• Research Tree
  • Features
  • Pricing
  • Events
  • Reg.News
  • Short Interest
  • Explore Content
    • Explore

      • Providers
        • Providers

          • Free/Commissioned
          • High Net Worth Offering
          • Institutional Offering

          Free/Commissioned

          Research that is free to access for all investors. Companies commission these providers to write research about them.

          View Research

          What is our Main Bundle Offering?

          Brokers who write research on their corporate clients and make it available through our main bundle offering.

          View Research

          What is Institutional?

          Research that is paid for directly by asset managers. Only accessible to institutional investors permissioned for access.

          View Research
      • Regions
        • Regions

          • UK
          • Rest of EMEA
          • N America
          • APAC
          • LatAm
      • Exchanges
        • Exchanges

          • Aquis Apex
          • Australian Securities Exchange
          • Canadian Securities Exchange
          • Euronext Paris
          • London Stock Exchange (domestic)
          • SIX Swiss Exchange
      • Sectors
        • Sector Coverage

          • Building & Construction
          • Discretionary Personal Goods
          • Discretionary Retail
          • Energy
          • Health
          • Investment Trusts
          • Media
          • Resources
          • Technology
      • Small / Large Cap
        • Small / Large Cap

          • UK100
          • UK250
          • UK Smallcap
          • UK Other Main Markets
          • Other
  • Login
  • Sign Up
LIVE

Event in Progress:

Join Here ×

working
  • 09 Jun 2025

South African Listed Property Overview May 2025


MAS P.L.C. (MSP:JSE), 0 | Hyprop Investments Limited (HYP:JSE), 0 | Assura Plc (AGR:LON), 48.8 | Balwin Properties Ltd. (BWN:JSE), 0 | Delta Property Fund Limited (DLT:JSE), 0 | Dipula Properties Limited Class B (DIB:JSE), 0 | Emira Property Fund Ltd. (EMI:JSE), 0 | NEPI Rockcastle N.V (NRP:JSE), 0 | Primary Health Properties PLC (PHP:LON), 99.8 | Resilient REIT Limited (RES:JSE), 0 | Shaftesbury Capital PLC (SHC:JSE), 0 | Sirius Real Estate Limited (SRE:LON), 97.2 | Vukile Property Fund Limited (VKE:JSE), 0 | Redefine Properties Limited (RDF:JSE), 0

  • Golden Section Capital
    • Garreth Elston


 

Building upon the positive momentum in April, May was once again a positive month with robust performance. Investor confidence has been buoyed by more favourable macroeconomic conditions, strategic sectoral shifts, legal challenges to the amok Trump administration, and a resilient property market. Overall market sentiment showed cautious optimism, supported by some encouraging company results, but was arguably saved by the SARB's 25 bps interest rate cut injecting a shot of optimism. The J803 SA All Property Index reflected this, ending the month up 4.22% in total returns (but key to note is that it was the last three trading days of the month that saved the Index from a down month). An undercurrent of caution remains given the prevailing economic uncertainties. The month was marked by a significant volume of financial results from key players, offering a granular view of a market navigating both persistent headwinds and emerging opportunities. Alongside these performance disclosures, substantial corporate activity, including high-stakes takeover battles and crucial capital management initiatives, painted a picture of a sector undergoing strategic repositioning. Key announcements and news included a barrage of year-end and interim financial results from companies including Burstone, Dipula, Emira, Equites, Exemplar, and Redefine. These reports collectively highlighted the varied impact of current market conditions across different portfolios and sectors. Pleasingly most results were positive, indicating continuing improvement in the sector’s operating results, and while the broader economic climate, particularly interest rate sensitivities and pressures on consumer spending, continued to shape operational realities, specific sub-sectors such as logistics and specialised retail demonstrated notable resilience. The mergers and acquisitions landscape was particularly active. Assura plc continued to be at the center of a new takeover offer from Primary Health Properties plc hoping to upset the leading bid from Sana Bidco Ltd (KKR & Co. L.P. and Stonepeak Partners LP). Similarly, MAS plc attracted competing interest from PK Investments Limited and Hyprop. Several themes emerged from the month's activities. Companies continued to navigate a challenging economic reality, focussing on cost containment and operational efficiency. Strategic repositioning through M&A and portfolio adjustments was evident, as was a concerted effort towards balance sheet prudence, with LTV ratios and debt management being critical areas of focus. However, underlying economic uncertainties suggest that investor sentiment will likely remain selective, favouring companies with robust fundamentals, clear strategic direction, and resilient balance sheets.

