Muhammad Paruk

Strategic Leadership & Investment Mandate

• Establish and lead the end-to-end investment strategy for a Old Mutual Real Estate Holding Company an unlisted real estate platform. This strategy includes Strategic Asset Allocation, Capital prioritization and Real Estate Portfolio construction aligned to long-term institutional mandates.
• Developed and implemented a multi-year real estate investment strategy focused on capital efficiency, portfolio optimization, asset optimization, and third-party capital integration positioning the platform for scalable growth and enhanced liquidity.
• Drive investment philosophy across direct property, joint ventures, listed property investments and offshore platforms, ensuring alignment with risk-adjusted return targets, governance standards and long-term sustainability objectives.

Portfolio Construction, Capital Allocation & Direct Asset Oversight

• Oversee a diversified, global multi-billion Rand real estate portfolio across retail, industrial, commercial and mixed-use real estate in South Africa and offshore markets (UK and Central & Eastern Europe).
• Responsible for capital allocation, liquidity management and portfolio and asset optimisation, ensuring alignment with long-term return objectives and liability considerations.
• Lead portfolio rebalancing, capital recycling strategies to enhance performance, improve capital efficiency and unlock value.
• Ensure institutional portfolio governance and reporting, aligned with fiduciary standards and best practice within Old Mutual Group.

Property M&A & Treasury and Capital Markets

• Lead all investment and M&A activity, including deal origination, acquisitions, disposals, developments and joint ventures across South Africa and international markets.
• Direct the full deal lifecycle: origination, underwriting, due diligence, structuring, negotiation, execution and post-investment integration.
• Structure and implement investment vehicles or structures, partnerships and co-investment platforms, enabling participation from institutional capital providers.
• Lead capital raising initiatives (debt and equity), engaging institutional investors, lenders and strategic partners to fund acquisitions, developments and platform growth.
• Extensive experience in large-scale, cross-border real asset transactions and platform investments.

Real Assets Mandate

• Lead the identification and execution of real asset and infrastructure-adjacent investments (such as Port Infrastructure), including logistics platforms, Cold Storage, Data Centre, mixed-use developments and long-duration income assets.
• Established and actively developed investment pipelines in Ports, Cold Storage, Data centre infrastructure, Housing and Student Accomodation, across South Africa, Central and Eastern Europe

Asset Management (South Africa)

• Oversight of the entire South African property asset management function, including retail, industrial and hospitality portfolios.
• Drive value creation strategies, including asset repositioning, redevelopment, capital improvements and operational optimisation.
• Oversee NOI growth, leasing strategies, non-GLA income initiatives and sustainability programmes across the portfolio.
• Lead a large, multi-disciplinary team comprising asset managers, leasing specialists, property managers and analysts.
• Chairman of the Asset Management and Development Committees, presented within the Old Mutual Real Estate Holding Company Group on a Quarterly basis

Joint Ventures & Offshore Platform Investments

• Oversee strategic joint ventures, including South African and Offshore Investment partnerships with Atterbury, Big Box Retail Fund, Lions Head Investment and RN3 managing capital allocation and performance delivery.
• Lead structuring and negotiation of joint venture agreements, co-investment frameworks and exit strategies.
• Drive alignment across JV partners on strategy, capital structures, funding and long-term value creation objectives.
• Lead offshore investment strategy and execution across UK and Central & Eastern European markets.

ESG, Sustainability & Responsible Investment

• Accountable for the development and implementation of the ESG framework across the platform, aligned with institutional investor expectations and regulatory requirements.
• Led initiatives focused on energy efficiency, environmental performance and long-term asset resilience across the portfolio.
• Integrated social and economic impact considerations, including transformation and community impact, into investment strategy and execution.

Governance, Risk & Stakeholder Management

• Member of key governance structures, including Investment Committee, Executive Committee and Board forums.
• Serve as Non-Executive Director and Investment Committee member on various platforms:

1. Old Mutual Real Estate Holding Company

2. Atterbury Investments

3. King Air Real Estate Holding Investments

4. Lions Head Investments

5. Lions Head Management

6. Big Box Retail Fund

7. Member of the Investment Committee and Advisory Committee of RN3.

• Provide Monthly Internal Performance Reporting, as well as quarterly Board and Investment Committee reporting, valuation oversight and strategic recommendations across the portfolio within OMREHC and Broader Old Mutual Group.
• Manage relationships with institutional investors, co-investors, lenders, regulators and key stakeholders.

Leadership & Team Management

Lead and manage a large, high-performing investment and asset management team, spanning investments, asset management, development and portfolio analytics.

