Delta International Property CEO Louis Schnetler has resigned due to “unforeseen personal reasons.” Schnetler’s resignation will be effective on July 7, the company said in a Sens announcement on Tuesday.
The company said the board has already started a process to identify a replacement for Schnetler and “and is over-seeing the hand-over of his responsibilities to ensure minimal disruption to the company.
“Shareholders will be updated on the appointment of a new chief executive officer in due course.”
Schnetler has been CEO of Delta International since July, when the counter embarked on a secondary listing on the JSE’s Alt X. It is in the process of migrating to the main board. The company has a primary listing on the Stock Exchange of Mauritius.
Delta International is the only property company on the JSE which invests in African markets, including Morocco and Mozambique. Delta International is Delta Property Fund’s Pan-African venture.
Schnetler was part of Delta International’s strategy of growing the company through acquisitions on the continent.
The acquisitions focus of the company is in the retail sector, given the growing middle class on the continent. It also has ambitions of targeting multinational corporations, largely oil companies, looking to set up offices on the continent.
Upon listing, Delta International with a market capitalisation of R870 million, initially announced a $250 million (R2.9 billion) acquisition pipeline. It is now scaling back on its growth targets, as opportunities are hard to come by.
Schnetler recently told Moneyweb that it will grow by acquiring “two or three properties valued at $50 million [R590 million] or $70 million [R827 million] at a time, not go big with a massive big pipeline.”
Its assets include the Anfa Place Shopping Centre in Casablanca Morocco, and in Maputo, Mozambique it owns the Anadarko Building and the Hollard/KPMG Building. It is pending a transfer of the Vodacom building in Maputo into its portfolio.
Schnetler’s career spans the law and real estate sectors, working for companies including BoE Corporate Property Finance, FNB Corporate, Absa and RMB’s Real Estate Investment Banking division.