Sign up for free to access

Get access to the latest equity research in real-time from 12 commissioned providers.

Get access to the latest equity research in real-time from 12 commissioned providers.


Get Started
Already a member? Log in here

South African Listed Property Overview May 2025


MAS P.L.C. (MSP:JSE), 0 | Hyprop Investments Limited (HYP:JSE), 0 | Assura Plc (AGR:LON), 48.8 | Balwin Properties Ltd. (BWN:JSE), 0 | Delta Property Fund Limited (DLT:JSE), 0 | Dipula Properties Limited Class B (DIB:JSE), 0 | Emira Property Fund Ltd. (EMI:JSE), 0 | NEPI Rockcastle N.V (NRP:JSE), 0 | Primary Health Properties PLC (PHP:LON), 99.8 | Resilient REIT Limited (RES:JSE), 0 | Shaftesbury Capital PLC (SHC:JSE), 0 | Sirius Real Estate Limited (SRE:LON), 97.2 | Vukile Property Fund Limited (VKE:JSE), 0 | Redefine Properties Limited (RDF:JSE), 0

  • Published: 09 Jun 2025
  • Author: Garreth Elston
  • Pages:
  • Golden Section Capital


Building upon the positive momentum in April, May was once again a positive month with robust performance. Investor confidence has been buoyed by more favourable macroeconomic conditions, strategic sectoral shifts, legal challenges to the amok Trump administration, and a resilient property market. Overall market sentiment showed cautious optimism, supported by some encouraging company results, but was arguably saved by the SARB's 25 bps interest rate cut injecting a shot of optimism. The J803 SA All Property Index reflected this, ending the month up 4.22% in total returns (but key to note is that it was the last three trading days of the month that saved the Index from a down month). An undercurrent of caution remains given the prevailing economic uncertainties. The month was marked by a significant volume of financial results from key players, offering a granular view of a market navigating both persistent headwinds and emerging opportunities. Alongside these performance disclosures, substantial corporate activity, including high-stakes takeover battles and crucial capital management initiatives, painted a picture of a sector undergoing strategic repositioning. Key announcements and news included a barrage of year-end and interim financial results from companies including Burstone, Dipula, Emira, Equites, Exemplar, and Redefine. These reports collectively highlighted the varied impact of current market conditions across different portfolios and sectors. Pleasingly most results were positive, indicating continuing improvement in the sector’s operating results, and while the broader economic climate, particularly interest rate sensitivities and pressures on consumer spending, continued to shape operational realities, specific sub-sectors such as logistics and specialised retail demonstrated notable resilience. The mergers and acquisitions landscape was particularly active. Assura plc continued to be at the center of a new takeover offer from Primary Health Properties plc hoping to upset the leading bid from Sana Bidco Ltd (KKR & Co. L.P. and Stonepeak Partners LP). Similarly, MAS plc attracted competing interest from PK Investments Limited and Hyprop. Several themes emerged from the month's activities. Companies continued to navigate a challenging economic reality, focussing on cost containment and operational efficiency. Strategic repositioning through M&A and portfolio adjustments was evident, as was a concerted effort towards balance sheet prudence, with LTV ratios and debt management being critical areas of focus. However, underlying economic uncertainties suggest that investor sentiment will likely remain selective, favouring companies with robust fundamentals, clear strategic direction, and resilient balance sheets.

