Delta Property Fund names permanent CEO

Delta Property Fund, which has a mainly government tenant base, said on Thursday it has named interim head Sibongile Masinga as permanent CEO with effect from 4 October.

Delta added she has made"extensive progress in driving the restructuring of the Delta portfolio and made strides in improving relations with our tenants and securing improved funding terms." Valued at about R228 million on the JSE Delta had a portfolio of 92 properties worth R6.9 billion as of the end of February, with the bulk of its properties in Gauteng and KwaZulu-Natal.The group's shares have slumped almost 95% over the past five years, and it has struggled with both accusations of unethical practices within previous management, but also pressure from increasing vacancies.

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