SPAIN could be the next frontier for South African property funds looking to profit from investors’ desire for offshore-based returns.The largest property company on the JSE, UK shopping centre owner Intu Properties, is the only property fund listed on the JSE that has exposure to Spain. But there is speculation that Redefine Properties could be the first South African-based property company to invest in the west European country.South African investors have been attracted to rand hedge property stocks. Spain’s economy is also expected to grow 2.8% in 2016, according to the Organisation for Economic Co-operation and Development. The Spanish economy expanded 3.2% in 2015.Intu’s assets are valued at £10.1bn, with its Spanish properties making up 3% of that and being worth £302m. The company’s Spanish malls are Puerto Venecia, located in Zaragoza and worth £194m, and intu Asturias, which is worth £108m. Intu also has four development sites.Redefine Properties said in March it was eyein...
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