SAPRO enlists David Hunter as chairman

By Paul Norman

South African Property Opportunities has appointed former Arlington Property Investors chief David Hunter as non-executive chairman as part of a strategic review of the company.

Separately, David Saville and Simon Godwin have been appointed non-executive directors and the current chairman has resigned.

For 20 years until 2005 Hunter was a fund manager for Arlington Property Investors, ultimately responsible for €10bn (£9.13bn) of property assets across Europe.

Saville is an Isle of Man-based property fund manager currently managing a number of property sector investment vehicles with investments predominantly in the UK and Australia.

From 1992 to 2001 he was managing director of Saville Gordon Estates.

Godwin is a UK-based entrepreneur, who from 1992-2007 was an investment banker with Schroders and BNP Paribas.

SAPRO's chairman, Richard Tice is stepping down as chairman and director but will provide consulting services for the remainder of the year.

SAPRO is serving a termination notice on the current investment manager on 20 October 2009 and "carefully examining any legal obligations to pay the manager any performance fee in connection with the year ended 30 June 2009".

SAPRO has also terminated its arrangements with Silex Management, a Geneva-based company that provided SAPRO with administrative services.

Hunter said: "I am delighted to be joining SAPRO as chairman and overseeing the implementation of the strategic review.

"I believe we have a well-balanced, highly qualified board and a clear sense of direction.

"I am confident that over the next few months our shareholders will see further developments in accordance with their wishes.

"On behalf of the entire board, I wish to express deep appreciation to my predecessor for his able leadership in completing the strategic review and wish him success for the future."