South African diversified real estate investment trust Investec Property Fund Ltd. tapped Andrew Wooler and Darryl Mayers as joint CEOs, replacing Nick Riley, effective Dec. 1.

Riley will remain on the REIT's board as a nonexecutive director after the transition.

Wooler has been CFO of Investec Property since August 2015. Mayers has been head of the REIT's South African trading and development business since March 2016.

A new CFO to replace Wooler will be named in due course, the company said July 27.