A new retail-focused real estate listing by well-known property developer McCormick is coming to the JSE. It intends listing a R5.5bn retail-focused real estate investment trust (Reit) called Exemplar, which analysts believe could spur more initial public offerings in a sector that has had a quiet couple of years. Exemplar, which will be chaired by property veteran Frank Berkeley, will hold a portfolio of rural and semi-urban shopping centres, some of which it will develop itself. Berkeley is a former head of property finance at Nedbank. McCormick has been a developer in SA for about 35 years. The company says it has been an early entrant in the semi-urban and rural shopping centre market. Pressure in sector The listing announcement comes as a surprise because listed property is under pressure and fund managers have been smarting from poor returns from the sector. The FTSE-JSE South African listed property index has lost about 19% of its value for the year to date. Exemplar, however...
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