May 28 2026 17:15
Martin Slabbert, chairman of MAS Real Estate
MAS P.L.C. (JSE: MSP) has announced the sale of seven retail properties across Romania and Bulgaria, alongside the appointment of a new chief executive. This has surprised investors as the fund has long been a retail landlord with a small residential development arm.
The group has made a decisive break from its identity as a Central and Eastern European property company. MAS said it is repositioning its mandate and is no longer confined to real estate or to the markets where it has historically operated.
Six open-air malls in Romania are being sold to AFI Europe N.V., which is a Central and Eastern European vehicle of Tel Aviv-listed AFI Properties. Completion is expected by 30 June 2026, subject to Romanian regulatory approval.
Galleria Burgas, an enclosed mall in Bulgaria, is being sold to Balkan Retail N.V., the Eastern European portfolio of JSE-listed Hyprop Investments. Completion is targeted by 31 July 2026.
Neither transaction requires shareholder approval under the JSE Listings Requirements and both are subject to conditions and approvals typical of such deals. MAS expects to receive net proceeds of approximately €216m.
The sales are the opening move in a deliberate transformation that follows a significant shift in MAS’s ownership and governance. After the voluntary offer made by PK Investments Limited (PKI) in August 2025 and subsequent share purchases, Prime Kapital (PKI) and its deemed concert parties for purposes of the company’s articles of association now collectively own more than 61% of MAS’s issued share capital.
This means that Martin Slabbert who is the chairman of MAS and the chairman of PKI effectively controls MAS. He has not said where MAS will invest next and in which types of assets.
“MAS intends to broaden its investment activities selectively beyond real estate and beyond the markets in which the group has historically operated. Capital allocated rationally and patiently will be directed towards opportunities where the prospects for
long-term compounding are most attractive,” said Mihail Vasilescu, new chief executive officer of MAS.
“The Board has signalled it will not rush to redeploy capital, prioritising quality, durability, downside protection and long-term value over speed. It cautioned that meaningful capital may remain undeployed for periods while suitable investments are assessed, and that this may weigh on short-term earnings — a trade-off the Board considers essential to superior long-term returns for
shareholders,” the group said in a statement.
Vasilescu was appointed CEO with immediate effect. A current Non-Executive Director of MAS and a partner at Prime Kapital, MAS’s largest shareholder, Mihail brings over 23 years of experience in real estate and finance. He previously founded Rampart
Capital, a financial advisory firm specialising in corporate finance, debt restructuring and M&A.
Irina Grigore, CEO since April 2022, moves to the role of Chief Financial Officer, which is the position she held before her appointment as CEO.
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