Ascension Properties (AIA) has bought Atterbury House in Cape Town‚ which includes the property and buildings known as Shell House and Ovenstone House from Atterbury Investment Holdings (AIH)‚ the company said on Wednesday.

While an analyst believes this may not necessarily be the result of recent listed property price declines‚ general price weakness in the sector has made many potential property deals less attractive than before.
 

Since listing on 11 June 2012, Ascension’s property assets have increased by R1,5 billion to R2,3 billion.

Private placement 'fatigue' has been partly blamed for the sharp sell-off in property stocks over the past two weeks.

Annuity Properties reports strong portfolio growth with a 148% increase in portfolio size to R1.4bn for the year ended March 2013.

Property loan stock company Vunani Property Investment Fund has benefited from "tight" management, a stable portfolio, and yield-enhancing acquisitions, according to CEO Rob Kane.

The volatility of the listed property sector over the past two weeks can be largely explained by movements in bond yields and the rand, and given the market’s close correlation to bonds, analysts say it may remain volatile in the short term.

South Africa’s listed property sector continued its slide during the week ending 31 May 2013, as the Rand breached R10/US$ and bond yields moved sharply higher. 

Tuesday, 04 June 2013 15:33

Property stocks extend losses on JSE

Property stocks continued their slide on Friday, taking the FTSE/JSE SAPY index’s losses to 15% from the peak reached two weeks ago.

Listed property prices have seen a rapid correction over the past two weeks, although analysts say this provides opportunities for both investors and companies themselves.

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