Nepi completes another oversubscribed book build as it raises equity of about R1.14bn to finance projects in Romania where it owns shopping malls.

Resilient’s drive to become a dominant retail player in previously underserviced country areas instead of the big cities has delivered above-sector returns for investors over the past five years.

The latest round of results from listed property funds confirm that the sector has more than delivered on its earnings growth promises

Listed property loan stock company Resilient Property Income Fund's distributions surged 12,25% for the six months to June compared with the same period last year

JSE-listed property funds - managed portfolios of shopping centres, offices and industrial property - show no sign of peaking, as some analysts started warning over a year ago that they would. Their combined market capitalisation has doubled to R46-billion in five years, and should reach R50-billion this year.

Property portfolio fund Resilient (RES) has reported a rise in headline earnings per linked unit for the six months to end-June 2004 to 48.38 cents from 47.30 cents for the seven months to end-June 2003.

It is believed that most analysts prefer internal management structures because objectives are more aligned with unitholders' interests