Income-chasing investors looking to hedge currency bets both ways (against a potentially stronger or weaker rand) should look afresh at Redefine Properties. The counter, the JSE’s second largest SA-based property stock after Growthpoint Properties with a market cap of R61bn, is currently trading at an attractive discount to the sector and offers a relatively cheap entry point for investors with a three-to-five-year horizon. Redefine’s forward dividend yield is close to 9% against a 7.2% average for the listed property sector as a whole. The portfolio is well-diversified and positioned to weather potential storms in any particular region. Redefine offers investors exposure to rand-based office, retail and industrial property assets in SA as well as a mix of hard currency income streams through its Polish, UK, German and Australian interests.The portfolio has an 80% local and 20% offshore split. The latter comprises, among others, Redefine’s 39.5% stake in pure Polish property play Ec...

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