Managing Director, Golden Section Capital

Garreth Elston

Managing Director

Golden Section Equity Research

Golden Section Capital

Golden Section Capital is a private international investment, specialist independent equity research, and corporate finance consulting services provider focussing on real estate and infrastructure. 

Paid for corporate research on Real Estate and Infrastructure companies. Plus independent pieces on various real estate companies and themes.

Thematic (Sector/Industry)

<ul>
<li>Corporate results released in May were broadly strong, yet the J803 All Property Index only returned 0.65% for the month.</li>
<li>The SA Reserve Bank raised the repo rate by 25bps to 7.00%, first hike since 2023. The raise was expected but caps the sector’s re-rating as the numbers underneath improved.</li>
<li>The South African Listed Property sector will need to show that it can deliver robust and sustainable growth, with 2026 post-Iran return data, to maintain investor interest.</li>
</ul>


Corporate results released in May were broadly strong, yet the J803 All Property Index only returned 0.65% for the month.
The SA Reserve Bank raised the repo rate by 25bps to 7.00%, first hike since 2023. The raise was expected but caps the sector’s re-rating as the numbers underneath improved.
The South African Listed Property sector will need to show that it can deliver robust and sustainable growth, with 2026 post-Iran return data, to maintain investor interest.


South African Listed Property Review 2026-06-01

<ul>
<li>The sector delivered a meaningful April recovery: the J803 All Property Index returned 5.76% and the J253 5.40%, with one-year rolling returns of 28.16% and 26.01% respectively. </li>
<li>It was also one of the busiest months for corporate activity the sector has seen in recent memory.</li>
<li>The property sector is holding up well for now, but a few more months of fuel price increases and a potential rate hike or two may change that picture. </li>
</ul>


The sector delivered a meaningful April recovery: the J803 All Property Index returned 5.76% and the J253 5.40%, with one-year rolling returns of 28.16% and 26.01% respectively. 
It was also one of the busiest months for corporate activity the sector has seen in recent memory.
The property sector is holding up well for now, but a few more months of fuel price increases and a potential rate hike or two may change that picture. 


South African Listed Property Review - 2026-04

<ul>
<li>March 2026 will be remembered as the month the SA listed property recovery ran into history. After two years of extraordinary gains, Operation Epic Fury changed the calculus entirely.</li>
<li>For the JSE-listed property sector, the market damage in March was swift and broad. The J803 All Property Index fell 12.16%, erasing the January and February gains.</li>
<li>The sell-off was largely indiscriminate in its first wave, with virtually the entire universe marked down as the market repriced the interest rate outlook, risk appetite, and the rand simultaneously.</li>
</ul>


March 2026 will be remembered as the month the SA listed property recovery ran into history. After two years of extraordinary gains, Operation Epic Fury changed the calculus entirely.
For the JSE-listed property sector, the market damage in March was swift and broad. The J803 All Property Index fell 12.16%, erasing the January and February gains.
The sell-off was largely indiscriminate in its first wave, with virtually the entire universe marked down as the market repriced the interest rate outlook, risk appetite, and the rand simultaneously.


<ul>
<li>South African listed property continues its strong recovery, with the ALPI delivering roughly 7–8% year-to-date and nearly 45% over the past year, supported by improving fundamentals and easing macro pressures.</li>
<li>The apparent sector-wide recovery in NAV discounts is misleading. While the weighted average sits near parity, most companies still trade at discounts, revealing a highly skewed valuation distribution.</li>
<li>Performance and valuations are increasingly bifurcated: large SA-focused retail and logistics REITs trade near or above NAV, while smaller and European-exposed counters remain at deep discounts.</li>
</ul>


South African listed property continues its strong recovery, with the ALPI delivering roughly 7–8% year-to-date and nearly 45% over the past year, supported by improving fundamentals and easing macro pressures.
The apparent sector-wide recovery in NAV discounts is misleading. While the weighted average sits near parity, most companies still trade at discounts, revealing a highly skewed valuation distribution.
Performance and valuations are increasingly bifurcated: large SA-focused retail and logistics REITs trade near or above NAV, while smaller and European-exposed counters remain at deep discounts.