Corporate Finance

• Execute the investment strategy and capital allocation decisions, overseeing property acquisitions, disposals and development initiatives across commercial, residential and mixed-use properties.
• Directing the deal lifecycle, from origination, valuation, due diligence, negotiation, structuring and execution
• Establish financial models, prepare Investment Committee Reports for review by Investment Committee and Board.
• Develop and maintain relationships with key institutional investors, lenders and strategic partners.
• Undertake capital raising (debt and/or equity) for new capital projects and expansion opportunities.
• Review all greenfield and brownfield proposals prepared by the Fund’s Internal Development Team. Where approved, establish necessary deal papers to submit to Investment Committee.
• Lead capital raising initiatives, from institutional investors and lenders to support new developments, acquisitions, refinancing, or ongoing operations.
• Establish Deal teams to grow professional skills of junior staff, through the Special Capital Projects deal forum

Asset Management

South African Portfolio

• Lead a team of asset managers, senior leasing, property managers and analysts, driving performance through active asset management strategies and asset value enhancing capital projects
• Develop and execute asset management strategies focused on value creation, including strategic market repositioning, capital improvements and sustainability initiatives
• Develop and oversee financial plans, including budgeting, forecasting sand performance monitoring, ensuring alignment with corporate growth objectives and overall fund mandate
• Originate and value, potential acquisition of land parcels within the asset node in order to enhance asset value and/or defend the asset value
• Develop and strategically guide on property level strategies that optimise asset performance, including leasing strategies, non-GLA activities and sustainability initiatives
• Review and conduct, financial modelling and analysis to evaluate asset performance, operational efficiencies and risk mitigation
• Review of Leasing, Operations, Collections, Finance and Marketing strategies across the portfolio
• Chairperson of the Asset Management and Development Management Committees
• Manage relationships with key stakeholders including Co-Owners of co-owned assets and key tenants.

Offshore Portfolio

• Member of the Asset Management Committee meetings
• Review and present offshore portfolio performance to Pareto Investment Committee and Board

• Directed deal life cycle, from deal sourcing to deal execution and portfolio maintenance.
• Deal origination and evaluation: Establish a pipeline of opportunities in the Fintech, Consumer, Health Care, Education and Industrial sectors within the portfolio mandate. Deal size range between R250-R750 million.
• Conducted in depth due diligence including financial modelling, valuation and sensitivity analysis to assess the performance of prospective investments.
• Deal Negotiation and Execution: Negotiated term sheets, purchase agreements and other transaction documents collaborating with legal advisors where applicable. Lead deal progression towards investment committee by preparing the investment thesis and recommendation to Nedbank Group Investment Committee and Credit Committee.
• Investee Company Monitoring: Conducted quarterly valuations and prepared investment reports for portfolio companies, ensuring continuous asset monitoring through regular updates and engagement with the Executive Committee.
• Reviewing asset valuations and identifying strategic operational opportunities interventions to enhance performance and create shareholder value.
• Proactively identify and mitigate risks within portfolio companies, contributing to sustainable growth and value creation.
• Worked closely with CEOs and senior management teams to align growth strategies, identify market opportunities, and optimize capital structures for asset value creation.
• Delivered quarterly presentations to Nedbank's Investment Committee (IC).
• Team Leadership: Guided and mentored associates and analysts in originating investment opportunities, fostering skill development within the team.
• Board representation and Non-Executive Directorships
• Industrial Sector: Isegen Pty Ltd
• FMCG Sector: The Beverage Company Pty Ltd

• Responsible for formulating and executing a board-approved Strategic Asset Allocation Investment Strategies for Real Estate and Consumer/Retail Sector, in line with the company’s Investment Policy Statement and long term growth objectives.
• Managed deal life cycle from origination, valuation, due diligence and structuring, negotiation and ensuring risk mitigation using derivative structures on certain deals.
• Originated and evaluated equity investment opportunities (listed and unlisted), both locally and internationally, across Real Assets, Financials, Industrials, and Consumer sectors.
• Conducted comprehensive investment analyses, due diligence, including financial modeling, asset valuations, industry reviews, of deal assessed. Preparation of and presentation of Investment Committee papers.
• Structured deals to establish strategic holdings, optimizing capital structures and, where applicable, incorporating BEE deal structures.
• Manage and oversee a diversified portfolio of companies (including real estate, consumer, and financials) ensuring alignment with long-term strategic goals and maximizing investment returns.
• Monitored portfolio companies performance (through Board representation).
• Prepared and presented performance reviews to the Investment Committee monthly and quarterly to RBH Board.
• Assisted in developing and guiding on strategic and operational initiatives for portfolio companies through Board representation to enhance asset value and create shareholder value.
• Supported portfolio companies with corporate M&A activities, including assisting JC Decaux and Zenprop Property on strategic transactions.
• Selected Transactions Real Estate
• Concluded an offshore JV, (GBP50mn), into development in Western European Properties.
• Acquisition of Land Parcels in Greenwich UK as part of a broader Residential Development.
• Establish a JV for development of Senior Care Living for UHNW in Chelsea UK (GBP12mn).
• Established an asset swap structure to facilitate an offshore acquisition of an LSE listed self-storage company (ZAR550million).
• Acquisition of strategic equity stake (c.ZAR600million) in a listed retail property company.
• Consortium Acquisition of a leading Outdoor Media Company (Equity Transaction Value ZAR550mn).

