managing assets, steering sustainable returns
OVERVIEW
Noble Property Fund was incorporated in 2017. It successfully established an unlisted property growth fund in the retail convenience sector. The fund (Noble Spectatus Fund) is fully subscribed at a fund value of ZAR 5.7 billion and converted to an income fund for the benefit of shareholders.
On the back of this success, Noble Cavallo Fund was established as an unlisted property income fund:
- The investment horizon is broadened to include consumers in both the lower and higher ends of the income spectrum.
- Investment categories is expanded to include industrial property.
- Geographical investment must represent a nationwide provincial footprint across South Africa.
CREATING SUSTAINABLE INCOME
Our key objective is to build a resilient and high-quality income stream by ensuring that the assets in the portfolio generate a consistent income stream for distribution to shareholders, while maintaining sustainable organic growth over time.
Our People
Danie Viljoen
GROUP CEO
Stephan Le Roux
CHAIRMAN
NOBLE SPECTATUS FUND
Thapelo Magoro
CHAIRMAN
NOBLE CAVALLO FUND
Jason Kombo
NON-EXECUTIVE DIRECTOR
NOBLE SPECTATUS FUND & NOBLE CAVALLO FUND
Martelie Le Roux
Chief financial officer
KEY INDIVIDUAL
Cecile Fourie
CHIEF INVESTMENT OFFICER
NOBLE SPECTATUS FUND
Sanele Nyoka
CHIEF INVESTMENT OFFICER
NOBLE CAVALLO FUND
Dirk Schoeman
HEAD OF LEGAL
Hanneke Mostert
FINANCIAL MANAGER
Daniël Malan
ASSET MANAGER
Tylo Scholtz
ASSET MANAGER
Gillian Cordom
INTERNAL ACCOUNTING MANAGER
Dominique Janse van Rensburg
Senior Fund Accountant
Elsa Venter
ESG OFFICER
Chantel Coetzee
HR MANAGER
Funds Under Our Stewardship
FUND 1
Property Portfolio
Portfolio Area Split
Anchor tenants – Pick ’n Pay, Woolworths, Clicks, Waterstone Pharmacy
% National composition of tenants – 89%
Anchor tenants – Woolworths, Pick’n Pay & Clicks
% National composition of tenants – 80%
Anchor tenants – Checkers, Game, Clicks, Shoprite, Van Heerden Pharmacy
% National composition of tenants – 92%
Anchor tenants – Woolworths, Spar & Clicks
% National composition of tenants – 79%
Anchor tenants – Woolworths & Clicks
% National composition of tenants – 94%
Anchor tenants – Pick ’n Pay & Clicks
% National composition of tenants – 82%
Anchor tenants – Woolworths, Pick ’n Pay, Clicks, Dis-Chem, Checkers
% National composition of tenants – 87%
Anchor tenants – Spar, Woolworths & Dis-Chem
% National composition of tenants – 83%
Anchor tenants – Checkers, Pick ‘n Pay, Clicks & Medirite
% National composition of tenants – 96%
Anchor tenants – Econofoods & Crazy Plastics
% National composition of tenants – 83%
Anchor tenants – Pick ’n Pay & Clicks
% National composition of tenants – 83%
Anchor tenants – Pick ’n Pay, Woolworths & Clicks
% National composition of tenants – 87%
Anchor tenants – Dischem & Woolworths
% National composition of tenants: 89%
Anchor tenants – Checkers & Clicks
% National composition of tenants – 83%
Anchor tenants – Woolworths & Clicks
% National composition of tenants – 78%
Anchor tenants – Checkers & Clicks
% National composition of tenants – 86%
Anchor tenants – Pick ’n Pay, Woolworths, Clicks, Waterstone Pharmacy
% National composition of tenants – 89%
Anchor tenants – Woolworths, Pick ’n Pay, Clicks, Dis-Chem, Checkers
% National composition of tenants – 87%
Anchor tenants – Pick ’n Pay, Woolworths & Clicks
% National composition of tenants – 87%
Anchor tenants – Woolworths, Pick’n Pay & Clicks
% National composition of tenants – 80%
Anchor tenants – Spar, Woolworths & Dis-Chem
% National composition of tenants – 83%
Anchor tenants – Dischem & Woolworths
% National composition of tenants: 89%
Anchor tenants – Checkers, Game, Clicks, Shoprite, Van Heerden Pharmacy
% National composition of tenants – 92%
Anchor tenants – Checkers, Pick ‘n Pay, Clicks & Medirite
% National composition of tenants – 96%
Anchor tenants – Checkers & Clicks
% National composition of tenants – 83%
Anchor tenants – Woolworths, Spar & Clicks
% National composition of tenants – 79%
Anchor tenants – Econofoods & Crazy Plastics
% National composition of tenants – 83%
