GROWTHPOINT PROPERTIES
Norbert Sasse: Resilient fiasco harms entire listed-property sector
Too many investors had 'painted the whole sector with the same negative brush'
The debacle at the Resilient stable of companies has harmed the credibility of the entire R700bn listed-property sector, says the head of the largest SA-based real estate company. Growthpoint Properties group CEO Sasse, who oversees R78.5bn of local assets as well as properties in Australia, Poland and Romania, said he and his team had been forced to reassure investors that it was business as usual for the JSE top 40 company. Too many investors had "painted the whole sector with the same negative brush", Sasse said, noting that listed property had grown and developed into a large and diversified sector over the past decade to about 60 companies now. "It would be misleading for the media and market watchers just to focus on the fact that the asset class as a whole was the worst-performing asset class in 2018 without actually considering stocks separately," he said. The FTSE/JSE SA Property index has lost 23% in 2018. The Financial Sector Conduct Authority (FSCA) has been investigati...
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