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 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%). 


<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

<ul>
<li>The South African listed property sector had a positive month in December, capping a robust year of excellent returns.</li>
<li>For 2024 the SA All Property Index rose 28.85%, outperforming the JSE’s all-share index’s +9.37% and the top 40 +6.93%.</li>
<li>South African listed property thoroughly outperformed global listed property, with the EPRA Nareit Global Index’s TR lagging the J803 TR Index by 22.41% in ZAR terms for the year.</li>
</ul>


The South African listed property sector had a positive month in December, capping a robust year of excellent returns.
For 2024 the SA All Property Index rose 28.85%, outperforming the JSE’s all-share index’s +9.37% and the top 40 +6.93%.
South African listed property thoroughly outperformed global listed property, with the EPRA Nareit Global Index’s TR lagging the J803 TR Index by 22.41% in ZAR terms for the year.


SA Listed Property Review – December 2024

<ul>
<li>The South African listed property sector returned to positivity in November, rising by 1.69% (unfortunately Q4 2024 to-date remains negative at -1.05%).</li>
<li>For the year to date the sector is up 28.37%, and on a one-year rolling period the index is up 43.85% as measured by the J803 All Property TR Index.</li>
<li>SA listed property remains ahead of global listed property for 2024, with the FTSE EPRA Nareit Global Index’s TR of 3.48%, lagging the J803 TR Index by 18.99% in ZAR.</li>
</ul>


The South African listed property sector returned to positivity in November, rising by 1.69% (unfortunately Q4 2024 to-date remains negative at -1.05%).
For the year to date the sector is up 28.37%, and on a one-year rolling period the index is up 43.85% as measured by the J803 All Property TR Index.
SA listed property remains ahead of global listed property for 2024, with the FTSE EPRA Nareit Global Index’s TR of 3.48%, lagging the J803 TR Index by 18.99% in ZAR.


SA Listed Property Review – November 2024

United Kingdom

Shaftesbury plc is a real estate company. The Company invests in commercial properties and improves them through refurbishment and active management, holding them for rental income and capital appreciation.  Shaftesbury operates in the United Kingdom.

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Shaftesbury PLC (SHB LN)

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

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

SA Listed Property Review – December 2024

The South African listed property sector completed a robust year of excellent returns. For 2024 the SA All Property Index rose +28.85%,...

Golden Section Capital

SA Listed Property Review – November 2024

South African listed property continued its strong 2024, returning 1.69% in November. For the year-to-date the sector is up 28.37%, and on a one...

Golden Section Capital

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

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

SA Listed Property Review – December 2024

The South African listed property sector completed a robust year of excellent returns. For 2024 the SA All Property Index rose +28.85%,...

Golden Section Capital

SA Listed Property Review – November 2024

South African listed property continued its strong 2024, returning 1.69% in November. For the year-to-date the sector is up 28.37%, and on a one...

Golden Section Capital

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...

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...