The country’s economic performance and those of other markets directly affect the South African property market. The slowing economy, low growth in employment, real household disposable income and tight credit due to deteriorating consumer credit-risk profiles are affecting the property market negatively. On the positive side we have seen some major improvements in the commercial property market especially in the retail sector with many regional shopping centres emerging. We have also seen increased corporate activity on the JSE property rates, specifically the Real Estate Investment Trusts (REIT’s). Due to the recent change to the corporate structure of listed real estate companies to REIT’s, the foreign listed funds are also able to invest in their property products more freely.

Middel & Partners have been involved in the property sector for over 24 years. We specialize in advisory services to property development, property management and corporate finance for property projects in Southern Africa.

Our Services

We have developed our services to help our clients address the key issues in the property industry. We provide specialized knowledge and experience in the industry.

Property Services include:

  • Commercial and Industrial Real Estate Development;
  • Land Development and Home Building;
  • Real Estate Investment Trusts (REIT’s);
  • Employer based housing projects;
  • Management of employer based housing projects (sales and rentals); and
  • Owners Associations

Audit, IFRS & Tax

Middel & Partners is a specialist in the property industry, a team of experienced specialists are passionate about the industry and pride themselves in bringing a practical, results driven approach to any property structured venture.

Middel & Partner’s in-depth knowledge of the Property sector and their key issues ensures that we are able to tailor our audit methodology to provide a service that is complete, effective and leading-edge. We offer the following external audit services:

  • Audits, reviews & compilations of financial statements;
  • Audits in accordance with IFRS;
  • Internal control reviews and risk assessments;
  • Agreed-upon procedure reports and special reporting;
  • New accounting standard implementation;
  • Forensic accounting and dispute resolution
  • Outsourcing of internal audit functions;

Middel & Partnersare registered auditors of the JSE and JSE accredited Reporting Accountant Specialists. Backed by our accreditations our external audit services are primarily focused on servicing the following:

  • Small cap listed real estate entities;
  • REIT’s;
  • Employer based housing projects;
  • HOA & Body Corporates;
  • Property Management Entities;

Internal audit services are geared towards large property companies, where we work closely with the external auditors and members of the audit committee.  

Property companies utilize Middel & Partners to complement their resources with specialist audit skills. The end result: a more effective property organization that accomplishes business objectives and meets stakeholder expectations. Moving forward, a key focus for Middel & Partners is to work with our clients to ensure that that new ideas and resources are continually developed to optimize opportunities and adapt to industry changes.

Middel & Partners has extensive expertise in both the property sector and B-BBEE Verification and Certification. Most companies in the property sector are measured in terms of the B-BBEE Property Sector Code or the B-BBEE Construction Sector Codes.

Middel & Partners have a specialized B-BBEE department with partners focused on delivering a truly professional service in B-BBEE related services for the property sector.  

JSE listed companies in the property sector require specialist reporting.  Our IFRS services include:

  • Technical Review of Annual Financial Statements;
  • Technical Review of Interim Financial Statements;
  • Technical Review of Press Releases for full year and interim financial statements;
  • Attendance at board/audit committee meetings per annum as IFRS Advisors;
  • Access to technical consulting and advisory services.

Middel & Partners Property Tax Services provide clients advice on complex tax laws and related issues, while helping them minimize tax exposure.  Benefit from up-to-date insight to particular opportunities and challenges relating to your property development and management.  

Tax services include:

  • Preparation of income tax returns;
  • Transaction structuring / analysis and planning for Joint Ventures;
  • Mergers and consolidations;
  • Assistance to internal tax departments; and
  • Tax advisory services.


Our goal is to help our clients design and deliver innovative solutions, value added strategies and sound projects that form the cornerstone of their successful property investments. With our extensive experience and knowledge we help companies to:

  • Create strategies that will yield the highest value from their portfolios
  • Secure a steady stream of high quality assets and forecasting supply and demand to put in place the right processes to improve on their greenfield projects
  • Identify the full potential and create a culture of continuous improvement to ensure sustainability post our engagement
  • We customize proven analytic methods to the unique needs of each property client, bringing a practical, results driven approach to the property sector

Middel & Partners have a long history of finding successful strategic solutions that proactively address market changes. We provide comprehensive strategic planning, facilitation and execution services.  Emphasis is on understanding local and regional markets. This enables us to tailor solutions that respond to your unique needs.  

When faced important decisions on future property investments, Middel & Partners together with our strategic partners provide valuable market analysis data to enable you to take calculated decisions.   

We provide the necessary advice to clients regarding property investment positioning and demand forecasting as well as opportunities and potential threats. With our team of experts we can give you sound advice and relevant information as required.  

Real Estate in all its forms has always been complex. With the ever-changing market conditions, private and property investors are faced with increasingly important decisions for the future. An ability to work effectively with Governments, communities and joint venture partners over Africa is essential for growth. Major capital outlays demand rigorous strategic planning. Our desktop/ and feasibility study services will provide data that will either confirm or caution your expansion ideas.  

Management Consulting

Focusing on outcomes, means facing challenges with creative solutions.  In management change, restructuring, litigation or other challenges, Middel & Partners has the experience and resources needed to help management meet these challenges and become more successful. We have a longstanding track record of bringing creative ideas and solutions to increase shareholder value and improve business operations.

Middel & Partners provides independent and objective valuation consulting services to property and real estate companies. Our professionals understand the property industry and have the expertise and experience needed to deliver reliable valuation opinions and advice that clients need to make well informed.

We have senior professionals who specialize in preparation of expert reports. These reports are used in the public and private sector for takeover defence preparation, acquisition considerations and capital investment decisions.

To ensure growth and sustainability, Broad-Based Black Economic Empowerment (B-BBEE) has become a business imperative for companies in the property sector.

We understand that the planning and implementation of a B-BBEE transaction that has true substance is a unique and complex process. It requires a significant investment of time and resources from corporate entities, black partners, financiers and advisers. The objective is to ensure that any B-BBEE transaction is concluded in a way makes business sense in as much as it complies with the B-BBEE Property Sector Code or the B-BBEE Construction Sector Codes

Our Clients

  • Billion Group of Companies
  • Kondotel Group
  • Skyward Group of Companies
  • Phindana Group of Companies
  • Raubex Eiendomme
  • Storage RSA
  • Fikile Construction

Partners responsible for this industry

  • Francois Froneman
  • Jacques Marais