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 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>The South African listed property sector extended its recovery through October, supported by stabilising inflation, a softer global rate backdrop, and renewed capital inflows into income-yielding assets.</li>
<li>The J803 All Property Index delivered an 8.13% total return for the month, bringing year-to-date gains to 21.11%</li>
<li>Sector breadth remains the strongest in over two years, with 26 of 40 counters posting positive returns.</li>
</ul>


The South African listed property sector extended its recovery through October, supported by stabilising inflation, a softer global rate backdrop, and renewed capital inflows into income-yielding assets.
The J803 All Property Index delivered an 8.13% total return for the month, bringing year-to-date gains to 21.11%
Sector breadth remains the strongest in over two years, with 26 of 40 counters posting positive returns.


<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>Building upon the positive momentum in April, May was once again a positive month.</li>
<li>All Property Index ended the month up 4.22% in total returns (key to note is that it was the last three trading days that saved Index from a down month).</li>
<li>Overall market sentiment showed cautious optimism, supported by some encouraging company results, but was arguably saved by the SARB's 25 bps interest rate cut injecting a shot of optimism.</li>
</ul>


Building upon the positive momentum in April, May was once again a positive month.
All Property Index ended the month up 4.22% in total returns (key to note is that it was the last three trading days that saved Index from a down month).
Overall market sentiment showed cautious optimism, supported by some encouraging company results, but was arguably saved by the SARB's 25 bps interest rate cut injecting a shot of optimism.


South Africa Listed Property Review - May 2025

<ul>
<li>The SA All Property Index experienced a sharp initial decline precipitated by the US tariff announcements, but staged a strong recovery following a partial pause in tariff implementation. </li>
<li>Global REITs were up +1.25% for the month, but US REITs ended the month down -2.23%.</li>
<li>Despite global turbulence South African property companies demonstrated resilience. Ultimately ending the month firmly in positive territory up +6.54%, pulling the Index back into positivity for the year (YTD +2.15%). </li>
</ul>


The SA All Property Index experienced a sharp initial decline precipitated by the US tariff announcements, but staged a strong recovery following a partial pause in tariff implementation. 
Global REITs were up +1.25% for the month, but US REITs ended the month down -2.23%.
Despite global turbulence South African property companies demonstrated resilience. Ultimately ending the month firmly in positive territory up +6.54%, pulling the Index back into positivity for the year (YTD +2.15%). 


South Africa

Emira Property Fund is a property fund created under the Emira Property Scheme, a collective investment scheme in property created in terms of the Collective Investment Schemes Control Act to house the investment properties of Emira Property Fund.

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Emira Property Fund (EMI SJ)

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 - October 2025

The South African listed property sector rebounded in October with strong returns and increased investor interest in income-yielding assets.

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 Africa Listed Property Review - May 2025

May saw a positive month for the South African All Property Index, with a 4.22% increase in total returns, thanks in part to a last-minute boost...

Golden Section Capital

SA Listed Property Review April 2025

SA property index initially dropped due to US tariffs, but rebounded after paused. Global REITs up for the month, US REITs were down. SA property...

Golden Section Capital

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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 - October 2025

​The South African listed property sector rebounded in October with strong returns and increased investor interest in income-yielding assets.

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 Africa Listed Property Review - May 2025

​May saw a positive month for the South African All Property Index, with a 4.22% increase in total returns, thanks in part to a last-minute boost...

Golden Section Capital

SA Listed Property Review April 2025

​SA property index initially dropped due to US tariffs, but rebounded after paused. Global REITs up for the month, US REITs were down. SA property...

Golden Section Capital

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

The South African listed property sector rebounded in October with strong returns and increased investor interest in income-yielding assets.

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

May saw a positive month for the South African All Property Index, with a 4.22% increase in total returns, thanks in part to a last-minute boost...

SA property index initially dropped due to US tariffs, but rebounded after paused. Global REITs up for the month, US REITs were down. SA property...