Resilient REIT

What Resilient REIT does

Resilient REIT Limited is a South African retail-focused Real Estate Investment Trust listed on the JSE Limited under share code RES (ISIN ZAE000209557) and operating since 2002. The company invests in dominant shopping centres across South Africa, France, and Spain, with a portfolio of approximately 27 retail properties across South African provinces (Gauteng, Limpopo, Mpumalanga, North West, Northern Cape, KwaZulu-Natal, and Eastern Cape), a 25% interest in four French retail centres (Docks Vauban, Docks 76, Rivetoile, Saint Sever) acquired through RPI in September 2021, and a 50% interest in Salera shopping centre in Castellon de la Plana, Spain, acquired in January 2024. Strategy centres on dominant retail positions in high-growth regions, a minimum of three anchor tenants per centre, and predominance of national retailers with strong grocery and flagship fashion offerings.

Resilient's core competency is development and redevelopment, supporting new builds and reconfiguration of existing centres to adapt to structural changes in retail. The company operates without a proprietary technology platform; revenue is generated primarily from rental income, offshore property investment income, and development and asset management fees tied to the portfolio. An energy strategy contributed to an 8.1% rise in net property income in FY2025, and full-year retail sales grew 4.9% in the South African portfolio.

The REIT raises capital through JSE-listed equity and a Domestic Medium-Term Note (DMTN) programme. FY2025 total dividend reached 490.42 cents per share (an 11.4% year-on-year increase), with management guiding to at least 9% distribution per share growth for FY2026. As of December 2025, total shares in issue stood at 365,204,738; loan-to-value was 35.8% and the gross property expense ratio was 37.8%. Major institutional shareholders include the Public Investment Corporation (19.44%), the Government Employees Pension Fund (17.87%), Delsa Investments Proprietary Limited (8.76%), and Ninety One SA Proprietary Limited (5.00%). Johann Kriek succeeded founder Desmond De Beer as CEO effective 1 January 2024.

Name

Resilient REIT

Legal name

Resilient REIT Limited

Website

https://www.resilient.co.za/

Company type

Public

Operating status

Operating

Headcount range

11–50 employees

Short description

Resilient REIT is a South Africa-listed retail-focused REIT that acquires, develops, and manages dominant shopping centres across South Africa, France, and Spain. It leases predominantly to national retailers and raises capital via JSE equity and a Domestic Medium-Term Note programme.

Ownership category

akta.pro rank

Product category

Retail Real Estate Investment Trust

NAICS

Funds, Trusts, and Other Financial Vehicles (525)

SIC

Real Estate Investment Trusts (6798)

akta.pro primary industry

REITs & Listed Real Estate Securities (FSAAAKAD)

Keywords

• Retail property investment
• Shopping centre management
• Real estate investment trust
• Retail property leasing
• Property asset management

Headquarters

HQ city

Johannesburg

HQ country

South Africa

HQ region

Africa

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Technology or R&D, Marketing or Sales

Revenue model

1. Rental income from retail properties: Resilient earns rental income from its directly held and co-owned retail shopping centres across South Africa, France, and Spain. Tenants are predominantly national retailers. The REIT model generates recurring rental revenue with contractual lease structures and tenant mix management.
2. Offshore property investment income: Resilient invests directly and indirectly in offshore property assets, including a 25% interest in four French retail properties through RPI, generating international rental income streams.
3. Development and asset management fees: Core competency in development skills supports new developments and reconfiguration of existing shopping centres, generating development fees and enhanced asset values.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

Resilient REIT Limited is a retail-focused Real Estate Investment Trust listed on the JSE that acquires, develops, redevelops, and manages dominant retail shopping centres. The company invests in centres with a minimum of three anchor tenants let predominantly to national retailers, and holds a directly managed South African portfolio plus offshore exposures in France and Spain. Capital is raised through JSE-listed equity and a Domestic Medium-Term Note (DMTN) programme, and investor returns are delivered via semi-annual dividend distributions.

