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>South African listed property continues its strong recovery, with the ALPI delivering roughly 7–8% year-to-date and nearly 45% over the past year, supported by improving fundamentals and easing macro pressures.</li>
<li>The apparent sector-wide recovery in NAV discounts is misleading. While the weighted average sits near parity, most companies still trade at discounts, revealing a highly skewed valuation distribution.</li>
<li>Performance and valuations are increasingly bifurcated: large SA-focused retail and logistics REITs trade near or above NAV, while smaller and European-exposed counters remain at deep discounts.</li>
</ul>


South African listed property continues its strong recovery, with the ALPI delivering roughly 7–8% year-to-date and nearly 45% over the past year, supported by improving fundamentals and easing macro pressures.
The apparent sector-wide recovery in NAV discounts is misleading. While the weighted average sits near parity, most companies still trade at discounts, revealing a highly skewed valuation distribution.
Performance and valuations are increasingly bifurcated: large SA-focused retail and logistics REITs trade near or above NAV, while smaller and European-exposed counters remain at deep discounts.


South African Listed Property Review - February 2026

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South African Listed Property Review - February 2026

South African listed property sees strong recovery, All Property Index up 6.63% for the month, 7.78% YTD, and 75% over past two years.

Golden Section Capital

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South African Listed Property Review - February 2026

​South African listed property sees strong recovery, All Property Index up 6.63% for the month, 7.78% YTD, and 75% over past two years.

Golden Section Capital

South African listed property sees strong recovery, All Property Index up 6.63% for the month, 7.78% YTD, and 75% over past two years.