Heartwood Properties expands reach with A2X listing and board boost

• Heartwood secures secondary A2X listing to improve liquidity and broaden access for institutional and retail investors.
• Commercial and industrial portfolio in the Western Cape backed by a R325m development pipeline and strong financial metrics.
• Former Emira CEO Geoff Jennett joins the board, strengthening governance and growth strategy.

Who is Heartwood Properties?

‍Heartwood Properties Limited is a Cape Town Stock Exchange listed commercial and industrial property investment and development company, focused primarily on high-quality assets in key Western Cape economic nodes. Its portfolio spans modern warehouses, logistics facilities and specialised office developments, aligned to long-term tenant demand and strategic infrastructure growth.

‍At the end of its 2025 financial year, Heartwood reported a gross portfolio value of R401 million, a net asset value of R150 million and a loan-to-value ratio of 52%, reflecting a disciplined balance sheet and a strong foundation for expansion.

The company is currently executing a R325 million development pipeline over the next 14 months, including two 8,000m² warehouses on long leases, a 4,000m² warehouse and a 2,000m² turnkey office development for a major IT tenant. On completion, total asset value is expected to exceed R650 million.

Why List on A2X?

‍Heartwood has been approved for a secondary listing on A2X Markets, while retaining its primary listing on the Cape Town Stock Exchange. Trading on A2X will commence on 2 February 2026.

The move is designed to broaden market access and improve liquidity by giving investors exposure to both retail and institutional trading platforms.

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Kevin Brady, CEO of A2X Markets, said: “Secondary listings play an important role in improving investor outcomes by increasing choice, enhancing liquidity and supporting more efficient price discovery. Heartwood’s listing reflects the growing demand among issuers for competitive market structures that deliver tangible benefits to shareholders.”

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Heartwood CEO John Whall added: “Listing on A2X provides our shareholders with an additional venue on which to trade our shares, supporting liquidity and accessibility. As we continue to grow and invest in high-quality commercial and industrial assets, this aligns with our commitment to transparency, efficiency and long-term value creation.”

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Strengthening the board: Geoff Jennett appointed

‍In a further boost to governance and strategic depth, former Emira Property Fund CEO Geoff Jennett has been appointed as a non-executive director to the Heartwood board.

Jennett brings 35 years of experience in property, finance and leadership, having led Emira through its REIT conversion, international expansion, major acquisitions and asset disposals.

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“Geoff brings a wealth of property, strategy and business experience to the table, and we’re delighted to welcome him,” says Whall. “Investor sentiment is improving, and his leadership and governance expertise are invaluable as we enter our next growth phase.”

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Jennett commented: “I’m thrilled to have joined the Heartwood board and look forward to contributing strategic insight, independent oversight and mentorship as the company continues to scale.”

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The road ahead

‍Heartwood’s strategy is focused on value creation through development, disciplined capital management and targeted asset recycling. As a developer rather than a long-term holder, the group intends to exit its warehouse portfolio over the next three to five years and return proceeds to shareholders via dividends.

With a growing development pipeline, institutional grade governance, strengthened board leadership and now dual-market access through the CTSE and A2X, Heartwood is positioning itself for its next phase of growth, delivering liquidity, transparency and long-term value for shareholders in South Africa’s recovering commercial and industrial property market.

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