Ghost Stories

Burstone has evolved from a traditional property company into something very different. Instead of relying on shareholders to fund growth, the company is increasingly using institutional partners and private capital to scale its platform.

But can that model deliver the returns that investors are looking for?

In this episode of Ghost Stories, Andrew Wooler (CEO of Burstone Group) joins The Finance Ghost to unpack the thinking behind the strategy.

This includes details on the launch of the Core Plus platform in South Africa with Nedbank Property Partners, as well as a reflection on the Blackstone journey in Europe.

Along with more technical concepts like first-loss exposure and the ring-fencing of debt, this podcast offers a great insight into how Burstone uses "Other People's Money" to drive returns.

In this episode, we cover:

Why Burstone moved away from the traditional REIT growth model

The logic behind the Nedbank Property Partners Core Plus platform

What went wrong, and what was learned, from the Blackstone partnership

First-loss exposure, ring-fenced debt and look-through gearing explained

Whether Burstone's platform strategy can ultimately drive stronger returns for shareholders

This podcast has been sponsored by Burstone, but The Finance Ghost was allowed to ask whichever questions he felt were most pertinent for an investor audience. Please always do your own research and do not treat this as an endorsement of the stock.

Chapters

(00:00:00) - Intro
(00:01:48) - How Burstone evolved from Investec Property Fund
(00:05:35) - The platform strategy: using partner capital to grow
(00:10:03) - Private capital vs. public markets
(00:12:15) - The Core Plus platform in SA explained
(00:17:54) - What happened in Europe with Blackstone?
(00:22:14) - First-loss exposure explained
(00:24:11) - Ring-fenced debt, recourse and the loan-to-value ratios
(00:28:39) - Burstone’s outlook and long-term strategy

Debt has never been simple, but the shift from JIBAR to ZARONIA has added a whole new layer of complexity.

In this episode of Ghost Stories, The Finance Ghost is joined by Ian Norden of Intengo Market to unpack what South Africa's new benchmark rate means for borrowers, lenders and treasury teams, and why debt management is becoming increasingly data-intensive.

From covenant tracking and hedging strategies to AI-powered administration and access to capital markets, the discussion explores the real-world challenges facing CFOs and treasurers. Ian explains how Intengo is helping companies move beyond spreadsheets, improve governance and unlock funding opportunities in a rapidly evolving debt landscape.

In this episode, we cover:

Why the transition from JIBAR to ZARONIA is changing the way debt is managed

The hidden operational risks that come with growing debt portfolios

How poor administration can affect lender relationships and funding outcomes

The role of AI in treasury management, covenant tracking and debt reporting

How Intengo helps corporates access funding while reducing complexity and manual effort

Ready to learn more? Visit the Intengo Market website here and connect with Ian on LinkedIn here.

A year after becoming the first JSE-listed company to join Ghost Stories for a results podcast, STADIO returns to discuss the next chapter of its growth journey. CEO Chris Vorster and CFO Ishak Kula unpack how the group reached its 56,000-student target and, more importantly, how it plans to grow to 80,000 students by 2030 while maintaining academic quality, affordability and attractive returns on capital.

The conversation explores the building blocks of the STADIO growth formula, from new campuses and blended learning to operating leverage and curriculum development. We also discuss employability, the role of industry partnerships, the Springboks sponsorship, and why management believes the group can continue expanding while investing heavily in the future.

In this episode, we cover:

The roadmap from 56,000 students today to 80,000 students by 2030

How STADIO balances contact, distance and blended learning

The economics of operating leverage in higher education

Campus expansion plans and capital allocation priorities

Why management believes the Springboks partnership will help build the STADIO brand

This podcast has been sponsored by STADIO, but The Finance Ghost was allowed to ask whichever questions he felt were most pertinent for an investor audience. Please always do your own research and do not treat this as an endorsement of the stock.

Changing auditors is not something most CFOs do often, but when the moment arrives, the decision can have far-reaching implications for governance, stakeholder confidence and the effectiveness of the audit process.

In this episode of Ghost Stories, The Finance Ghost is joined by Yolandie Ferreira, Head of Africa for Forvis Mazars Africa, to explore what companies should consider when appointing a new auditor and why the process is about much more than compliance.

From audit quality and industry expertise to AI, auditor independence and sustainability assurance, the discussion unpacks the factors that separate a routine audit from a truly valuable audit relationship. Whether you're preparing for an auditor transition or simply want a better understanding of how modern auditing creates trust and accountability, this episode offers practical insights from the front lines of the profession.

In this episode, we cover:

Why companies change auditors and how CFOs should approach the transition

Common misconceptions about auditing, fraud detection and audit quality

The role of industry expertise, geographic reach and auditor relationships

How AI is changing audit processes while leaving human judgment at the centre

Why sustainability assurance is becoming increasingly important for businesses and stakeholders

Modern life is a relentless stream of decisions. From school WhatsApp groups and overflowing inboxes to family logistics, work pressures and household finances, the mental load never seems to give us any relief.

In this episode of Ghost Stories, The Finance Ghost is joined by Colleen Wagner, CFO of Satrix, to unpack the concept of decision fatigue and why it so often causes long-term financial goals to fall to the bottom of the priority list.

The conversation also explores the disproportionate burden many women carry in managing households and caregiving responsibilities, and how this translates into retirement outcomes. Colleen shares practical strategies for breaking the cycle, including automation, goal-setting and simplifying investment decisions.

The episode is ultimately a reminder that successful retirement planning doesn't require perfection or expertise. Instead, it needs consistent, manageable actions that can quietly work in the background while life carries on.

In this episode, we cover:

What decision fatigue is and why modern life makes it so difficult to focus on long-term financial goals.

The link between mental load, caregiving responsibilities and poorer retirement outcomes for women.

Why small, consistent actions can be more effective than attempting a complete financial overhaul.

The role of financial advisors in reducing uncertainty and creating structure around major financial decisions.

How ETFs and automated investing can help simplify wealth creation and reduce investment-related stress.

This podcast was first published here

Disclaimer:

Satrix Managers (RF) (Pty) Ltd is a registered and approved Manager in Collective Investment Schemes in Securities. Collective investment schemes are generally medium- to long-term investments. With Unit Trusts, Exchange Traded Funds (ETFs) and Actively Managed ETFs (AMETFs), the investor essentially owns a “proportionate share” (in proportion to the participatory interest held in the fund) of the underlying investments held by the fund. With Unit Trusts, the investor holds participatory units issued by the fund while in the case of ETFs and AMETFs, the participatory interest, while issued by the fund, comprises a listed security traded on the stock exchange. ETFs and AMETFs are registered as a Collective Investment and can be traded by any stockbroker on the stock exchange, LISP platforms and / or via online trading platforms. ETFs and AMETFs may incur additional costs due to being listed on the JSE. Past performance is not necessarily a guide to future performance, and the value of investments / units may go up or down. A schedule of fees and charges, and maximum commissions is available on the Minimum Disclosure Document or upon request from the Manager. Collective investments are traded at ruling prices and can engage in borrowing and scrip lending. Should the respective portfolio engage in scrip lending, the utility percentage and related counterparties can be viewed on the ETF and AMETF Minimum Disclosure Document. AMETFs are ETFs are actively traded by a Portfolio Manager to adjust the AMETF holdings and asset allocation with the aim to outperform the benchmark. AMETFs differ from ETFs which only track indices. The Manager does not provide any guarantee, either with respect to the capital or the return of a portfolio. The index, the applicable tracking error and the portfolio performance relative to the index can be viewed on the ETF and AMETF Minimum Disclosure Document and/or on https://satrix.co.za/products.