More Content

More Content

(Sponsored) NEPI Rockcastle - Light 1Q business update

Companies: NEPI Rockcastle N.V

Degroof Petercam

Sirius Real Estate Shows Resilience with Strong 2023 Trading Results Amid Economic Challenges

Companies: Sirius Real Estate Limited

Vox Markets

Emira Property Fund Ltd Initiation Report

Companies: FTB OCT EMI ATT SAC DIB SEA HET EXP

Golden Section Capital

Most popular equity research this week | 30 Apr - 4 May

Companies: BNO0RXAVONCMHCHHRE/SCEMPACNICLARBBSIXHTONMURAGYGOALCKTRTNCLIGMARSINLGDRCVSGTRXSCLPBAGCOSABDPTIMEAVODNLOXBKOOVVALYGENABZANSFTCFGTLYPHPAVCTMCLACRLGYMBURDVLPLUSDEBSDPZMMX

Research Tree

FTSE 100 starts the week lower; Clarkson topples on outlook warning - Market Report

Companies: Assura Plc

Proactive
Research Tree
Useful Links
  • Features
  • Pricing
  • RNS/Newswires Feeds
  • Providers Hub
  • Company Hub
  • Stock Pick League
  • Chrome Extension
  • iOS and Android Apps
Account
  • Login
  • Join Now
  • Contact
  • Follow us on Linkedin
  • Follow us on X

© Research Tree 2025

  • Apple Store
  • Play Store
  • Terms of Service
  • Privacy Policy and Statement on Cookies

Research Tree will never share your details with third parties for marketing purposes. Research Tree distributes research documents that have been produced and approved by Financial Conduct Authority (FCA) Authorised & Regulated firms as well as relevant content from non-authorised sources, who are not regulated but the information is in the public domain. For the avoidance of doubt Research Tree is not giving advice, nor has Research Tree validated any of the information.

Research Tree is an Appointed Representative of Sturgeon Ventures which is Authorised and Regulated by the Financial Conduct Authority.

