The listed property sector has had a tumultuous year, making it increasingly difficult to forecast returns as the share prices of many counters continue to see-saw. Rand hedge stocks, for instance, of which many ended 2016 in the red, are now mostly back in the black while the reverse is true for a number of SA-focused counters. However, one counter that is proving surprisingly resilient is Equites Property Fund, the JSE’s only specialist industrial play. The company owns a R6.4bn portfolio of modern logistics warehouses, properties that are typically used by major retailers and importers to store their goods before they are distributed to stores or online shoppers. Despite a pull-back in the share price from late March to early April following President Jacob Zuma’s cabinet reshuffle, Equites is still up 9% year to date, bringing the 12-month gain to 30%. That compares to the index’s overall rise of 1% and places Equites as one of the top four performers among the JSE’s 57 property...
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