UK-focused property stocks have been out of favour amid lingering uncertainty about how Brexit will play out. Moreover, a stronger rand has put further pressure on the share prices of a number of the JSE’s 12-odd property counters that generate all, or a sizeable chunk, of their earnings in the UK. Former market darlings — including the likes of Covent Garden owner Capital & Counties Properties, mall owner Intu Properties, Tradehold, the offshore property arm of retail tycoon Christo Wiese, and New Frontier Properties — have recorded double-digit share price losses in the year to date. Some recorded even bigger falls last year. However, one counter that seems to be bucking the trend is industrial-focused Atlantic Leaf Properties. The company has traded in a fairly narrow band over the past 18 months. Year-to-date (to April 23) its share price is down a marginal 3%. Atlantic Leaf was listed on the JSE and Mauritius Stock Exchange four years ago by Paul Leaf-Wright, the Cape Town-base...

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