoon Steven Herring

Herring's success is marked by strategic acquisitions, strong tenant relationships, and a commitment to democratizing real estate ownership

by Feyisayo Ajayi
Steven Herring

Steven Herring, the visionary force shaping South Africa’s property investment landscape, stands at the helm of Heriot REIT and Heriot Properties Ltd. From a modest 50-square-meter office in 1998, Herring’s leadership has propelled the company to new heights, making it a major player in the industry.

Specializing in constructing retail shopping centers in rural and township areas, Herring has fostered strong ties with blue-chip tenants, expanding the company’s portfolio to include numerous industrial properties across South Africa. Today, operating from a substantial 700-square-meter office with over 30 employees, Heriot Properties reflects Herring’s strategic prowess in property management and real estate investment.

With over 20 years of experience, Herring strategically invests in industrial properties, prioritizing blue-chip covenants and securing leases for sustained long-term cash flows. This approach has been pivotal in the company’s unmatched success, leaving an indelible mark on the industry.

Under Herring’s leadership, Heriot REIT’s 2003 acquisitions significantly boosted its holdings to over 19 industrial properties valued at R1.68 billion ($92.34 million). Notable among them is the Absa building, contributing R3.4 billion ($186.99 million), democratizing real estate ownership, and paving the way for lucrative investments.

Acknowledged for his exceptional entrepreneurship, Herring received the prestigious Johnnie Walker Jewish Entrepreneurial Award in 2011. Today, with an investment portfolio worth over $160 million on the Johannesburg Stock Exchange (JSE), he ranks as one of the wealthiest investors on the local bourse.

Having held key positions in Safari Investments RSA Ltd., Heriot Properties Ltd., and Heriot REIT Ltd., Herring’s commitment is further underscored by his directorial role at Heriot since April 2017. His enduring success is rooted in strong tenancy relationships, contributing to a robust asset base currently valued at R9.26 billion ($510.58 million).

Billionaires.Africa has identified and documented various companies and holdings linked to Herring. Here are six companies where he holds significant or minority stakes:

  1. Heriot REIT
    Heriot REIT, headquartered in Gauteng, is a distinguished property holding and investment company in South Africa. Established by Herring in 1998, its primary goal is to cultivate a property portfolio generating sustainable, long-term cash flows from blue-chip tenants. Starting in the industrial sector, Heriot quickly expanded its asset base, now owning 19 industrial properties valued at R1.68 billion ($92.34 million). Herring holds an 87.23 percent ownership stake in Heriot REIT, valued at R3.02 billion ($166.42 million). As a Real Estate Investment Trust (REIT) listed on the JSE, Heriot boasts a diverse portfolio exceeding R4 billion, primarily in the industrial and retail sectors. Herring serves as the non-executive chairman of Heriot.
  1. Safari Investments RSA Limited
    SAFARI Investments RSA Limited is a JSE-listed Real Estate Investment Trust specializing in quality commercial investments. With a property portfolio valued at R3.72 billion ($205.05 million), SAFARI creates value for stakeholders while pursuing sustainable growth and earnings through selective property investments.
  1. Tembisa Mall (Proprietary) Limited
    Diversifying his holdings, Herring owns the multimillion-dollar Tembisa Mall, the largest shopping mall in Tembisa. Launched in 2016, the mall comprises more than 100 stores, housing anchor tenants like Shoprite, Checkers, and Pepkor. It has become a major shopping destination, offering a variety of options from cinema to groceries and various fast-food outlets.
  1. Fin Properties Pty Ltd.
    Fin Properties Pty Ltd., a listed South African subsidiary of Heriot REIT Ltd., operates within the real estate investment sector. As a crucial part of the Heriot REIT group, Fin Properties 107 contributes to the diversified assets and operations managed by Heriot REIT Ltd.
  1. Phokeng Mall Ltd.
    Phokeng Mall Ltd., situated on Sun City Main Road in Phokeng, Rustenburg, is a joint venture between the Royal Bafokeng Nation and Heriot Properties. Originating as Bophuthatswana Plaza, the mall underwent transformations, culminating in its present identity as Phokeng Mall. With a gross lease area of 16,918 square meters, it hosts a diverse array of tenants, ranging from popular national chains like Russells and Pepkor to local businesses.
  1. Tiger Stripes Investments Ltd.
    Tiger Stripes Investments Ltd. is a listed subsidiary of Heriot REIT Ltd. playing a significant role in the broader real estate investment portfolio in commercial property leases with a strong focus on dominant retail assets and offices in South Africa.

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