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>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).


Quantitative Equity Analyst, DMA

Charlotte van Tiddens, CFA

Quantitative Equity Analyst

Technology-First Company

DMA is a technology-first company that provides an end-to-end SaaS solution to institutional investors. DMA enables regulated entities like asset managers, wealth managers, investment managers and financial advisors to connect their front and back office, break silos and reduce headcount.

Index Rebalance

<ul><li>Last night, the price snapshot was taken for the JSE September 2025 rebalance.</li><li>GLN is expected to enter the Top 40 index, with APN falling out.</li><li>No changes are expected for the FINDI, FINI, INDI or RESI indices.</li></ul>

Last night, the price snapshot was taken for the JSE September 2025 rebalance.GLN is expected to enter the Top 40 index, with APN falling out.No changes are expected for the FINDI, FINI, INDI or RESI indices.

JSE Sep ‘25 Rebalance: GLN Expected to Enter Top 40, APN to Fall Out

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>As discussed in <a href="https://skr.ma/CRvUL" target="_blank" rel="noopener">Cromwell Prop (CMW AU): ESR Exit Post-Privatization?</a>,  after <a href="https://www.smartkarma.com/entities/esr-group-ltd" target="_blank" data-smartkarma-citation="entities:27983:1" rel="noopener">ESR (1821 HK)</a> acquired ARA Asset Management in 2021, it said <a href="https://www.smartkarma.com/entities/cromwell-property-group" target="_blank" data-smartkarma-citation="entities:2780:1" rel="noopener">Cromwell Property (CMW AU)</a> was a non-core holding.</li>
<li>After ESR announced a privatisation by Warburg/Starwood on the 4th December 2024, I mused whether this would accelerate the sale as part of a wider strategic review. </li>
<li>Two months ago, ESR initiated a block trade for part of its 31% stake in Cromwell. Now Brookfield is seeking ESR's remaining 19.9% stake @A$0.38/share. Subject to FIRB approval.
</li>
</ul>


As discussed in Cromwell Prop (CMW AU): ESR Exit Post-Privatization?,  after ESR (1821 HK) acquired ARA Asset Management in 2021, it said Cromwell Property (CMW AU) was a non-core holding.
After ESR announced a privatisation by Warburg/Starwood on the 4th December 2024, I mused whether this would accelerate the sale as part of a wider strategic review. 
Two months ago, ESR initiated a block trade for part of its 31% stake in Cromwell. Now Brookfield is seeking ESR's remaining 19.9% stake @A$0.38/share. Subject to FIRB approval.



Cromwell Prop (CMW AU): Brookfield's Stake Foreshadows A Full Takeover

<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

South Africa

Redefine Properties Limited invests in property related investments through a property portfolio and an equity portfolio. The property portfolio is comprised of commercial properties located throughout South Africa. The equity portfolio is made of investments in property unit trusts and property loan stock companies listed on the JSE. 1370323D SJ Equity has pre-2012 FA historical data

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Redefine Properties Ltd (RDF 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 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

JSE Sep ‘25 Rebalance: GLN Expected to Enter Top 40, APN to Fall Out

M. Aug ‘25 Rebalance: SSW to enter SA, ACWI / APN, KIO & WHL exiting. Last night, the price snapshot was taken for the JSE September 2025 rebalance.

DMA

Cromwell Prop (CMW AU): Brookfield's Stake Foreshadows A Full Takeover

Brookfield won't stop at 19.9%. Precedent transactions for A-REITs that focus on office properties were ~NTA.CMW's recent NTA was A$0.57/share....

David Blennerhassett

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

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 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

JSE Sep ‘25 Rebalance: GLN Expected to Enter Top 40, APN to Fall Out

M. Aug ‘25 Rebalance: SSW to enter SA, ACWI / APN, KIO & WHL exiting. Last night, the price snapshot was taken for the JSE September 2025 rebalance.

DMA

Cromwell Prop (CMW AU): Brookfield's Stake Foreshadows A Full Takeover

Brookfield won't stop at 19.9%. Precedent transactions for A-REITs that focus on office properties were ~NTA.CMW's recent NTA was A$0.57/share....

David Blennerhassett

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

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

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...