Tenurey BSM is a Southern African property advisory company that offers a complete real estate offering to its clients.
Tenurey BSM was formed in 2016 through the amalgamation of the founding partners’ respective property advisory interests. All parties realised the opportunity to combine the skills and networks of a property focused merchant banking team with a team of highly experienced property professionals.
We provide a full scope of corporate finance and property specific services including inter alia: M&A advisory, due diligence investigations, asset and development management, disposals, capital raising and IPOs.
Download our Corporate Profile
Tenurey BSM aims to become the pre-eminent Southern African real estate advisory firm.
We provide a full scope of corporate finance, advisory and asset management services to our clients, including listed and unlisted property funds, pension funds, corporates and high net-worth individuals.
We focus on building long term relationships with our clients where we are able to provide personalised service that is specifically tailored to the needs of each individual client.
Tenurey BSM combines the skill set and independence of corporate finance advisory, due diligence, asset management and development management
Tenurey BSM has cultivated relationships with investors, property owners and services providers on a local and global scale
Carefully crafted transaction structures to maximise specific objectives, evaluating and comparing the options based upon each client situation
Service offering to clients with unmatched knowledge, investor access and strategic advice across the spectrum of real estate activities and M&A in Southern Africa
P R O P E R T Y S E R V I C E S
Tenurey BSM aims to understand its clients’ needs and thereafter to manage the whole project process in the interest of achieving an integrated development solution that delivers value. Tenurey BSM is experienced in the full cycle of development, from inception through to construction to on-going management. Tenurey BSM handles complex projects in retail, office, industrial and residential sectors and the management of multiple stakeholders.
Tenurey BSM’s approach to asset management focuses on the ‘value’ of real estate, with the crucial aim of maximising the attainable value of its clients’ real estate portfolios over time. By adopting an overall view and combining it with a sound understanding of investment principles, Tenurey BSM aims to deliver benchmark-beating returns on its clients’ real estate assets. The principal objective is to provide its clients with sustainable income and capital growth over the medium to long term.
Tenurey BSM provides a bouquet of tailor-made strategic real estate consulting services for the purposes of acquisition, disposal, leasing and property development. In addition, it manages transactional structuring. Tenurey BSM’s advisory experience spans within local, and Sub-Saharan African markets.
Tenurey BSM provides a turnkey due diligence service to our clients engaging in property transactions. As part of this service, Tenurey BSM provides financial analysis and modeling, legal due diligence, structural due diligence and valuation. By utilising Tenurey BSM, our clients ensure that the property transaction has been thoroughly analysed to identify all major investment risks.
Tenurey BSM’s Investment Broking division focuses on the sale and acquisition of property assets with the aim of assisting its clients to build efficient and return driven property portfolios through both acquisition and sale of assets. We have the capacity to integrate seamlessly with our clients’ business processes, ensuring that objectives are met within the required timeframes. We can provide solutions that draw on our experience, knowledge and vast networks within the real estate industry, investment banking industry and broader capital markets. Our clients include listed and unlisted property funds, pension funds, corporates and high net worth individuals.
C O R P O R A T E F I N A N C E S E R V I C E S
Tenurey BSM creates significant value for its clients before, during and after the transaction process, through:
Providing comprehensive business valuations;
Efficiently managing the transaction process;
Advising on and participating in negotiations;
Providing structuring solutions to ensure that the transaction is structured in an efficient manner;
Determining the optimal funding structure for a transaction;
Assisting with due diligence, risk management and governance; and
Communicating to all stakeholders during the transaction process.
We provide advice on a full range of transactions, including:
Mergers and acquisitions;
Divestures and other restructurings
We assist our clients in growing their business by raising capital to repay debt and fund acquisitions.
In addition to structuring and raising capital through listings and placements, our team also offers specialist advice for:
– Rights offers;
– Share buy-backs; and
We offer corporate and private equity borrowers independent and objective financing advice and can assist in arranging any type of debt finance.
Tenurey BSM offers assistance to distressed companies and business rescue practitioners through the provision of corporate advisory services in business rescue processes.
We also assist our clients in raising the required capital to support them with their turnaround strategy
Tenurey BSM has specialist experience in providing clients with innovative solutions to optimise their capital structure, including clients in distressed situations. Restructuring solutions typically require a detailed assessment of the company’s value, future cash flows and liquidity requirements and subsequent negotiations with all stakeholders to restructure existing debt and to raise new capital in the debt and/or equity market.
