Mid-cap Emira Property Fund, which tends to quietly get on with it and seldom grabs the headlines, has emerged as one of the property sector’s top performers in the year to date.

The first real estate investment trust (Reit) to report December results last week, Emira has rallied 14% this month, touching a two-year high. That brings the share price rebound to 20% in the year to date and to nearly 50% over the past 12 months...