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The Property Handbook Financial Mail Page 1 -10/07/15 01:41:01 PM hhh ANNUAL REPORT WWW.FINANCIALMAIL.CO.ZA THE PROPERTY HANDBOOK THE PROPERTY THE PROPERTY HANDBOOK 2015 2015 An invaluable tool for real estate investors Financial Mail Page 2 -10/07/15 11:14:28 AM hhh 13305 MAKING PROPERTY FUNDING FROM START TO FINISH HAPPEN Building partnerships to realise opportunities for our clients. At Nedbank Property Finance we understand property. In fact, our agile solutions have made us the market leader with a proven track record across the board. Contact us for your commercial, industrial or retail property funding needs. Cape Town 021 416 7000 Eastern and southern Cape 041 393 5800 Pretoria 012 436 7000 Durban 031 364 1111 Gauteng and Bloemfontein 011 294 4444 Port Elizabeth 041 398 8000 BT Ngebs Mall, Billion Group, Mthatha. Nedbank Limited Reg No 1951/000009/06. nedbank.co.za Authorised financial services and registered credit provider (NCRCP16). 13305 Nedbank BT NGEBS 225x170.indd 1 2015/06/19 12:57 PM Financial Mail Page 3 -10/07/15 12:57:26 PM hhh C o n te n t s Foreword .................................................................... 6 Abland Property lending....................................................... 8 Offices and industrial outlook .......................... 12 Retail sector perspective ..................................... 14 Hotel industry prospects...................................... 16 Buy-to-let .................................................................. 18 Residential outlook ............................................... 20 Abreal The African growth story..................................... 22 Offshore housing opportunities ........................ 26 Global Reits.............................................................. 28 Listed property outlook....................................... 30 Profiles of listed funds: Accelerate Property Fund ............................................... 32 Oilgro Arrowhead Properties....................................................... 34 Attacq ...................................................................................... 36 Capital Property Fund ...................................................... 38 Capital & Counties Properties........................................ 40 Delta Property Fund.......................................................... 42 Dipula Income Fund.......................................................... 44 Emira Property Fund ........................................................ 46 Equites Property Fund...................................................... 48 Fortress Income Fund....................................................... 50 Growthpoint Properties.................................................... 52 Hospitality Property Fund............................................... 54 Hyprop Investments ......................................................... 56 Intu Properties..................................................................... 58 PROPERTY FUND Investec Australia Property Fund ................................. 60 THE PROPERTY HANDBOOK 3 Financial Mail Page 4 -10/07/15 12:57:47 PM hhh Investec Property Fund.................................................... 62 MAS Real Estate................................................................... 64 New Europe Property Investments ............................. 66 Octodec Investments......................................................... 68 Rebosis Property Fund ..................................................... 70 Redefine International...................................................... 72 Redefine Properties ........................................................... 74 Resilient Property Income Fund................................... 76 Rockcastle Global Real Estate Company .................... 78 SA Corporate Real Estate Fund...................................... 80 Safari Investments.............................................................. 82 Texton Property Fund....................................................... 84 The Pivotal Fund................................................................. 86 Tower Property Fund........................................................ 88 INTEGRATED Vukile Property Fund........................................................ 90 REAL-TIME Table: Property transfer costs ............................ 92 Useful terms ........................................................... 94 IN THE CLOUD Financial Mail Editor: Tim Cohen. Property Handbook editor: Joan Muller. Projects editor: Luleka Mangquku. Projects co-ordinator: Matshepo Gumede. SOFTWARE Photographers: Russell Roberts, Jeremy Glyn, Hetty Zantman. Proofreader: Dave Landau. DESIGNED FOR Layout & cover design: Colleen Wilson. Sales: Lyn Hill. PROPERTY MANAGERS P ro d u c t i o n : Jamie Kinnear. www.mdapropsys.com 0861 00 2231 4 THE PROPERTY HANDBOOK Financial Mail Page 5 -10/07/15 11:17:24 AM hhh 1193592_E Australia Property Fund Some returns should be obvious With 17 quality properties and AUD 361 million of asset value, the Investec Australia Property Fund has grown by 178% since listing in October 2013. And the annual results show better things to come. With strong distribution growth, underpinned by the strength of the real estate fundamentals, the returns are attractive. If you’re looking for quality and growth for your portfolio, look no further. For more information visit investec.com/australiapropertyfund Australia Property Fund Investec Property Limited ABN 93 071 514 246 AFS licence 290909 is the issuer of units in the Fund. Investments in the Fund are not deposits with, or other liabilities of, Investec Australia Limited or any Investec Group entity and are subject to investment risk, including possible delays in repayment and loss of income and capital invested. Past performance is not necessarily a guide to future performance. Returns and benefits are dependent on the performance of underlying assets and other variable market factors and are not a guarantee. Exchange rate fluctuations may have an adverse effect on the value of certain investments. This document is for information only and readers should obtain their own investment, legal and tax advice. Neither Investec Australia Limited nor any member of the Investec Group guarantee any particular rate of return or the performance of the Fund, nor do they guarantee the repayment of capital from the Fund. The Fund is regulated in Australia and is approved by the FSB in South Africa as a foreign collective investment scheme (CIS). The Fund is listed on the JSE Limited. 1193592 Investec IPAF Australia 225x170.indd 1 2015/07/10 10:27 AM Financial Mail Page 6 -10/07/15 12:58:02 PM hhh FOR EWOR D More money-making options ow in its 15th edition, Lodestone; and more recently, the Financial Mail’s Th e Arrowhead spin-off IndluPlace Property Handbook Properties, the JSE’s eagerly Ncontinues to provide plenty of awaited first pure housing fund. food for thought on the That brings the tally of new challenges and opportunities property listings over the past presented by the various sectors four years to a substantial 28. In of the real estate market. fact, real estate companies As always, the aim of the account for 40% of all listings handbook is to provide expert since the beginning of 2011, opinion, analysis and forecasts according to the JSE’s investor on local and global property relations division. trends to enable our readers to New listings have b o o s te d make better informed invest- the size and stature of listed ment decisions. property as an asset class. Also, This year we have they have lured investors wh o introduced a new chapter on may not have considered listed hotels in which Pam Golding weakness, listed property property as an alternative to Tourism & Hospitality investors have had a particu- general equities, cash and bonds Consulting MD Kamil Abdul- larly profitable year, with the SA because of the sector’s previous Karrim provides a compelling listed property index a c h i ev i n g lack of liquidity. case for why the asset class a substantial 32% total return Avior Research property should be included in real for the 12 months ending May. analyst Naeem Tilly says in his estate portfolios (Chapter 4). Th e re’s still no end to the overview of SA’s listed property We also look at the growing flurry of merger, acquisition and sector in Chapter 10 there are trend to buy a holiday home new listings activity. No less more new listings to come. offshore in order to get citizen- than R15bn in new equity has If you have become over - ship or a second passport already been raised in the first whelmed by the rapid increase (Chapter 8). New investment half of 2015 by listed property in the number of real estate destinations, notably Portugal, firms via book builds, rights counters, don’t miss the reviews have opened to SA investors issues and IPOs, according to of leading analysts and fund looking for an insurance policy figures from Stanlib. That is on managers who provide insight against political, currency and top of the record R40bn capital on 30 individual property economic risk at home. raised by the sector in 2014. stocks in the second half of the In Chapter 6, Lightstone’s In fact, since April last year, handbook. Paul-Roux de Kock provides a there have been no fewer than As always, we value feed- comprehensive overview of the 10 new property listings, three back from our readers, so please residential market and why of which made their debut on let us know if you have any house prices
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