We offer the following integrated services:
– M&A advisory and execution;
– Equity and debt fundraising and negotiations with current and / or future debt providers;
– Disposals or partial exits;
– Take privates/delistings; and
We offers a wide range of objective and independent valuation services to listed, private, multinational and governmental organisations.
Our service offering includes:
– Company valuations;
– Independent expert reports;
– Fairness opinions;
– Property valuations; and
– Option valuations.
Our team looks at each transaction holistically and provides a tailored service offering on a case by case basis – which is obtained from the insights gained from a number of local industries and market niches using the team’s experience.
We advise on the JSE Listings Requirements and where necessary will prepare documentation, including circulars and announcements, for submission to the JSE.
Tenurey BSM offers fully integrated services for investors and private companies, which include:
– M&A advisory and execution;
– Raising equity and debt funding;
– Disposals or partial exits;
– Take private / delistings from Johannesburg Stock Exchange; and
– IPOs and restructurings.
We also provides our clients with detailed research concerning the market
and industry in which:
– they operate in; and/or
– an acquisition target operates in.
We assist our clients in achieving their BEE objectives and offer advice on the following:
– BEE codes and industry charters;
– Identification and introduction of a BEE partner;
– Valuation; and
– JSE/TRP/Competition Authorities aspects.
Our team is comprised of highly experienced corporate advisors and property specialists who have a thorough knowledge of the property industry.
FOUNDING PARTNER AND DIRECTOR
B BUS SCI (FIN HONS) | CA (SA) | CFA
Shaun is an Executive Director of Tenurey BSM and is a qualified Chartered Accountant and Chartered Financial Analyst.
Shaun has over 7 years of Banking and Investment Banking experience, having joined Investec Corporate Finance in 2011 where he advised a number of blue chip clients including inter alia Steinhoff, Bidvest, Growthpoint and SA Corporate Real Estate Limited. He has advised on numerous significant mergers and acquisitions, corporate restructurings and new listings. He advised SA Corporate Real Estate Limited on defending an offer from Capital Property Fund, advised on the internalisation of SA Corporate’s management company, the acquisition of Afhco Holdings Proprietary Limited, the acquisition of a Zambian property portfolio and a subsequent R1.2bn rights offer. He also advised Accelerate Property Fund on its listing on the JSE, including a capital raise of R1.9bn.
Shaun left Investec at the beginning of 2016 and co-founded Birkett Stewart McHendrie, an independent boutique corporate finance firm. He assisted in establishing Tenurey BSM, which involved the amalgamation of the founding partners’ respective property advisory interests to provide a holistic property offering to clients.
FOUNDING PARTNER AND DIRECTOR
B.COM (HONS) | CA (SA)
Panico is an Executive Director at Tenurey BSM and has circa 18 years of experience in investment banking, commencing in 1999 when he joined the corporate finance team at Anglo American Corporation of South Africa, following which he moved to Investec Corporate Finance where he became a senior advisor. He later founded Capital Hill Corporate Finance, an independent corporate finance boutique which was sold to Sasfin in 2010. Panico headed up Sasfin Corporate Finance and was a member of Sasfin’s Executive committee.
Panico has extensive experience in all aspects of deal making, structuring, negotiation and corporate finance. Some of the property transactions he has been involved in through his career include inter alia, the reverse listing of the Mines Pension Fund properties into Growthpoint Properties Limited, the merger between Growthpoint Properties Limited and Primegro Properties Limited, the listings of Vukile Property Fund Limited and Annuity Properties Limited on the JSE and a large number of acquisitions by Growthpoint Properties Limited and Metboard Properties Limited.
In 2012, Panico was appointed the CEO of Annuity Properties Limited (“Annuity”), a JSE listed REIT and was responsible for growing Annuity’s property portfolio from R486 million at the time of listing in 2012 to R2 billion in 2014. Following the acquisition of Annuity by Redefine Properties Limited in 2014, Panico co-founded Glenrock Properties, a company involved in residential property investment in South Africa and continues to serve on the |Glenrock Properties board of directors. More recently, Panico headed up the Property Advisory team at Investec Corporate Finance where his clients included Growthpoint Properties Limited, Investec Property Fund, Accelerate Property Fund and Texton Properties Limited. Panico has also been involved in commercial property acquisitions in Germany.
