LISTED PROPERTY
Redefine: cheapest Reit on the JSE?
Listed property has been losing out to bonds and offshore equities, but there’s value to be had for patient investors
10 November 2022 - 05:00
Redefine Properties, one of the JSE’s biggest property guns, appeared on multiple stock-pick lists earlier this year. That came on the back of a double-digit dividend yield and management making impressive strides to streamline the portfolio and repair an overstretched balance sheet.
Yet the real estate investment trust (Reit) is still trading at a 43% discount to NAV. And despite delivering a decent set of results this week — distributable income is up 26% for the year to August — there’s been little movement in the share price...
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