Offshore property stocks are back in favour, accounting for most of the JSE’s top 10 best performers

The share price performance gap between the 50-odd individual stocks that comprise the JSE’s R500bn real estate sector has widened to nearly 50% in the year to date. Top-performing counter Sirius Real Estate is up 27%, and worst performer Accelerate Property Fund is down 21%. Besides German-focused Sirius, the top 10 best-performing stocks in the year to date include mostly rand hedges, according to Absa Asset Management. These shares include Greenbay Properties, which has exposure to Portugal and Slovenia, and has risen 21%; Polish-focused Globe Trade Centre (15%); Schroder European Real Estate Investment Trust (11.5%); Central and Eastern Europe-focused New Europe Property Investments (Nepi) (11%); and Rockcastle (9%).This follows last year’s underperformance of foreign stocks, when the share prices of a number of counters dipped into the red on the back of a stronger rand and concerns about how Britain’s decision to exit the EU would play out. About 20 of the sector’s 50 counter...

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