South African Listed Property Review - February 2026

<ul>
<li>European retail REITs still trade at an aggregate discount to EPRA NTA, but NAV has re-entered the investment debate as balance sheets stabilise and the sector moves beyond the cycle.</li>
<li>Discounts must be read alongside leverage and interest cover. The same headline discount can indicate value with low LTV, or justified risk where balance sheets are stretched.</li>
<li>South African-linked landlords such as NEPI Rockcastle, Castellana Properties and Lighthouse Properties trade near or above NTA, highlighting the role of investor base, liquidity and operational momentum.</li>
</ul>


European retail REITs still trade at an aggregate discount to EPRA NTA, but NAV has re-entered the investment debate as balance sheets stabilise and the sector moves beyond the cycle.
Discounts must be read alongside leverage and interest cover. The same headline discount can indicate value with low LTV, or justified risk where balance sheets are stretched.
South African-linked landlords such as NEPI Rockcastle, Castellana Properties and Lighthouse Properties trade near or above NTA, highlighting the role of investor base, liquidity and operational momentum.


Net Asset Value In European Retail Focused Listed Property

Golden Section Capital
Golden Section Equity Research

South African Listed Property Review 2026-06-01

Despite strong corporate results, the SA Listed Property sector only returned 0.65% in May. Recent central bank hike may cap sector re-rating,...

Golden Section Capital

South African Listed Property Review - 2026-04

April saw a strong recovery in the property sector with impressive returns and high levels of corporate activity, but potential challenges lie...

Golden Section Capital

SA Listed Property Review March 2026

March 2026 marked the end of the SA listed property recovery as Operation Epic Fury led to a swift and broad market sell-off, erasing gains and...

Golden Section Capital

South African Listed Property Review - February 2026

South African listed property sees strong recovery, All Property Index up 6.63% for the month, 7.78% YTD, and 75% over past two years.

Golden Section Capital

Net Asset Value In European Retail Focused Listed Property

European retail REITs still trade at a discount to EPRA NTA, but NAV is back in focus as balance sheets improve and the sector progresses beyond...

Golden Section Capital

South African Listed Property Review 2026-06-01

​Despite strong corporate results, the SA Listed Property sector only returned 0.65% in May. Recent central bank hike may cap sector re-rating,...

Golden Section Capital

South African Listed Property Review - 2026-04

​April saw a strong recovery in the property sector with impressive returns and high levels of corporate activity, but potential challenges lie...

Golden Section Capital

SA Listed Property Review March 2026

​March 2026 marked the end of the SA listed property recovery as Operation Epic Fury led to a swift and broad market sell-off, erasing gains and...

Golden Section Capital

South African Listed Property Review - February 2026

​South African listed property sees strong recovery, All Property Index up 6.63% for the month, 7.78% YTD, and 75% over past two years.

Golden Section Capital

Net Asset Value In European Retail Focused Listed Property

​European retail REITs still trade at a discount to EPRA NTA, but NAV is back in focus as balance sheets improve and the sector progresses beyond...

Golden Section Capital

Despite strong corporate results, the SA Listed Property sector only returned 0.65% in May. Recent central bank hike may cap sector re-rating,...

April saw a strong recovery in the property sector with impressive returns and high levels of corporate activity, but potential challenges lie...

March 2026 marked the end of the SA listed property recovery as Operation Epic Fury led to a swift and broad market sell-off, erasing gains and...

South African listed property sees strong recovery, All Property Index up 6.63% for the month, 7.78% YTD, and 75% over past two years.

European retail REITs still trade at a discount to EPRA NTA, but NAV is back in focus as balance sheets improve and the sector progresses beyond...