The September 1 listing on the JSE of UK mall owner Hammerson, which is the third-largest property stock on the London Stock Exchange, wasn’t accompanied by much fanfare. And given how many new rand hedge offerings SA investors have to choose from these days, property punters may understandably have overlooked the counter.Hammerson was the third rand hedge listing to debut on the JSE in the four weeks to mid-September. The other two were Polish-focused Echo Polska Properties (EPP), in which Redefine Properties acquired a strategic 49.9% earlier this year, and Central and Eastern European-focused Global Trade Centre (GTC).Hammerson’s listing on the JSE was off to a rocky start — the share price was down 15% between September 1 and October 12 — but that was not out of sync with the performance of most other UK-focused property counters, such as Capital & Counties Properties, Intu Properties, Capital & Regional, Tradehold, Atlantic Leaf Properties, Stenprop and Texton.The share prices ...
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