Still im­pres­sive

Finweek English Edition - - MARKET PLACE -

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.

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