Rand Leases Properties was the best performer in the listed property sector in terms of unit price last month, with the price jumping 92%

Listed property company Rand Leases Properties reported a loss of R2,6m for the year to June, and attributed this to its repositioning as a development company and the disposal of its entire investment portfolio with effect from November last year.

Black economic empowerment consortium Lembede Investment Holdings has bought a 16,5% stake in Rand Leases Properties.

Property loan stock company Redefine Income Fund said yesterday that it had bought the Standard Bank Centre on Cape Town's foreshore for R218m.

Directors rake in R4m extra while shareholders go without.

The list of property companies which have reported muted earnings growth is getting longer, indicating that the listed property sector of the JSE Securities Exchange SA is heading for trouble.