From 2015 to the end of 2017, the local property sector was on fire. Capital raises were an almost daily occurrence and investor demand appeared insatiable.

As domestic growth slowed considerably and the market became saturated, real estate investment trusts (Reits) looked to Europe in search of growth. With local retirement funds as core investors, the Reits needed to invest in inflationary economies that could provide rand diversification and lease escalations...

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