Shareholders of the largest South African-based real estate group, Growthpoint Properties, ended 2017 well in terms of rewards compared with holders of various other local stocks, but the company will have its hands full in trying to repeat the feat. Growthpoint’s total return in 2017, including share price and dividend growth, was 14.4%, while the South African-listed property index’s total return was 16.18%. The share price of Growthpoint, which has a market capitalisation of R77bn, closed at R26.68 on Friday. It paid dividends of 195.80c in 2017. Long-term rival Redefine Properties, which has a market capitalisation of R58.5bn, declared total dividends of only 92c during its 2017 financial year. Its total return was 3.84%. The likes of Rebosis Property Fund achieved a total negative return of 3.43% and Hyprop Investments only managed a 5.92% return. A portfolio manager at Investec Asset Management, Peter Clark, said Growthpoint was a bellwether for South African domestic-focused ...

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