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>The South African listed property sector had another month of strong performance in November, driven by strong results and the SARB finally coming to the rate cutting party.</li>
<li>The South African listed property sector delivered a commanding performance, with the J803 All Property Index returning 7.82% for the month, pushing the year-to-date total return to a remarkable 30.58%.</li>
<li>The euphoria of cheaper debt must not blind us to the operational realities on the ground, where rental reversions in key sub-sectors remain stubbornly negative in certain areas.</li>
</ul>


The South African listed property sector had another month of strong performance in November, driven by strong results and the SARB finally coming to the rate cutting party.
The South African listed property sector delivered a commanding performance, with the J803 All Property Index returning 7.82% for the month, pushing the year-to-date total return to a remarkable 30.58%.
The euphoria of cheaper debt must not blind us to the operational realities on the ground, where rental reversions in key sub-sectors remain stubbornly negative in certain areas.


SA Listed Property Review - November 2025

<ul>
<li>September was a bumper month for economic data and listed property updates. The recent busy results season showed that the sector has weathered the high-rate and low-growth environment well.</li>
<li>Despite all the good news, the J803 index had its first down month in Q3, delivering a -1.00% drop, but the quarter was still positive at 5.45%.</li>
<li>Probability of an interest rate cut by the SARB at its next MPC meeting is at around 60%.</li>
</ul>


September was a bumper month for economic data and listed property updates. The recent busy results season showed that the sector has weathered the high-rate and low-growth environment well.
Despite all the good news, the J803 index had its first down month in Q3, delivering a -1.00% drop, but the quarter was still positive at 5.45%.
Probability of an interest rate cut by the SARB at its next MPC meeting is at around 60%.


SA Listed Property Review - September 2025

<ul>
<li>March was an extremely busy month for the SA listed property sector with earnings, pre-close, and interim releases coming thick and fast.</li>
<li>The SA All Property Index was down -4.12% for the quarter, the FTSE EPRA Nareit Global Index in ZAR was down -1.21%, and in USD down by -1.67%.</li>
<li>The best positions remain in property companies as insulated from international macro issues as possible, those with steady cash flows, tenants providing necessary products and/or services, plus low debt levels.</li>
</ul>


March was an extremely busy month for the SA listed property sector with earnings, pre-close, and interim releases coming thick and fast.
The SA All Property Index was down -4.12% for the quarter, the FTSE EPRA Nareit Global Index in ZAR was down -1.21%, and in USD down by -1.67%.
The best positions remain in property companies as insulated from international macro issues as possible, those with steady cash flows, tenants providing necessary products and/or services, plus low debt levels.


South African Listed Property Review - March 2025

Equity Bottom-Up

<ul>
<li>Emira is a mid-sized South African listed diversified REIT. It has built a portfolio across retail, office, industrial, and residential assets. EMI is also invested in the USA and Poland.</li>
<li>The company is undervalued at present, trading at 33.85% below Golden Section Capital’s justified value of R16.01 (and 48.35% below the current pro forma NAV of R20.05).</li>
<li>Outlook is one of steady, incremental growth, supported by a de-risked and diversified asset base. Emira’s diversification into the USA and Poland provides growth, and a buffer against local volatility.</li>
</ul>


Emira is a mid-sized South African listed diversified REIT. It has built a portfolio across retail, office, industrial, and residential assets. EMI is also invested in the USA and Poland.
The company is undervalued at present, trading at 33.85% below Golden Section Capital’s justified value of R16.01 (and 48.35% below the current pro forma NAV of R20.05).
Outlook is one of steady, incremental growth, supported by a de-risked and diversified asset base. Emira’s diversification into the USA and Poland provides growth, and a buffer against local volatility.


Emira Property Fund - South Africa's Middleweight REIT Contender

<ul>
<li>February proved to be largely directionless for SA listed property, with the J803 All Property Index up a paltry 0.27%.</li>
<li>Macro instability has certainly not aided, and the Government of National Unity not being able to deliver a budget on schedule certainly was not a plus.</li>
<li>Latest Rode research continues to point to the Office sector as having bottomed, and Industrial continues to perform well. While the Clur Index shows that Retail continues to perform soundly.</li>
</ul>


February proved to be largely directionless for SA listed property, with the J803 All Property Index up a paltry 0.27%.
Macro instability has certainly not aided, and the Government of National Unity not being able to deliver a budget on schedule certainly was not a plus.
Latest Rode research continues to point to the Office sector as having bottomed, and Industrial continues to perform well. While the Clur Index shows that Retail continues to perform soundly.


South African Listed Property Review February 2025

South Africa

Attacq Limited is a real estate investment and development company. The Company invests in retail, office, mixed use and light industrial properties. The Company's developments comprise of greenfields development of land or brownfields development by refurbishment, upgrade or other improvement to existing buildings.

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Attacq (ATT SJ)

SA Listed Property Review - November 2025

South African listed property sector sees strong November performance fueled by rate cuts and solid results, but challenges remain with negative...

Golden Section Capital

SA Listed Property Review - September 2025

September saw strong economic data and positive property updates, despite a slight dip in the J803 index. Interest rate cut likely at next SARB...

Golden Section Capital

South African Listed Property Review - March 2025

The first quarter of 2025 was an immensely challenging month, SA listed property was down by -4.12% for the quarter, and it certainly does not look...

Golden Section Capital

Emira Property Fund - South Africa's Middleweight REIT Contender

Emira, a South African REIT, is undervalued and poised for steady growth with a diversified asset base including investments in the USA and Poland.

Golden Section Capital

South African Listed Property Review February 2025

SA listed property had a lacklustre February, despite early sector results being strong. Office is steadily improving, while Industrial and Retail...

Golden Section Capital

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

SA Listed Property Review - November 2025

​South African listed property sector sees strong November performance fueled by rate cuts and solid results, but challenges remain with negative...

Golden Section Capital

SA Listed Property Review - September 2025

​September saw strong economic data and positive property updates, despite a slight dip in the J803 index. Interest rate cut likely at next SARB...

Golden Section Capital

South African Listed Property Review - March 2025

The first quarter of 2025 was an immensely challenging month, SA listed property was down by -4.12% for the quarter, and it certainly does not look...

Golden Section Capital

Emira Property Fund - South Africa's Middleweight REIT Contender

​Emira, a South African REIT, is undervalued and poised for steady growth with a diversified asset base including investments in the USA and Poland.

Golden Section Capital

South African Listed Property Review February 2025

​SA listed property had a lacklustre February, despite early sector results being strong. Office is steadily improving, while Industrial and Retail...

Golden Section Capital

South African listed property sector sees strong November performance fueled by rate cuts and solid results, but challenges remain with negative...

September saw strong economic data and positive property updates, despite a slight dip in the J803 index. Interest rate cut likely at next SARB...

Emira, a South African REIT, is undervalued and poised for steady growth with a diversified asset base including investments in the USA and Poland.

SA listed property had a lacklustre February, despite early sector results being strong. Office is steadily improving, while Industrial and Retail...