THE property fund sector has R70bn under management and it proved to be the exception at a time when other sector funds battled to attract the client’s rand.The sector is now 20 years old as the first property fund, the Marriott Property Equity Fund, was launched in 1996. Now all the large fund managers have a property fund. The sector really took off in the early 2000s when funds such as Stanlib Property Income were introduced and the quality of the underlying shares in the sector and their liquidity also improved.Many funds started chasing the growing pool of assets and a few property specialists such as Catalyst and Sesfikile emerged. In the 1970s and 1980s property was a rats-and-mice sector which traded little. Now there are property shares in the JSE’s top 40, such as Growthpoint and Redefine, and shares which have attracted a following among analysts, such as Hyprop, which includes centres such as Hyde Park Corner, Rosebank Mall, Clearwater in the West Rand and Canal Walk in ...
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