South African-run property stocks that have offshore portfolios have been the stars of the real estate sector in 2017 and look set to continue to be favoured in 2018. Offshore stocks have been buoyed by strong economic growth and have recorded strong euro-denominated returns for South Africans when converted to rand. The constituents of the FTSE JSE South African listed property index have changed markedly in 2017. The index’s 10.4% total return in the year to November 17 was spurred on by offshore counters and hybrid counters with strong offshore components, said Stanlib property analyst Lawrence Koikoi. Len van Niekerk, senior property analyst at Nedbank, said there had been a ranking overhaul among the largest property funds. "Nepi Rockcastle’s market cap at R115bn is by far the largest, having comfortably overtaken Growthpoint’s R72.5bn after the merger of Nepi and Rockcastle. Redefine, which used to be in second position before the merger, dropped to joint third with Resilient,...
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