Redefine Properties, one of the largest property stocks on the JSE, with a market cap of R60.4bn, hasn’t exactly shot the lights out in terms of share price growth — the stock has been trading in a fairly narrow band of R10-R12 for most of the past three years. That suggests that the market doesn’t yet appreciate the strides that Redefine’s management, under CEO Andrew König, has made in recent years to improve the quality of its sprawling real estate portfolio. The fact that Redefine is one of a dwindling number of SA-based property stocks that is still achieving dividend growth exceeding 5% a year (5.5% for the six months ended February) has seemingly also gone unnoticed. The counter is trading at a forward dividend yield of close to 10% (at a share price of R10.65), which looks well-priced compared with the listed property sector’s average 8.5%. However, analysts believe that last week’s R2.9bn Polish acquisition should help place Redefine on the radar of a wider investor audienc...

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