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We invest in a selection of listed funds on the Johannesburg Stock Exchange.
Listed property funds are not direct property investments but an investment in shares which is subjected to the general sentiment towards the entire stock exchange.
Compared to direct property investment, listed property is more liquid and their portfolios offer greater diversification.
Gearing (using the bank’s money) could be used far more aggressively with direct investment, but the other side of the coin is that your risk also increases with high levels of gearing.
Contact your stock broker for more information regarding an investment in listed property funds.
Below is a summary of some of the major JSE property listed funds, listed according to market cap.
(Information below kindly provided by Moneyweb)
| Madison Property Fund Managers |
| Combined market cap: |
R13bn |
| Market cap: |
R893m |
| Listed: |
7 June 2006 |
| Managers of three listed property companies: |
Redefine, Hyprop and ApexHi |
| Historical dividend yield (DY): |
- |
| Historical price to earnings (P/E) ratio: |
- |
Growthpoint Properties
(including Metboard acquisition) |
| Market cap: |
R8,44bn
(to increase by R1,3bn after issue of new linked units to Metboard unitholders) |
| Listed: |
1987 |
| Number of properties: |
350 |
| What sectors it invests in: |
39,1% retail,
36,5% offices,
24,5% industrial (based on property value) |
| Location of properties: |
71% Gauteng
9,8% KwaZulu-Natal
11,2% Western Cape
8% Eastern Cape |
| Historical DY: |
7,5 |
| Historical P/E ratio: |
N/A |
| Biggest properties: |
- Investec Sandton, Gauteng R1,087bn
- Brooklyn Mall, Gauteng R925m Waterfall
- Waterfall Mall, North West R584m
- Kolonnade, Gauteng R435m
- La Lucia Mall, KZN R428m
|
| ApexHi Properties |
| Market cap: |
R6,24bn (A and B units combined) |
| Listed: |
March 2001 |
| Number of properties: |
444 |
| What sectors it invests in: |
44% retail,
39% offices,
17% industrial (based on gross lettable area) |
| Location of properties: |
56% Gauteng,
12% KwaZulu-Natal,
7% Western Cape,
5% North West,
7%v Mpumalanga,
6% Eastern Cape,
3% Free State,
3% Limpopo,
1% Northern Cape (based on gross lettable area) |
| Historical DY: |
9,3% (A) 9,6% (B) |
| Historical P/E ratio: |
9,35 (A) > 9,17 (B) |
| Biggest properties: |
- Golden Walk, Gauteng R261,5m
- Cleary Park, Eastern Cape R172m
- Maynard Mall, Western Cape R166m
- Poyntons, Gauteng R135m
- Jewel City, Gauteng R113m
|
| Hyprop Investments |
| Market cap: |
R4,29bn |
| Listed: |
1988 |
| Number of properties: |
14 |
| What sectors it invests in: |
90% retail,
10% offices (based on revenue) |
| Location of properties: |
53,58% Gauteng,
0,32% KwaZulu-Natal,
46,1% Western Cape
(based on revenue and excludes listed properties securities) |
| Historical DY: |
6,4% |
| Historical P/E ratio: |
12,66 |
| Biggest properties: |
- Canal Walk, Western Cape R2,5bn
- The Glen, Gauteng R830m
- Hyde Park, Gauteng R725m
- Rosebank Mall, Gauteng R537m
- Southcoast Mall, KZN R206m
|
Redefine Income Fund
(offer announced in July to purchase Spearhead Property Holdings) |
| Market cap: |
R3,05bn |
| Listed: |
February 2000 |
| Number of properties: |
70 |
| What sectors it invests in: |
24% retail,
40% offices,
36% industrial (excl (by gross lettable area) |
| Location of properties: |
73,7% Gauteng,
10,1% KwaZulu-Natal,
12,3% Western Cape,
1,6% Limpopo,
1,8% Mpumalanga,
0,5% Free State (based on gross lettable area) |
| Historical DY: |
8,1% |
| Historical P/E ratio: |
19,6 |
| Biggest properties: |
- Standard Bank Centre, Western Cape R270m
- 90 Rivonia Road, Gauteng R140m
- Absa Park Ridge, Gauteng R82m
- Wingfield Park, Gauteng R79,3m
- Accenture, Gauteng R70,6m
|
| Emira Property Fund |
| Market cap: |
R2,58bn |
| Listed: |
November 2003 |
| Number of properties: |
85 |
| What sectors it invests in: |
36% retail,
49% office,
15% industrial (based on property value) |
| Location of properties: |
73% Gauteng,
11% KwaZulu-Natal,
9% Western Cape,
6% Free State,
1% North West |
| Historical DY: |
7,9% |
| Historical P/E ratio: |
11,11 |
| Biggest properties: |
- Lynnridge Mall, Gauteng R108m
