Steven Brown, chief executive of JSE-listed Fortress Real Estate Investments, has been elected president of the South African Property Owners Association (Sapoa), the main industry body for commercial and industrial property owners.
Brown, who served as president-elect on the Sapoa board, succeeds Itumeleng Mothibeli, managing director for Southern Africa at Vukile Property Fund, who took office in September 2024. Attacq chief executive Jackie van Niekerk held the role before Mothibeli.
Founded in 1966, Sapoa says it represents almost 90% of South Africa’s commercial and industrial property owners. It lobbies national and local government on issues affecting the sector and runs research, training and an annual convention. This year’s convention took place at Sun City from 29 September to 1 October.
Recent Sapoa Presidents
| President | Company | Term Began |
|---|---|---|
| Malose Kekana | Pareto | 2022 |
| Jackie van Niekerk | Attacq | 2023 |
| Itumeleng Mothibeli | Vukile Property Fund | September 2024 |
| Steven Brown | Fortress Real Estate Investments | 2026 Sources: Sapoa, Property Wheel, Business Day |
Brown has led Fortress since July 2019, when he succeeded Mark Stevens as chief executive and managing director. He joined Fortress in December 2015 from Capital Property Fund after its acquisition, and began his property career in 2008 as a listed property analyst at Corovest, having previously worked in Standard Bank’s global markets division. He also sits on the board of NEPI Rockcastle, the Central and Eastern European retail landlord in which Fortress holds a stake.
Fortress specialises in logistics and convenience retail properties in South Africa, with a growing logistics portfolio in Central and Eastern Europe. Under Brown, the company simplified its dual share structure and positioned itself around demand for warehousing and distribution space driven by e-commerce and supply chain changes.
He takes over at Sapoa at a time when property owners face pressures from municipal service failures, rising rates and utility tariffs, and the cost of providing backup power and water. Sapoa has repeatedly raised concerns about municipalities’ ability to change valuations and tariffs, and about illegal developments in cities such as Tshwane.
The sector has also been affected by South Africa’s weak economy and high interest rates, although logistics and convenience retail have performed better than office property, where vacancies remain elevated in many nodes. Listed property companies have been working to reduce debt and recycle capital from weaker assets.
Mothibeli’s term focused on public sector advocacy, skills development and internship and bursary programmes to bring more young people into the industry. Sapoa has said its members collectively manage assets worth more than R500 billion.
Sapoa’s chief executive is Neil Gopal, who has led the association for more than two decades.