Lew Geffen Estates, which has specialised in luxury residential property sales across the greater Johannesburg area over the past 38 years, has been sold to Savukazi Properties, owned by Hloniphizwe Mtolo, chair of the boards of the Shell companies in South Africa, and his wife, media personality Masechaba Mtolo.
As from 1 August 2020, Savukazi Properties will trade under Lew Geffen Sotheby's International Realty brand as a franchise in Gauteng.
As part of the deal Lew Geffen and his wife Sandy, who started Lew Geffen Estates together in 1982, have agreed to stay on indefinitely as joint CEOs to ensure continuity on behalf of the partnership. They will also become directors of Savukazi Properties.
Lew Geffen remains the chair and owner of Geffen International Realty Franchises, the national franchising arm of Sotheby's International Realty South Africa, and Sandy remains its executive director.
Hloniphizwe Mtolo said entering the real estate industry "in a period of such dramatic change" was more exciting than daunting.
"As the market turns, there will also be room for growth and diversification, all of which makes me overwhelmingly positive at this stage," he said.
* Compiled by Carin Smith