Polish property play Echo Polska Properties (EPP) earlier this week became the third foreign inward listing to make its JSE debut in less than a month, raising concern among some local industry players about the impact so many new rand-hedge offerings will have on demand for local property shares.Norbert Sasse, CEO of sector heavyweight Growthpoint Properties, says it is inevitable that fund managers will have to sell down their local property holdings to support the slew of new inward listings on the JSE."After all, there’s not a bottomless pot of capital available to invest in listed property.’’Speaking at the company’s annual results presentation earlier this month, Sasse said highly liquid stocks such as Growthpoint are the first to feel the pain when fund managers adjust their capital allocations. He referred to recent volatility in Growthpoint’s share price, which slid 9.5% in the 10 days to September 1.EPP’s dual primary listing on the JSE on Tuesday follows the recent second...
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