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).


<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>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

<ul>
<li>The SA listed property index fell -2.89% in January, reversing December’s gain.  </li>
<li>There were only eleven listed property companies up out of forty-five.  The majority of large SA REITs disappointed.</li>
<li>Despite being thousands of miles from the world’s touchpoints South Africa’s markets cannot escape global uncertainty and its negative impact.</li>
</ul>


The SA listed property index fell -2.89% in January, reversing December’s gain.  
There were only eleven listed property companies up out of forty-five.  The majority of large SA REITs disappointed.
Despite being thousands of miles from the world’s touchpoints South Africa’s markets cannot escape global uncertainty and its negative impact.


SA Listed Property Review – January 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

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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

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 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

SA Listed Property Review – January 2025

South African listed property index dropped by -2.89% in January, with majority of large SA REITs disappointing, reflecting global uncertainty and...

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

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 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

SA Listed Property Review – January 2025

​South African listed property index dropped by -2.89% in January, with majority of large SA REITs disappointing, reflecting global uncertainty and...

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...

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

South African listed property index dropped by -2.89% in January, with majority of large SA REITs disappointing, reflecting global uncertainty and...