Market watchers foresee tougher economic conditions ahead

THE impressive rise in the fortunes of the listed property sector reads like a Cinderella story: it has gone from what one fund manager described as the “most unloved sector on the JSE”, with a collective market capitalisation of just R20-billion in 2003, to one valued at more than R400-billion.

In a flurry of deals in the past four months, the Competition Tribunal has approved more than 10 large mergers, acquisitions and share buy-ins. There is also increased interest by investors on the JSE who are finally recognising the sector as a separate asset class…

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