Listed property as an asset class is by no means back in vogue. But there appears to be a tentative rebound in appetite for selected SA-focused stocks, Investec Property Fund (IPF) being one of them. The value proposition offered by local property counters is no doubt a key incentive. Most SA-focused stocks are trading at historically high dividend yields, with a number of blue chips now at 10% or more. That compares to yields of below 7% some 12 to 18 months ago. IPF is one of the sector’s best performers for the year to date. Its share price has recovered around 16% since early January, which is well ahead of the listed property index’s 2% rise over the same time. The latter shed 30% last year on the back of a massive sell-down of a number of property stocks. IPF is one of the JSE’s larger mid-cap real estate investment trusts (Reits), with total assets of R21bn, of which 85% is exposed to SA real estate. Flagship assets include Balfour Park shopping centre in the northeast of Job...

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