- Randridge Mall, Gauteng R100m
- Quagga Shopping Centre, Gauteng R85,6m
- Woodmead Office Park, Gauteng R75,9m
- Braamfontein Centre, Gauteng R72,9m
|
| SA Retail Properties |
| Market cap: |
R2,33bn |
| Listed: |
November 2001 |
| Number of properties: |
25 |
| What sectors it invests in: |
100% retail |
| Location of properties: |
44% Gauteng,
43% KwaZulu-Natal,
13% Western Cape (based on net income) |
| Historical DY: |
7,1% |
| Historical P/E ratio: |
12,35 |
| Biggest properties: |
- East Rand Galleria, Gauteng R345m
- Musgrave Centre, KZN R238m
(50% share - Martprop JV)
- Eikestad Mall, Western Cape R140m
- Pinecrest Shopping Centre, KZN R150m
(50% share -Vukile JV)
- Springfield Value Centre, KZN R136m
|
| Resilient Property Fund |
| Market cap: |
R2,24bn |
| Listed: |
December 2002 |
| Number of properties: |
22 |
| What sectors it invests in: |
99% retail,
1% commercial (based on property value) |
| Location of properties: |
0,5% Gauteng,
12,1% KwaZulu-Natal,
17,9% North West,
47% Limpopo,
15,8% Mpumalanga,
6,7% Northern Cape (based on property value) |
| Historical DY: |
6,4% |
| Historical P/E ratio: |
16,4 |
| Biggest properties: |
- Tzaneng Mall, Limpopo R136m
- Nelspruit Plaza, Mpumalanga R76m
- Pick 'n Pay, North West R73m
- Masingita Plaza, Limpopo R55m
- The Crossing, Limpopo R49m
|
Vukile Property Fund
(including MICC Property Income Fund) |
| Market cap: |
R2,08bn |
| Listed: |
June 2004 |
| Number of properties: |
92 |
| What sectors it invests in: |
55,5% retail,
30,7% offices,
13,8% industrial (based on gross rentals) |
| Location of properties: |
45% Gauteng,
28% KwaZulu-Natal,
6% Western Cape,
2% Eastern Cape,
4% Free State,
2% Limpopo,
5% Mpumalanga,
2% North West,
6% Namibia (based on gross rentals) |
| Historical DY: |
9% |
| Historical P/E ratio: |
10,31 |
| Biggest properties: |
- Phoenix Plaza, KZN R254m
- Louis Leipoldt Hospital, Western Cape R145m
- Pinecrest Shopping Centre, KZN R143m
(50% share - SA Retail JV)
- Randburg Square, Gauteng R141,5m
- Embassy, KZN R139,8m
|
| Capital Property Fund |
| Market cap: |
R1,64bn |
| Listed: |
1984 |
| Number of properties: |
61 |
| What sectors it invests in: |
35% retail,
30% offices,
35% industrial (based on property value) |
| Location of properties: |
45% Gauteng,
10% KwaZulu-Natal,
37% Western Cape,
8% other (based on property value) |
| Historical DY: |
8,4% |
| Historical P/E ratio: |
11,11 |
| Biggest properties: |
- Grand Central Shopping Centre, Western Cape R252m
- No. 2 Long Street, Western Cape R105m
- PWC Building, Gauteng R74m
- Mutsindo Mall, Limpopo R50m
- Southway Mall, KZN R44m
|
| Diversified Property Fund |
| Market cap: |
R834 |
| Listed: |
October 2005 |
| Number of properties: |
41 |
| What sectors it invests in: |
37,4% retail,
6,8% offices,
55,8% industrial (based on property value) |
| Location of properties: |
56,9% Gauteng,
8,3% KwaZulu-Natal,
2,3% Western Cape,
6,5% Limpopo,
21,7% Eastern Cape,
3,2% Mpumalanga,
1,1% Northern Cape (based on gross rentals) |
| Historical DY: |
7,4% |
| Historical P/E ratio: |
16,67 |
| Biggest properties: |
- Isando Business Park, Gauteng R107m
- New Redruth Village, Gauteng R104m
- City Deep Industrial Park, Gauteng R96m
- Rivonia Village, Gauteng R93,9m
- Montague Business Park, Western Cape R65m
|
| Hospitality Property Fund |
| Market cap: |
R800m |
| Listed: |
February 2006 |
| Number of properties: |
16 |
| What sectors it invests in: |
38% conference,
30% corporate,
32% leisure (based on patronage) |
| Location of properties: |
54% Gauteng,
16% KwaZulu-Natal,
16% Western Cape,
13% Eastern Cape,
1% Mpumalanga (based on purchase price) |
| Historical DY: |
not available |
| Historical P/E ratio: |
N/A |
| Biggest properties: |
- Birchwood Executive Hotel and Conference Centre R219,5m
- Champagne Sports Resort, KZN R130m
- Mount Grace Country House and Spa, North West R122,5m
- The Radisson Hotel, Western Cape R96m
- The Protea Hotel, Eastern Cape R73m
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- On the softer side - 5 communication tips - by Willem Tait
(Friday, 8th July 2011)
Read more
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