Anchor tenants – Woolworths & Clicks
% National composition of tenants – 78%
Anchor tenants – Woolworths & Clicks
% National composition of tenants – 94%
Anchor tenants – Pick ’n Pay & Clicks
% National composition of tenants – 83%
Anchor tenants – Checkers & Clicks
% National composition of tenants – 86%
Anchor tenants – Pick ’n Pay & Clicks
% National composition of tenants – 82%
FUND 2
Retail / Industrial
DESIGNATED PROPERTY TYPE 1
TYPICAL FEATURES
GLA 5000m2 to 30 0002 80% National Tenancy
ANCHOR TENANTS
Supermarket
Shoprite, USave, Boxer, Checkers, Pick ‘n Pay, Spar
Pharmacy
Medirite, Dis-chem, Clicks
Liquor Store
Linked to Anchor
COMPLEMENTARY ANCHOR
Woolworths Food
OPEN FOR SUBSCRIPTIONS
DESIGNATED PROPERTY TYPE 2
TYPICAL FEATURES
Variable footplate
- Leasing
Preference for single tenant occupancy.
Long lease terms (ten years +). - Cost Management
Low or no maintenance cost.
Full recovery of utlities
Sustainability
ENVIRONMENT
Charting a path towards sustainability, our company is dedicated to investing in renewable energy solutions. Through strategic initiatives, we not only embrace environmental responsibility but also ensure sustained business operations.
Our company also explores innovative solutions to ensure a water-secure future.
We address waste management through the engagement of professional service providers and comprehensive records of waste data. This strategic approach ensures a systematic and accountable process, reflecting our commitment to responsible waste management practices within our operations.
BUILDING STRATEGIC PARTNERSHIPS FOR SOCIAL CHANGE
We firmly believe that education promotes earnings, health, and poverty reduction.
Without formal structures for upskilling, people from under-resourced communities face significant barriers to entering formal employment or becoming self-employed. We seek to address this by supporting education and training institutions in order to open up learning opportunities.
Our company takes great pride in being associated with organisations making a visible difference in people’s lives.
The foundation’s mission is to uplift and empower the people of Diepsloot, Johannesburg. We support their mission by monthly donations allocated to the Adult Education and Training programme.
People Upliftment Programme Centre offers Adult Education and Training and personal development programmes to members of disadvantaged communities. The programme aims to help learners discover their potential, transform their lives, and change their economic reality.
This non-profit organisation uses football as a catalyst for social change, to unite and uplift the Hout Bay community. Young members from vulnerable communities within the area are uplifted through mentorship and coaching, to improve life skills, academic work, and football ability.
KAYEC TRUST
This Namibian non-profit organisation provides affordable, quality training and holistic development through social support, mental health awareness and market-driven vocational skills, focusing on marginalised youth.
COMMUNITY SKILLS DEVELOPMENT CENTRE
COSDEC Swakopmund is a Community Skills Development Centre that provides vocational skills training to out-of-school youth, and marginalised groups.
The centre offers structured courses with job attachments and a variety of short courses to community members. The organisation also facilitates a Business Development Centre for SMEs.
The Noble Heart
STEPHAN LE ROUX
NON-EXECUTIVE CHAIRMAN
NOBLE SPECTATUS FUND
Bachelors in Architectural Studies
B.Com Accounting
Date of appointment: 1 January 2019
Stephan joined Growthpoint Properties as Head of Retail Portfolio in 2003 and retired in 2019 as Divisional Director. He also represented Growthpoint Properties on the V&A Management Committee.
He has made a significant contribution to the wider industry through the South African Council of Shopping Centres. He was appointed to its Board in 2016 and served as President from 2018 to 2020.
He is currently an independent member of the Sasol Pension Fund Investment Committee, and a non-executive director of various unlisted property companies.
