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>Of the 30 companies that constitute the Straits Times Index (STI), Real Estate Investment Trusts (REITs) have long been a cornerstone.</li>
<li>For investors seeking growth and diversification beyond the blue-chip giants, the iEdge Singapore Next 50 indices present a compelling hunting ground beyond the 30 largest companies on the SGX. </li>
<li>These indices track the next 50 largest stocks after the top 30 SGX stocks ranked by market capitalization, and are home to a dynamic cohort of REITs.</li>
</ul>


Of the 30 companies that constitute the Straits Times Index (STI), Real Estate Investment Trusts (REITs) have long been a cornerstone.
For investors seeking growth and diversification beyond the blue-chip giants, the iEdge Singapore Next 50 indices present a compelling hunting ground beyond the 30 largest companies on the SGX. 
These indices track the next 50 largest stocks after the top 30 SGX stocks ranked by market capitalization, and are home to a dynamic cohort of REITs.


REITs Beyond the STI: A Review of the REIT Components of the IEdge Singapore Next 50 Indices

<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>September was a bumper month for economic data and listed property updates. The recent busy results season showed that the sector has weathered the high-rate and low-growth environment well.</li>
<li>Despite all the good news, the J803 index had its first down month in Q3, delivering a -1.00% drop, but the quarter was still positive at 5.45%.</li>
<li>Probability of an interest rate cut by the SARB at its next MPC meeting is at around 60%.</li>
</ul>


September was a bumper month for economic data and listed property updates. The recent busy results season showed that the sector has weathered the high-rate and low-growth environment well.
Despite all the good news, the J803 index had its first down month in Q3, delivering a -1.00% drop, but the quarter was still positive at 5.45%.
Probability of an interest rate cut by the SARB at its next MPC meeting is at around 60%.


SA Listed Property Review - September 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).


Garreth Elston is a property investment and research professional, with 20 years of South African and international investment experience. He has served as the portfolio manager of South African and Global unit trust portfolios, proprietary funds, Hedge Funds, and private equity property portfolios.

Winner of the Raging Bull Award in 2020 and 2021 for Best Global Real Estate Fund Risk-Adjusted Performance over Five Years, as well as 2021 Best Offshore Global Real Estate General Fund over Three Years. Nominated as Fund Manager of the Year for 2021 in the Global Properties Securities category by Money Management Australia. Nominated as HedgeNews Africa Hedge Fund of the Year in Specialist Strategies in 2021. Funds he previously managed received global 5-Star ratings from Morningstar on a global basis, and Garreth achieved a Citywire AA Manager rating.

Garreth previously served as the Chair of the Investment Analysts Society of Southern Africa (IASSA); Chair of the Corporate Finance and Corporate Presentations committees of the CFA Society Toronto; and was the Southern African representative on the International Council of Investment Associations.

Garreth holds an MBA from the Rotman School of Management at the University of Toronto, an MA in International Relations, and a BCom in Banking Management. He also studied Venture Capital and Private Equity at the University of California Los Angeles (UCLA Anderson School). In addition to completing the Canadian Securities Course, the Partners, Directors, and Senior Officers Course, he is a Certified Associate of the Institute of Bankers in South Africa (CAIB SA), a Fellow of the Institute of Financial Markets (FIFM), and is a Chartered Member (MRICS) of the Royal Institution of Chartered Surveyors. He has also completed the FSCA RE1, RE3, and RE5 regulatory examinations in categories I II IIA III and IV.