Table of Contents
Key Points
- PIC raised its Resilient stake to 20.02%, investing $40.6 million to cement its position as the company’s largest shareholder.
- The move takes PIC’s total investment in Resilient to about $273 million, strengthening its influence in the retail and logistics-focused REIT.
- Resilient reported first-half 2025 revenue of $108.8 million, but profit dropped 34% to $38 million, highlighting mixed performance despite asset growth.
Africa’s largest asset manager, the Public Investment Corporation (PIC), has deepened its investment in Resilient REIT, the retail and logistics-focused property group led by South African tycoon Des de Beer, after buying additional shares worth $40.6 million.
The move strengthens PIC’s position as Resilient’s biggest shareholder and highlights its renewed confidence in the Sandton-based company. It also signals continued institutional interest in South Africa’s property sector, particularly in established firms like Resilient.
PIC raises Resilient stake to 20 percent
A regulatory filing on Aug. 19 showed that PIC lifted its stake in the Johannesburg-listed REIT from 19.44 percent to 20.02 percent, spending R717.15 million ($40.6 million) to acquire an additional 0.579 percent holding.
That takes the total value of PIC’s investment to nearly R4.83 billion ($273 million), giving it ownership of more than 73 million shares. Earlier in the year, asset manager Ninety-One also backed Resilient with a 5 percent stake worth R1.07 billion ($57.1 million), reflecting the company’s ability to attract major institutional investors.
Resilient posts higher sales, lower profit
Founded in 2002 by Barry Stuhler and Des de Beer, Resilient has grown into a top player in South Africa’s real estate sector. It manages 27 shopping centers across the country with 1.2 million square meters of lettable space, giving it a major presence in both retail and logistics.
Resilient’s financial performance in the first half of 2025 showed mixed results. Revenue rose 8.31 percent to R1.93 billion ($108.8 million), but profit dropped 34.35 percent to R673.39 million ($38 million). Despite the decline in earnings, the company’s assets grew 3.39 percent to R38.24 billion ($2.16 billion), underscoring the strength of its balance sheet.
PIC strengthens role in South Africa
For PIC, which manages more than R3 trillion ($173 billion) in assets on behalf of South Africa’s government workers, the investment in Resilient extends a long line of high-profile holdings. The asset manager also owns substantial stakes in companies such as Investec, Tiger Brands, and Clicks Group, underscoring its influence across the Johannesburg Stock Exchange.