Thapelo Magoro
NON-EXECUTIVE CHAIRMAN
EXECUTIVE MBA
Date of appointment: 7 August 2026
Thapelo is a financial services executive with over 25 years of experience spanning capital markets, asset management, corporate finance and institutional client management.
He is the founder and CEO of Longmark Securities, a JSE-licensed black-owned brokerage firm, and Executive Director of Longmark Ventures, a private equity-oriented advisory firm.
He has a track record of building regulated businesses from inception, navigating existential challenges, and delivering results for institutional clients across Sub-Saharan Africa and international markets.
JASON KOMBO
NON-EXECUTIVE DIRECTOR
NOBLE CAVALLO FUND
CA (SA)
Date of appointment: 1 March 2021
During 2007 to 2012, Jason was Portfolio Manager and Equity Analyst on the Coronation Industrial Fund, where he developed a grounding in fundamental analysis, portfolio construction and the industrial sector at one of South Africa’s leading asset managers.
During 2013 to 2015, Jason founded and was appointed as director of Avior Trans Africa (Pty) Ltd, a cold chain logistics business focussing on SADC markets.
As founder and director of Apex Private Equity Partners in 2016, he leads the firm’s investment strategy and partnerships in a real estate investment vehicle with assets primarily in student accommodation.
DANIE VILJOEN
GROUP CEO
B.Com Honours
Date of appointment: 1 January 2013
Danie has more than 26 years of experience in the retail property industry. In 2007 he established a R500 million private retail property fund in the Western Cape, focusing on the central business districts of country towns. The fund has driven socio-economic development and community upliftment in the areas it served.
He later established a second fund, the Noble Spectatus Fund, to R5.7 billion in assets under management over ten years, before guiding its conversion to an income fund.
Under his leadership, Noble Cavallo Fund was established, and he continues to guide it through its growth phase.
He leads Noble Property Fund (Pty) Ltd as Chief Executive Officer and serves as Managing Director of Noble Facilities Management (Pty) Ltd.
MARTELIE LE ROUX
Chief Financial Officer
Key Individual
CA (SA)
Date of appointment: 1 January 2013
Martelie is Chief Financial Officer at Noble Property Fund, a position she has held since 2017.
She began her career in audit, which spanned more than 7 years.
She joined Noble Property Fund in 2013 as Financial Manager before being appointed to her current role.
Martelie oversees the fund’s debt finance, internal control systems and governance structures.
She also leads the FSCA regulatory compliance function, and serves as the fund manager’s appointed Key Individual.
CECILE FOURIE
CHIEF INVESTMENT OFFICER
CA (SA)
Diploma: Forensic Investigation and Criminal Justice (UJ)
Date of appointment: 1 January 2018
Cecile joined Noble Property Fund in 2018 as Financial Controller, before moving into the roles of Asset Manager and Investment Analyst, and was appointed Chief Investment Officer in 2024.
Her career began in audit, which spanned more than 15 years, advancing to the position of Senior Audit Manager.
She brings a vast experience in the valuation of movable and immovable assets, following the appropriate valuation models and policies, to support accurate reporting and sound decision-making.
Cecile actively oversees the daily asset management function of all immovable properties within the investment portfolio.
SANELE NYOKA
Chief Investment Officer
NOBLE CAVALLO FUND
B.Com (Economics)
Date of appointment: 1 May 2026
Sanele has 26 years of experience in institutional fund management. His career includes senior roles at Sanlam, Old Mutual and Mineworkers Provident Fund.
After leaving corporate, Sanele founded SAN – Group of companies, including SAN Property Investment and Management – a Private Equity Property Fund.
He is a proponent of impact investments and a development finance practitioner.
Dirk Schoeman
Head of Legal
LLB (UF)
Date of appointment: 1 January 2018
Dirk is an admitted attorney of the High Court of South Africa, with more than 15 years of legal experience across commercial, property and civil law.
He was admitted as an attorney in 2011 and practised in contract drafting, wills, trusts and civil litigation. From 2012 to 2015, Dirk worked as a legal consultant in Botswana, specialising in commercial and property contracts, before becoming a partner at a Cape Town law firm and heading its commercial law department.
He joined Noble Property Fund as Legal Advisor in 2018, managing the drafting, negotiation and renewal of retail lease agreements with national and other tenants.
