Samuel Ogbu, the recently appointed chief executive officer of Liberty Properties, is a man known for his focus, drive and energy, essential requisites for the person chosen to captain the group as it steers an impressive course towards new growth.

Apart from managing an unlisted property portfolio of R18-billion – including Gauteng’s Sandton City, Eastgate and Nelson Mandela Square, and Greenacres in Port Elizabeth – Liberty Properties intends to spend R3,5-billion on upgrades, acquisitions and new developments, many of which are already in the pipeline. The group’s plan is part of a substantially wider vision to capture markets abroad.
Liberty had reduced its portfolio from 128 to 32 in recent years, but that’s all set to change. The group’s imminent expansion and upgrades include: Eastgate Mall, where a 12 000m2 expansion will bring gross rentable area to 126 017m² at an investment cost of R350-million; a 30 000m2 office and retail expansion of Liberty Promenade in Mitchells Plain, taking gross rentable area to over 83 000m² at an investment cost of R329-million; a new regional head office for Liberty Properties and hotel development in Umhlanga – an 11 000m2 build at an investment cost of R260-million; and Liberty Midlands Mall, Pietermaritzburg, where a 30 000m2 hotel and retail expansion will bring gross rentable area to over 80 000m2.

And, whereas previously the company had focused exclusively on its own portfolio, in future it will create new income streams by providing services to third parties based on an asset management model. Illustrative of this is its acquisition of a controlling interest in Fountainhead Property Trust Management, a Johannesburg-based company with a solid book of third-party business. Synergies with Liberty’s property management unit will be developed, but the Fountainhead brand will be retained.

‘We are committed to growing our asset base. New acquisitions are planned, either outright or in partnership with others. We are moving with purpose and intent into a new future. We’ve laid the foundation for growth, but we’ve not put a ceiling on it,’ says Samuel, a UK-qualified chartered accountant and MBA graduate.

‘Our contribution to the Liberty strategy is to revitalise what historically has been South Africa’s top property brand. Our expanded structure will enable us to move from our recent positioning as net sellers to significant buyers of property,’ he adds.

Prior to joining Liberty Properties, Samuel was Head of Large Corporate Business at Old Mutual. He has over 20 years’ professional experience, including heading up SA Breweries’ operations in Soweto, the marketing department at Sage, and 10 years experience in general management in South Africa and other sub-Saharan African countries. The latter experience fits in particularly well with Samuel’s goal of giving more attention to Liberty Properties’ activities in the SADC region. ‘Africa-wide synergies with our Standard Bank partners are being explored,’ explains Samuel. ‘Standard Bank has a substantial African footprint and this relationship can be leveraged to exploit significant opportunities… to create a truly African brand,’ he comments.

‘Our growth plans are an expression of confidence in the South African economy, the retail sector and property industries, as well as in the future of specific communities, like Mitchells Plain in Cape Town and the potential of numerous jurisdictions across the SADC region,’ he adds. Indeed they are, and with Samuel on board, their ambition has newfound resolution.