Hyprop has long been my preferred property stock, largely as it holds quality high-end properties in South Africa, with a few small investments in sub-Saharan Africa and southeastern Europe. Vacancies are at 0.8% for retail and 3.9% for office space. The latter has improved while the retail vacancy rate can’t get any lower, but a 0.8% vacancy rate illustrates the calibre of its properties. The distribution was slightly hurt by money in Nigeria MTN can’t get out of the country, but it was still up 16.6%. About half of this growth came from south-eastern Europe, while the money stuck in Nigeria could have added about another two percentage points to the increase. After a strong run in the third quarter of 2016, the price has come back and it’s again looking attractive.