Accelerate Property Fund has made a good start to 2019 with investors snapping up its shares, expecting a strong reopening of the group’s Fourways Mall, the biggest shopping centre in Africa. The company’s share price was R4 at close of trade on Tuesday, 21.21% up year to date, having gained momentum after it struggled in 2018. Howard Penny of Capricorn Fund Managers said the stock had begun to recover after falling 57% from 2017 highs. But he said the counter was still down 37%. Penny said it was trading at a dividend yield of more than 13%, which meant investors were receiving income and this was driving demand. The FTSE-JSE SA Listed Property index, meanwhile, is up 4.33% on a capital basis this year. It lost 31.87% not including dividends last year and 25.26% with them included. This was its worst performance in more than 20 years. Other shopping centre owners have also gained this year with Hyprop Investments up 8.9% and Resilient up 3.5%. Keillen Ndlovu, head of listed propert...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now