End of an 11-year era for one of South Africa’s biggest landlords

Balwin Properties’ R2.26 billion takeover by a consortium of investors has officially been implemented.

This means the real estate giant will now be taken private and delisted from the Johannesburg Stock Exchange (JSE) after 11 years as a listed entity.

This comes after the takeover deal became unconditional on 8 September 2026, with Balwin’s listing on the JSE now terminated on 22 September.

Balwin’s takeover constituted a R2.26 billion deal, with eligible shareholders paid R4.35 per share in cash on 21 September 2026.

The consortium behind the acquisition includes Balwin CEO and founder Stephen Brookes and managing director Rodney Gray, as well as the Public Investment Corporation (PIC).

“I founded Balwin 30 years ago and remain as committed to the business today as I was then,” Brookes said in a press statement released on Tuesday, 22 September. 

“Gray and I are reinvesting because we believe in Balwin, our people, our development pipeline and the opportunity ahead. Our management team remains in place, invested and operationally involved.”

He emphasised that the change in ownership does not signal a change in either Balwin’s leadership or the principles on which the business has been built.

In its 11 years as a listed entity, Balwin has gone from strength to strength, having delivered 26,000 apartments and generated R28.3 billion in apartment sales.

The company also completed its 100th residential development in 2025.

“Being listed made Balwin a better company,” Brookes said. “The governance, discipline and accountability that came with being a listed company are now part of the way we operate.”

Balwin said its takeover deal brings long-term domestic institutional capital from the PIC alongside founder-management and other reinvesting shareholders. 

“The new ownership structure provides Balwin with capital resources, strategic networks, and a longer investment horizon aligned with the nature of its development pipeline,” the company said.

Brookes said he is optimistic about Balwin’s future growth, saying the company has 30 years of experience, a strong management team, and long-term shareholders behind it.

“We remain proudly South African and completely committed to continuing to build this business,” he said.