Tradehold has not yet featured prominently on the buy lists of diehard property investors, judging by the hefty 37% discount to NAV at which the counter is trading. The company’s previously rather complicated structure and diverse interests, spanning various countries (the UK, Zambia, Mozambique, Botswana, Namibia and SA) and different sectors (financial services and real estate), no doubt fuelled perceptions that it is a mixed bag — not entirely a property nor a general equities stock. However, the company has in recent months streamlined its operations to become a pure property play with a sizeable SA exposure, a move that is likely to place the counter more regularly on the radars of local real estate investors. Not only has it unbundled its financial services division from the property assets with last week’s separate JSE-listing of Mettle Investments, but Tradehold also plans to exit most of its African investments (Namibia being the only exception) and focus on SA instead. Tha...

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