Appointed Head of Legal in 2024, Dirk now leads the legal department, concludes complex lease agreements with national tenants, and works with external attorneys and counsel on commercial litigation.
HANNEKE MOSTERT
FINANCIAL MANAGER
CA (SA)
Date of appointment: 1 September 2021
After completing her articles at Exceed (Cape Town) Incorporated, Hanneke was promoted to audit manager, a role she held from 2011 to 2021, working with clients in the medical, agriculture, retail and property sectors.
As a registered tax practitioner, she also advised clients on tax matters and queries from the South African Revenue Service, which sparked her interest in taxation.
She joined Noble Property Fund as Financial Controller in 2021 and was promoted to Financial Manager in 2023.
Her 13 years in audit gives her strong accounting, reporting and tax expertise, which she applies to ensure Noble’s financial information meets the highest standards for all its stakeholders.
Hanneke also manages the annual external and internal audit processes.
Daniël Malan
ASSET MANAGER
CA (SA)
Date of appointment: 1 June 2023
Daniël completed his articles at PKF Cape Town and went on to serve as Audit Manager from 2018 to 2023, gaining experience across the retail property and financial services markets.
In 2023, he joined Noble Facilities Management as Senior Fund Accounting Manager, before being appointed Asset Manager at Noble Property Fund in 2025.
In this role, Daniël manages risk and optimises the performance of each property through regular assessments of tenant performance and utility recovery.
Daniël’s data-driven approach to financial forecasting consistently adds to value appreciation.
Tylo Scholtz
Asset Manager
CA (SA)
Date of appointment: 1 January 2027
Tylo began her career at EY, where she completed her audit articles and gained experience across the consumer goods manufacturing and retail sectors. Her work provided her with a strong foundation in financial reporting, risk assessment and understanding business operations.
Through her audit experience, she developed strong analytical skills and a sound understanding of accounting principles, financial controls and business performance.
She joins Noble Property Fund as an Asset Manager in January 2027, where she will apply her financial background and analytical expertise to asset management and investment performance, supporting the fund’s continued growth and value creation.
GILLIAN CORDOM
INTERNAL ACCOUNTING MANAGER
B.Com Financial Accounting
Date of appointment: 1 January 2021
Gillian is an experienced, detail-oriented accounting professional with a strong track record in managing internal accounting functions.
In her five years at Noble Property Fund, she has been responsible for delivering accurate financial reporting to the Board of Directors.
She plays a central role in the finance team, supporting her colleagues and contributing significantly to the company’s success.
CHANTEL COETZEE
HR MANAGER
B.Com Honours (Human Resource Management)
Postgraduate Diploma in Labour Law (PGDip)
Date of appointment: 1 March 2024
Chantel is an HR professional with extensive experience in employee relations, Employment Equity, Skills Development and the practical application of South African labour legislation.
She is skilled in disciplinary processes, dispute resolution and workplace negotiations, and fosters fair, compliant and productive employment relationships.
Her years as a full-time United National Transport Union Representative at Transnet Port Terminals (2013 – 2024) combined with her current HR Management experience, give her a balanced understanding of both employee and management perspectives.
Dominique Janse van Rensburg
Senior Fund Accountant
BCom (Fin Acc) (US)
Date of appointment: 1 March 2014
Dominique completed her articles at CAP Chartered Accountants, gaining valuable experience in accounting, financial reporting and auditing.
She joined Noble Property Fund as an Accountant in March 2014, where she developed her expertise in property fund accounting and financial management.
Since 2020, Dominique was appointed as Senior Fund Accountant. She leads a team of three accountants and a debtors clerk, ensuring accurate financial reporting and the effective management of the portfolio’s accounting functions.
With over 12 years of experience at Noble, Dominique brings extensive knowledge of property fund accounting, strong leadership skills and a commitment to maintaining high standards of financial accuracy and reporting.
Elsa Venter
ESG OFFICER
B.A Humanities
Date of appointment: 1 January 2023
Elsa leads the company’s sustainability and social investment function.
She is responsible for sustainability reporting and directs all Corporate Social Investment initiatives.
She also oversees the analysis of ESG data and reports on it to the Social and Ethics Committee, ensuring the fund’s environmental, social and governance performance is measured, transparent and aligned with its commitments to all stakeholders.