Balwin Properties delists from JSE after R2.26bn buyout

Residential property developer Balwin Properties has officially transitioned into private ownership after concluding an 11-year listing on the Johannesburg Stock Exchange (JSE) and three and a half years on A2X Markets.

The delisting follows the implementation of a R2.26 billion take-private scheme of arrangement.

The transaction received 98.48% approval from eligible shareholders, who received a cash consideration of R4.35 per share on 21 September 2026.

Under the new ownership structure, founder and CEO Steve Brookes, alongside managing director Rodney Gray and the broader executive management team, remain operationally involved and reinvested alongside the Public Investment Corporation (PIC), acting on behalf of the Government Employees Pension Fund (GEPF).

The buyout introduces long-term institutional capital from the PIC to support Balwin’s development pipeline, which currently comprises 26 334 build-to-sell apartments across Gauteng, KwaZulu-Natal, and the Western Cape. The company is also evaluating approximately 7 700 apartments for potential build-to-rent developments.

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Read: Balwin shareholders approve PIC-backed buyout and delisting

Over its 11 years as a public company, Balwin delivered:

Apartments: Approximately 26 000 residential units handed over to homeowners.
Revenue generation: R28.3 billion in cumulative revenue generated from apartment sales.
Shareholder returns: Nearly R1 billion distributed to shareholders in dividends.
Portfolio scale: Completed its 100th residential development in 2025.

 CEO commentary

Addressing the transition to private ownership and the retention of listed-era governance standards, Steve Brookes, founder and CEO of Balwin Properties, stated: “I founded Balwin 30 years ago and remain as committed to the business today as I was then.

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“Balwin’s managing director, Rodney Gray and I are reinvesting because we believe in Balwin, our people, our development pipeline and the opportunity ahead. Our management team remains in place, invested and operationally involved.”

Reflecting on the group’s tenure on the JSE and A2X, Brookes added: “Being listed made Balwin a better company. The governance, discipline and accountability that came with being a listed company are now part of the way we operate.”

Regarding future strategy, Brookes noted: “We have 30 years behind us, an experienced management team, strong long-term shareholders and significant opportunity still ahead. We remain proudly South African and completely committed to continuing to build this business.”

Read:
What the Balwin buyout means for the local property
CEO Brookes, PIC to take Balwin private in R2.3bn deal

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