• Conducted in-depth fundamental analysis on equities under coverage, maintained valuation models, producing equity analyst research reports, event updates, results previews, and daily market wraps.
• Consistently tracked global financial markets and regulatory developments for impact on coverage sectors, presenting insights to both clients.
• Initiation of FMCG coverage: Initiated coverage of FMCG sector (Tiger Brands, Pioneer Foods, AVI and Rhodes Food Group), alongside co-analyst of General Retail.
• Worked alongside two lead analysts covering Precious Metals and Diversified Industrials listed companies.
• Co-Initiated coverage of both the precious metals and diversified industrials sectors (Industrials under coverage: Imperial, Barloworld, Grindrod, Super Group, Textainer and Bidvest & Precious Metals under coverage: Impala Platinum, RB Platinum, Impala Platinum, GoldFields, Sibanye).
• Conducted detailed fundamental analysis on equities, supporting the development of research reports and maintaining accurate valuation models.
• Assist in preparation of thematic and industry reviews.

Financial Mail Analyst Rankings

• #2 Ranked with lead analyst for PGM Sector Coverage.
• #2 Ranked with lead analyst for Gold Sector Coverage.
• #3 Ranked co-analyst for General Retail and Food Retail Coverage.

• Monitoring and reporting of existing portfolio holdings (primarily Hybrid Equity Investments).
• Analysis of company financials, updating financial models, in respect of performance vs budget, forecast and prior periods in order to provide insight and recommendations on the trajectory of the business.
• Financial performance analysis, by synthesising the company performances into insights and recommended next steps to Portfolio Manager.
• Preparation of Investment Committee reports and recommendations to Portfolio Manager.
• Develop financial models to assess financial impact of new investments and establish company valuations and performance metrics of the investment.
• Analyse financial statements and market trends to identify and review potential investment opportunities with a recommendation to portfolio manager.
• Prepare Deal Terms Sheets for prospective deals for review by the Portfolio Manager.
• Presented investment insights to fund managers following a commercial due diligence.
• Review of the private equity and listed equity space in SA and Africa, including portfolio holdings performance review as a source of deal origination.
• Monitoring and reporting of existing portfolio holdings (primarily Hybrid Equity Investments).

Quarterly Portfolio Reviews:

• Analysis of company financials, updating financial models, in respect of performance vs budget, forecast and prior periods in order to provide insight and recommendations on the trajectory of the business
• Financial performance analysis, by synthesising the company performances into insights and recommended next steps to Portfolio Manager.
• Preparation of Investment Committee reports and recommendations to Portfolio Manager.
• Assist in drafting Credit and Investment Committee reports

Origination and Pipeline Transactions:

• Develop financial models to assess financial impact of new investments and establish company valuations and performance metrics of the investment
• Analyse financial statements and market trends to identify and review potential investment opportunities with a recommendation to portfolio manager
• Prepare Deal Terms Sheets for prospective deals for review by the Portfolio Manager.
• Presented investment insights to fund managers following a commercial due diligence
• Review of the private equity and listed equity space in SA and Africa, including portfolio holdings performance review as a source of deal origination

Bureau for Economic Research Secondment

• One of two individuals chosen nationally for a prestigious internship programme aimed at training economists, sponsored by the South African Reserve Bank (SARB) and National Treasury. The programme included a secondment to The Bureau for Economic Research (BER) and provided comprehensive exposure to economic modeling, forecasting, report writing and policy analysis.

Econometric Modelling and Forecasting:

• Developed and applied econometric models to analyze macroeconomic data, resulting in accurate forecasts for the South African macroeconomy
• Collaborated with multidisciplinary teams at SARB and National Treasury to assess the impact of macroeconomic and microeconomic policies using Computable General Equilibrium (CGE) modeling.
• Prepared BER Quarterly Business and Consumer Index reports RMB/BER Business Confidence Index, FNB/BER Consumer Confidence Index and Absa PMI Index
• Provided economic insights and forecasts to various sector divisions, including presentations on macroeconomic developments and their implications for specific business and industry.

Quarterly Index Reports and Ad Hoc Research

• Conducted research on various economic issues and presented findings to senior executives.

• Contributed to the preparation of quarterly economic reports by analyzing key macroeconomic indicators and presenting findings

Ad hoc Research on the Exchange rate volatility impact on the manufacturing sector using Computable General Equilibrium modelling to establish the Rand’s volatility on SA manufacturer’s ability to export and subsequent impact on profitability and sustainability of the sector

National Policy Sub-Committees

Appointed as a National Treasury Representative to sit on various Inter - Departmental Task Teams including

• Nuclear Energy Planning Committee;

• Integrated Nuclear Infrastructure Review Committee;

• Integrated Energy Planning Steering Committee