FOUNDING PARTNER AND DIRECTOR
BSC (QS) | MSC (REAL ESTATE INVESTMENT) | MRICS
Panos is an Executive Director at Tenurey BSM and a member of the Royal Institution of Chartered Surveyors (“RICS”). He served as a Senior Manager: Investments at the Public Investment Corporation Property Division, heading the Investments Division.
He was instrumental in developing, implementing and managing the property investment strategy of the Government Employees Pension Fund. He headed the team that acquired properties to a value in excess of ZAR23 billion, the most notable being the acquisitions of the V&A Waterfront and Pareto in 2011. Panos was also responsible for the development of a number of retail and commercial properties nationally and internationally.
He has served on the Board of Directors of various property companies in his capacity as a shareholder representative. Panos specializes in strategic advisory, mergers and acquisitions, asset management and development management, which he has executed through his firm Tenurey.
B.COM (HONS) | CA (SA)
Dean is an Executive Director of Birkett Stewart McHendrie and is one of the founding members of Tenurey BSM. Dean is a qualified Chartered Accountant, having finished his articles at Ernst & Young. Dean has 6 years of investment banking experience, starting off his career at Investec Corporate finance. During his time at Investec, Dean advised on a number of transactions for multiple JSE listed companies performing the full suite of corporate finance advisory work.
Dean advised Texton Property Fund (formerly Vunani Property Fund) on a number of their property acquisitions (including offshore acquisitions), capital raises, M&A strategy, Texton’s BEE transaction and performed all of their JSE related work.
Dean left Investec in September 2015 to begin work at Birkett Stewart McHendrie and has been involved in all aspects of the business and has advised on a number of transactions for BSM’s existing client base.
B BUS SCI (FIN HONS) | CA (SA)
Patrick is an Executive Director of Birkett Stewart McHendrie, one of the founding members of Tenurey BSM, and is a qualified Chartered Accountant in South Africa.
Birkett Stewart McHendrie is a boutique corporate finance firm with a merchant banking philosophy of providing sound corporate finance advice to its clients and backing it’s clients where possible through debt and equity positions.
Patrick has over 6 years of Investment Banking experience, having joined AfrAsia Corporate Finance in 2011 and Investec Corporate Finance in 2013 where he advised a number of blue chip clients including inter alia Growthpoint and Sun International, on numerous capital raisings, mergers and acquisitions, IPOs, corporate restructurings and stock exchange related activities. Prior to investment banking, Patrick undertook his accounting articles at Deloitte, where he was a member of the financial services team.
Patrick left Investec in July 2014 in order to commence the operations of Birkett Stewart McHendrie. During this time, Patrick has advised on a number of significant distressed and vanilla corporate finance transactions, including the Ellerine Furnishers and Ellerine Holdings restructuring and wind down, Elgin Engineering restructuring and subsequent disposal and the restructuring and capital raising for Mintails Gold Mining
Richard has 12 years’ experience in the commercial property industry. In 2007 he moved to Johannesburg and found his niche in the commercial property field. He has advised on numerous negotiations, including the R500 million sale of a building to Sinosteel Corporation in the Sandton precinct. In addition, he has been involved with large land assemblies for redevelopment and various other sales transactions including sale and lease back and owner occupier transactions.
He has built strong relationships with the South African listed property and private sectors to assist with acquisitions and disposals of assets, and more recently through his relationship with BNP Paribas Real Estate division encouraged these same companies to consider the purchase of offshore assets. Richard studied agriculture and worked in that industry for 10 years where he was involved in the production and export of fresh produce. He was responsible for international client liaison with importers across the globe and UK and European supermarkets. In addition, he was responsible for ensuring adherence to strict export standards. Richard has been involved in a few start-up businesses which included a hydroponics farm, a cargo airline business and a retail business.
B.COM (HONS) | CA (SA)
Stephan joined Tenurey BSM in March 2019 as a corporate finance analyst. Prior to joining Tenurey BSM, Stephan was an Assistant Manager with EY in the Cambridge office.
Stephan completed his articles at EY in Johannesburg and qualified as a chartered accountant in 2016. Stephan’s industry experience includes but is not limited to Real Estate, Retail, Agriculture, Construction, and Insurance Broking.
During his time at EY Stephan worked on a number of large listed and privately-owned companies including Thomas Cook, PA Consulting Group, Greene King, Aon South Africa, Siemens, Investec Property and Senwes.
For any enquiries or additional information, please feel free to send us a message
+27 82 479 7147
+27 83 320 6893
Ground floor, Jindal Africa
22 Kildoon Road, Bryanston
Johannesburg, South Africa, 2191