Office and retail property regain sparkle in South Africa

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The pivot in South Africa is now that everything is certainly stabilized, and it feels like it’s stabilized in our portfolios.
SOUTH Africa’s office and retail property market is gaining a second wind after years of being unloved, according to Investec Property Fund.

Half of the firm’s 77 new leases signed with clients in the year through March were in those sectors, creating an opportunity to dive back in after a period of disposals, Co-Chief Executive Officer Andrew Wooler said in an interview.

The fund, which has real-estate investments of R22.1 billion in South Africa and Europe, had previously spent 2021 selling retail assets to free up capital for higher demand segments such as warehousing and logistics, he said.

“The pivot in South Africa is now that everything is certainly stabilized, and it feels like it’s stabilized in our portfolios,” Wooler said.

Investec Property Fund may dispose of its 65% stake in a pan-European logistics portfolio as rising property values and falling rental yields create an exit opportunity. – bloomberg

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