The JSE’s second-largest property stock may soon rival Growthpoint in size and stature Three years ago Redefine Properties was still trading at a sizeable discount to other sector heavyweights such as Growthpoint Properties, Hyprop Investments and Resilient Reit.Redefine was lagging behind, both in terms of earnings and share-price growth. And the general perception was that many of the company’s properties were of inferior quality.Redefine-owned shopping centres such as Golden Walk in Germiston and Sammy Marks Square in the Pretoria CBD couldn’t quite compete in the prestige stakes with Brooklyn Mall in Pretoria or the V&A Waterfront in Cape Town (Growthpoint owned).The number of government-tenanted office blocks in the Johannesburg and Pretoria CBDs that Redefine inherited from its merger with ApexHi in 2009 also raised lingering concerns about the quality of its income stream.But the restructuring exercise Redefine embarked on about two years ago has not gone unnoticed. It has b...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.

Questions or problems? Email or call 0860 52 52 00. Got a subscription voucher? Redeem it now