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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. 

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.

Vunani Property Investment Fund (VPF) expects its distribution per linked unit to be 75c-77c in the year to June‚ from 64.51c in the previous comparative period.

Vunani Property Investment Fund (VPIF) received substantial approval from linked unit holders to raise up to R760 million by way of a rights offer to grow its portfolio.

Growthpoint announces the withdrawal of its offer for Fountainhead.

Capco acquires the Empress State Building having exchanged contracts with Land Securities Group for the 50% not already owned for GBP117m.

Redefine Properties CEO Marc Wainer retires from the board of Hyprop Investments.

Redefine Properties seized the opportunity to increase its direct holding in Australian listed Cromwell Property Group this week by taking up Aus$65.6 million of Cromwell’s capital raise, which will partly fund Cromwell’s successful acquisition of a portfolio of government properties

Going forward‚ we will be stripping out non-recurring income‚ less non-recurring expenditure‚ which will be distributed in a special distribution each year.