SA’s listed property sector has exploded over the past five years through a slew of listings, mergers and acquisitions and more capital raisings than any other sector on the JSE. New nonproperty specialised investors have begun to buy into the sector too. Yet, in certain instances, corporate governance has been relegated to an afterthought. Some commentators argue that property CEOs have, at times, been rewarded too generously for just doing their jobs, and that they added limited value to shareholders. One of the most high-profile listed property listings is that of Liberty Two Degrees, which took place in December. Liberty Two Degrees, which has about R10bn in assets, exposes JSE investors to portions of various iconic malls such as Sandton City, Eastgate and Melrose Arch for the first time. The real estate investment trust (Reit) has come under the microscope because it is being run by an external management company. Globally, listed property companies have tended to internalise ...

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