Analysts expect more specialised property funds to list on the JSE after the turnaround of Hospitality Property Fund (HPF). HPF, which invests in hotels, has been successful recently and may prompt the market to welcome more focused funds. "The market does like some element of specialisation," said MMI head of property investments Nesi Chetty. Specialised assets tend to attract higher yields, he said. "There is scope, but less than before. The market will always be receptive to worthwhile opportunities," said Evan Robins, listed property manager of Old Mutual Investment Group’s MacroSolutions boutique. HPF struggled after the 2010 Soccer World Cup. Gaming group Tsogo Sun then injected about R1.8bn in assets into HPF. Its fortunes improved under the stewardship of former CEO Vincent Joyner. The fund is now competing more favourably with other mid-caps on the JSE. "We could see more residential focused Reits join the JSE later," Indluplace Properties CEO Carel de Wit said.

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