The JSE’s real-estate investment trusts (Reits) went into free fall on Thursday morning, possibly due to rumours that one of them will be Viceroy Research’s next victim. Worst hit was Greenbay Properties, which fell 28% to R1.62, followed by Resilient which fell 20.2% to R107.25. Fortress’s B units also fell 20.2% to R28.65 while its A units fell 11.4% to R15.98. The JSE’s South African property index fell 8.2% to 598 points while the CoreShares exchange-traded fund which tracks it fell 3.8% to R66. Evan Robins, the listed property manager of Old Mutual Investment Group’s MacroSolutions boutique, said the market had reacted swiftly to speculation. “I’ve never seen anything like this. There has been a major sell-off in the shares of companies within the Resilient stable. They may or may not be the company Viceroy was targeting and if they are there may be nothing illegal or irregular on their part. They are massive stocks within the South African property benchmark so maybe some fund...

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