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>August marked another positive month for the SA Listed Property sector, with the SA All Property Index gaining 2.04% in total return terms.</li>
<li>The primary catalyst for this positive performance was the South African Reserve Bank's (SARB) decision to cut the repo rate by 25 basis points at the end of July.</li>
<li>The sector delivered good results from reporting companies, and guidance increases from several companies too (OCT, NRP, PPR, RES).</li>
</ul>


August marked another positive month for the SA Listed Property sector, with the SA All Property Index gaining 2.04% in total return terms.
The primary catalyst for this positive performance was the South African Reserve Bank's (SARB) decision to cut the repo rate by 25 basis points at the end of July.
The sector delivered good results from reporting companies, and guidance increases from several companies too (OCT, NRP, PPR, RES).


<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

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

South Africa

Fairvest Ltd operates as a real estate investment trust. The Company focuses on commercial, industrial, and retail sectors. Fairvest serves customers in South Africa.

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Fairvest - B (FTB 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 August 2025

SA Listed Property sector saw a positive month in August (up 2.04%), driven by SARB rate cut and strong company performance. The sector has now...

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

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

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 August 2025

​SA Listed Property sector saw a positive month in August (up 2.04%), driven by SARB rate cut and strong company performance. The sector has now...

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

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

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.

SA Listed Property sector saw a positive month in August (up 2.04%), driven by SARB rate cut and strong company performance. The sector has now...

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...

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