Top
  • Home
  • Features
  • Pricing
  • Event Hub
  • Reg.News
  • Short Interest Tracker
  • Explore Content
    • Regions
      • UK
      • Rest of EMEA
      • N America
      • APAC
      • LatAm
    • Exchanges
      • Aquis Apex
      • Australian Securities Exchange
      • Canadian Securities Exchange
      • Euronext Paris
      • London Stock Exchange (domestic)
      • SIX Swiss Exchange
    • Sectors
      • Automobile Industry
      • Banks
      • Building & Construction
      • Chemicals
      • Discretionary Personal Goods
      • Discretionary Retail
      • Energy
      • ETFs
      • Financial Services
      • Food & Drink
      • Food Production
      • Health
      • Household Goods & DIY
      • Industrial Equipment, Goods & Services
      • Insurance & Reinsurance
      • Investment Trusts
      • Leisure, Tourism & Travel
      • Media
      • Open-ended Funds
      • Other
      • Real Estate
      • Resources
      • Staple Retail
      • Technology
      • Telecoms
      • Utilities
    • Small / Large Cap
      • UK100
      • UK250
      • UK Smallcap
      • UK Other Main Markets
      • Other
    • Private/EIS
      • EIS Single Company
      • EIS/SEIS Funds
      • IHT Products
      • SEIS Single Company
      • VCT Funds
  • Providers
    • Free/Commissioned
      • Acquisdata
      • Actinver
      • Actio Advisors
      • Asset TV
      • Atrium Research
      • Baden Hill
      • BlytheRay
      • BNP Paribas Exane - Sponsored Research
      • Bondcritic
      • Brand Communications
      • BRR Media
      • Calvine Partners
      • Capital Access Group
      • Capital Link
      • Capital Markets Brokers
      • Cavendish
      • Checkpoint Partners
      • Clear Capital Markets
      • Couloir Capital
      • Doceo
      • Edison
      • Engage Investor
      • Equity Development
      • eResearch
      • First Equity
      • Five Minute Pitch TV
      • focusIR
      • Fundamental Research Corp
      • Galliano’s Latin Notes
      • GBC AG
      • goetzpartners securities Limited
      • Golden Section Capital
      • GreenSome Finance
      • GSBR Research
      • H2 Radnor
      • Hardman & Co
      • Holland Advisors
      • Hypothesis Research
      • InterAxS Global
      • Kepler | Trust Intelligence
      • London Stock Exchange
      • Longspur Clean Energy
      • Mello Events
      • Messari Research
      • Nippon Investment Bespoke Research UK
      • NuWays
      • OAK Securities
      • Oberon Capital
      • Optimo Capital
      • Panmure Liberum
      • Paul Scott
      • Peel Hunt
      • PIWORLD / Progressive
      • Proactive
      • Progressive Equity Research
      • Quantum Research Group
      • QuotedData
      • Research Dynamics
      • Research Tree
      • Resolve Research
      • SEAL Advisors Ltd
      • ShareSoc
      • Shore Capital
      • Sidoti & Company
      • Small Cap Consumer Research LLC
      • StockBox
      • Tennyson Securities
      • The AIC
      • The Business Magazine Group
      • The Edge Group
      • The Life Sciences Division
      • Trinity Delta
      • Turner Pope Investments
      • UK Investor Group
      • ValueTrack
      • Vox Markets
      • VRS International S.A. - Valuation & Research Specialists (VRS)
      • VSA Capital
      • Winterflood Securities
      • Yaru Investments
      • Yellowstone Advisory
      • Zacks Small Cap Research
      • Zeus Capital
    • High Net Worth Offering
      • Fox-Davies Capital
      • ABG Sundal Collier
      • ACF Equity Research
      • Align Research
      • Allenby Capital
      • AlphaValue
      • Alternative Resource Capital
      • Arctic Securities
      • Arden Partners
      • Auctus Advisors
      • Baptista Research
      • BNP Paribas Exane - Sponsored Research
      • Canaccord Genuity
      • Cavendish
      • Couloir Capital
      • Degroof Petercam
      • Dowgate Capital
      • First Berlin
      • First Equity
      • First Sentinel
      • Greenwood Capital Partners
      • Hannam & Partners
      • Hybridan
      • Kemeny Capital
      • Longspur Clean Energy
      • Louis Capital
      • Magnitogorsk Iron and steel works
      • Medley Global Advisors
      • Northland Capital Partners
      • OAK Securities
      • Oberon Capital
      • Panmure Liberum
      • QuotedData Professional
      • Shard Capital
      • ShareSoc
      • Shore Capital
      • Singer Capital Markets
      • SP Angel
      • Stanford Capital Partners
      • Stifel FirstEnergy
      • Stockdale Securities
      • Tamesis Partners
      • Tennyson Securities
      • The Life Sciences Division
      • Turner Pope Investments
      • VSA Capital
      • Whitman Howard
      • Yellowstone Advisory
      • Zeus Capital
    • Institutional Offering
      • Fox-Davies Capital
      • ABG Sundal Collier
      • ACF Equity Research
      • Acquisdata
      • Allenby Capital
      • Alternative Resource Capital
      • Arctic Securities
      • Arden Partners
      • Auctus Advisors
      • BNP Paribas Exane
      • Bondcritic
      • Canaccord Genuity
      • Capital Access Group
      • Capital Link
      • Cavendish
      • Couloir Capital
      • Degroof Petercam
      • Dowgate Capital
      • Edison
      • First Berlin
      • First Equity
      • First Sentinel
      • Five Minute Pitch TV
      • Fundamental Research Corp
      • Galliano’s Latin Notes
      • GBC AG
      • Golden Section Capital
      • Goodbody
      • Greenwood Capital Partners
      • Hannam & Partners
      • Holland Advisors
      • Hybridan
      • InterAxS Global
      • Investec Bank
      • Kepler | Trust Intelligence
      • Numis
      • NuWays
      • OAK Securities
      • Oberon Capital
      • Panmure Liberum
      • Peel Hunt
      • QuotedData
      • QuotedData Professional
      • Research Dynamics
      • Research Tree
      • Shard Capital
      • Shore Capital
      • Sidoti & Company
      • Singer Capital Markets
      • Small Cap Consumer Research LLC
      • SP Angel
      • Stanford Capital Partners
      • Stifel
      • StockBox
      • Tamesis Partners
      • Tennyson Securities
      • The AIC
      • The Business Magazine Group
      • The Life Sciences Division
      • ValueTrack
      • Velocity Trade
      • VSA Capital
      • Winterflood Securities
      • Zacks Small Cap Research
      • Zeus Capital
  • Contact
  • Sign Up
  • Sign In