Product overview

Resilient REIT operates as a single unified retail-focused REIT offering rather than a platform-plus-modules architecture. The company provides retail property investment services through its South African portfolio of 26 dominant shopping centers, international investments in French and Spanish retail properties, and a Domestic Medium-Term Note (DMTN) Programme for capital raising. The core offering centers on acquiring, developing, and managing dominant retail centers with strong grocery and fashion anchor tenants, primarily serving national retailers and communities in growth regions.

Differentiator

Problem solved

Functional benefit

Products and services

• South African Retail Property Portfolio

Quantifiable outcome

• 4.9% retail sales growth in South African portfolio for FY2025
• +4 more outcomes

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Four partnerships are on record, tiered minor and core.

• Salera Shopping Centre (Spain Joint Venture)minorStrategic or Co-development Partner · 31 January 2024Resilient closed the acquisition of a 50% interest in Salera shopping centre in Castellon de la Plana, Spain on 31 January 2024. The acquisition was announced on 21 December 2023 and represents Resilient's first direct international property investment in Spain.
• Hammerson plccoreStrategic or Co-development Partner · 1 January 2024Resilient's CEO, Johann Kriek, serves on the board of Hammerson plc, a company in which Lighthouse has a significant interest. This board representation is approved by Resilient's board and provides strategic oversight of Lighthouse's international property interests.
• RPI (Resilient Property Investments) — French Retail PortfoliominorStrategic or Co-development Partner · 1 January 2021Resilient acquired a 25% interest in four shopping centres in France (Docks Vauban, Docks 76, Rivetoile, Saint Sever) through RPI. This was approved by the board in September 2021 and closed on 30 September 2021. The investment provides offshore property diversification and income streams.
• Lighthouse (formerly Lighthouse Properties p.l.c.)coreStrategic or Co-development Partner · 1 January 2017Resilient is a significant shareholder in Lighthouse, holding approximately 8.26% of shares through Resilient Properties Proprietary Limited (30,156,041 shares held in treasury). Resilient's CEO, Johann Kriek, serves on the board of Lighthouse as Resilient's representative. The relationship provides Resilient with offshore property exposure and joint governance at the board level. Resilient sold 39.2 million Lighthouse shares for R332.2m in early 2026.

Scale indicators16 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Hyprop Investments: Hyprop Investments is a JSE-listed retail-focused REIT with a portfolio of dominant shopping centres across South Africa, Eastern Europe, and West Africa. It is one of Resilient's most direct peers in the SA retail REIT space.
• Vukile Property Fund: Vukile Property Fund is a JSE-listed retail REIT with a strong focus on South African township and commuter retail, directly comparable to Resilient's strategic exposure to high-growth retail markets.
• Growthpoint Properties: Growthpoint Properties is the largest JSE-listed REIT with a diversified portfolio across office, retail, and industrial. While diversified, it has substantial retail exposure and competes directly with Resilient for institutional capital.
• Redefine Properties: Redefine Properties is a major JSE-listed REIT with significant retail exposure in South Africa and offshore assets. Comparable to Resilient in scale and listed property sector positioning.
• Attacq: Attacq is a JSE-listed REIT with a portfolio anchored by retail, office, and mixed-use developments including Mall of Africa. Comparable to Resilient in retail focus and listed property sector exposure.
• NEPI Rockcastle: NEPI Rockcastle is the largest retail REIT in Central and Eastern Europe, listed on multiple exchanges. Comparable to Resilient's offshore retail exposure through France and Spain.
• Lighthouse Properties: Lighthouse Properties is a Mauritian-listed property company with a portfolio focused on European retail real estate. Resilient held a significant stake (now partially divested) and CEO Johann Kriek sits on its board, making it a directly comparable offshore retail peer.
• MAS Real Estate: MAS Real Estate is a JSE-listed property company focused on European retail and commercial real estate, providing direct comparability to Resilient's offshore retail strategy.

Broad incumbents

• Hammerson: Hammerson is a major UK-listed REIT specializing in premium retail and leisure destinations. Resilient's CEO sits on Hammerson's board through Lighthouse's stake, providing strategic connection and positioning.
• Klepierre: Klepierre is a major continental European retail REIT (SBF 120-listed) with shopping centres across France, Italy, Spain, and other European countries. Comparable to Resilient's French and Spanish retail portfolio exposure.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries15 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Resilient REIT