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The global economy may be reeling, but it seems likely that Germany will emerge from the pandemic-induced recession in better shape than many other countries. That probably explains why Sirius Real Estate remains on most fund managers’ stock-pick lists despite the rand-hedge counter looking rather pricey at first glance.The German business park owner was trading at a dividend yield of below 5% earlier this month versus the 15% average of the SA-listed property index (Sapy).The stock, which is the JSE’s only exclusively German property company, was the best-performing real estate counter last year, with a total return of 52%. While most other property shares have been badly beaten down since the beginning of this year, despite an unexpected rebound in early June, Sirius’s share price continued its steady climb until late February, when it touched a record high of R18.36.The stock temporarily slumped to a two-year low of about R9 three weeks later, just as the coronavirus pandemic hit...

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