ABOUT US

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. 

 

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OUR PHILOSOPHY

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.

UNIQUELY POSITIONED

Tenurey BSM combines the skill set and independence of corporate finance advisory, due diligence, asset management and development management

VAST NETWORK

Tenurey BSM has cultivated relationships with investors, property owners and services providers on a local and global scale

TAILORED SOLUTIONS

Carefully crafted transaction structures to maximise specific objectives, evaluating and comparing the options based upon each client situation

DEEP SECTOR KNOWLEDGE

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

DEVELOPMENT MANAGEMENT

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.

ASSET MANAGEMENT

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.

REAL ESTATE ADVISORY

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.

DUE DILIGENCE

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.

INVESTMENT BROKING

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

MERGERS, ACQUISITIONS AND DISPOSALS

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;
Leveraged buyouts;
Disposals;
Joint ventures;
Spin-offs; and
Divestures and other restructurings

EQUITY RAISING AND STOCK EXCHANGE LISTINGS

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
– Unbundlings

DEBT ADVISORY AND ARRANGING

We offer corporate and private equity borrowers independent and objective financing advice and can assist in arranging any type of debt finance.
 

DISTRESSED CORPORATE ADVISORY

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

RESTRUCTURINGS AND BALANCE SHEET OPTIMISATION

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;
– Acquisitions;
– Disposals or partial exits;
– Take privates/delistings; and
– IPOs.

VALUATIONS

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.

JSE LISTINGS REQUIREMENTS

We advise on the JSE Listings Requirements and where necessary will prepare documentation, including circulars and announcements, for submission to the JSE.

PRIVATE EQUITY ADVISORY

Tenurey BSM offers fully integrated services for investors and private companies, which include:

– M&A advisory and execution;
– Raising equity and debt funding;
– Acquisitions;
– Disposals or partial exits;
– Take private / delistings from Johannesburg Stock Exchange; and
– IPOs and restructurings.

RESEARCH

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.

BLACK ECONOMIC EMPOWERMENT TRANSACTIONS

We assist our clients in achieving their BEE objectives and offer advice on the following:

– BEE codes and industry charters;
– Structuring;
– Funding;
– Process;
– Identification and introduction of a BEE partner;
– Valuation; and
– JSE/TRP/Competition Authorities aspects.

OUR TEAM

Our team is comprised of highly experienced corporate advisors and property specialists who have a thorough knowledge of the property industry.

SHAUN STEWART

SHAUN STEWART FOUNDING PARTNER AND DIRECTOR

SHAUN STEWART

FOUNDING PARTNER AND DIRECTOR

SHAUN STEWART

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.

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PANOS ZAGARETOS

PANOS ZAGARETOS FOUNDING PARTNER AND DIRECTOR

PANOS ZAGARETOS

FOUNDING PARTNER AND DIRECTOR

PANOS ZAGARETOS

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.

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Get in touch

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