After serving on the Board of Fortress REIT Limited since its listing in October 2009, property investment officer Kura Chihota parts ways with the company effective Wednesday, 25 July 2018.
Property Group Fortress REIT Limited has announced changes to its Board of Directors following the resignation of Kura Chihota as an independent non-executive director of the Board. His resignation is effective from 25 July 2018 as Chihota has stated that he intends on focusing on his professional and business affairs in Zimbabwe, where he is based.
Chihota is the Chief property investment officer of the National Social Security Authority of Zimbabwe. His role requires him to manage a property portfolio invested in hotels, retail and commercial real estate.
Chihota holds a Bachelor of Commerce degree from Wits University and attended the Real Estate Management program at Harvard Business School. He is a well-versed individual who has also served on the Board of the Johannesburg Housing Company and Leapfrog Property Group and has over 15 years’ experience in the commercial property industry.
The logistics property firm received backlash earlier this year following accusations regarding artificial share price boosting. The property group’s B-shares lost approximately 60 percent of the value during that period. The diversified property group has since regained momentum and now plans to grow its logistics-focused properties to two thirds of its total portfolio by 2020.
In a conference call in June 2018, Fortress CEO, Mark Stevens commented:
“We can have a fresh start now and roll out numerous value adding developments including two massive projects in Durban.”
The Fortress Board of Directors has expressed its appreciation and gratitude of Chihota’s contribution since Fortress’ listing in October 2009, the Board also added that they wished him well with his future endeavours.
Sanelisiwe Nkosi
s.nkosi@politicalanalysis.co.za
