Liberty Two Degrees (L2D) is one of the few retail-focused property stocks whose shopping centres were left unscathed by the recent unrest. It’s also one of less than a handful of JSE-listed mall portfolios where sales growth and foot count have already recovered to pre-Covid levels.

Most impressive, perhaps, is that L2D has fewer retail vacancies now than it had a year ago. That again bucks the overall trend and belies the general perception that large, glitzy malls in affluent areas haven’t held up as well as smaller, convenience-type centres since the onset of the pandemic...

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