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Industrial property is certainly not regarded as a sexy sector, yet Equites Property Fund, the JSE’s only specialist industrial real estate play, has been one of the best-performing property stocks in the year to date. The counter has achieved a total return of 27% for the 10 months to end-October, which is impressive compared with the average 9% delivered by the listed property sector as a whole over the same time (Catalyst Fund Managers’ figures). Lack of size and liquidity meant Equites may not have appeared on everyone’s radar when the counter first listed on the JSE in June 2014. Back then, the company had a relatively small portfolio comprising only 17 Western Cape-based properties valued at R1.2bn. However, management has since grown assets in leaps and bounds. At the end of August, the portfolio value was R5.9bn, which comfortably exceeded management’s prelisting target of growing the portfolio to R4bn in five years. Equites has also outperformed on the dividend growth front...

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