Metope In The News

Investors Monthly August 2019: Eastern Europe rising

The JSE's battered real estate sector appears dirt cheap but property investors need to tread with caution. Analysts say there is significant value to be had for patient investors with a longer-term horizon but there is also a clear message: headwinds could still affect property returns over the next 12 to 18 months. Metope investment analyst Kelly Ward comments.

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Financial Mail: Eastern European property still a draw

SA companies’ offshore track record may well be questionable, but Eastern Europe is one destination where a number of South Africans have been able to successfully replicate their business models. Mall owner Nepi Rockcastle is a case in point. Kelly Ward, analyst at Metope Investment Managers, comments.

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SAPOA – Women in Property: Stock selection key in listed property after a tough 2018

As one of the most seasoned female fund managers in the listed property sector, Liliane Barnard, CEO of Metope Investment Managers, has invested in listed property throughout all cycles. Therefore, when she reflects back on the exceptionally difficult period in the listed property sector last year, she is level-headed. She points out that 2018 was marked by an ongoing confluence of negative factors that occurred throughout the year, and which resulted in investors taking flight. Read the full article below.

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Glacier, Funds on Friday – Listed property: stress-tested and bearing up in a very tough market

After a strong start to 2019 when listed property soared 9.2% in January, hopes for a solid recovery for the sector have since been dampened. Recent company results have been disappointing, with growth in dividends slowing almost across the board, and indeed going backwards in some cases. However, on closer examination of the results to May 2019, it appears that the underlying physical property is bearing up in what is a very tough market. Negative company earnings and disappointing growth numbers are largely due to once-off and non-recurring issues, or capital items which are not reflective of the underlying property performance. Metope CEO Liliane Barnard gives her views.

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Financial Mail The Property Handbook 2019: Stor-Age Property REIT

Stor-Age Property REIT is a fully integrated and internally managed Real Estate Investment Trust (REIT), specialising in self-storage properties. The company listed on the JSE in November 2015, becoming the first and - to-date - only self-storage REIT listed on any emerging market exchange. In March 2019 Stor-Age was incorporated in a number of JSE indices, including the All Share, All Property and SA REIT indices. Metope investment analyst Kelly Ward comments further.

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Financial Mail The Property Handbook 2019: Echo Polska Properties

Echo Polska Properties (EPP) is a pure Polish property play, with listings on the Luxembourg Stock Exchange and the JSE. The company was listed in SA in September 2016 in the Real Estate Holdings & Development Sector and offers investors exposure to the growth in the Polish economy through a portfolio of mostly retail assets. While EPP follows the Real Estate Investment Trust (REIT) formula and structure, it is not a REIT, and therefore subject to corporate tax. Metope investment analyst Kelly Ward elaborates further.

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Financial Mail: Stor-Age stands out thanks to the hoarders

It took a while for real estate investors to warm to Stor-Age Property Reit when it made its debut on the JSE in November 2015. Back then, few regarded self-storage as a serious asset class. How times have changed. These days Stor-Age regularly tops fund managers’ stock-pick lists: it is one of less than a handful of property stocks still delivering inflation-beating dividend growth. Metope investment analyst Kelly Ward comments.

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Financial Mail: Why listed property is not as safe as houses

An eye-popping 57% gap between SA’s best-and worst-performing property unit trust funds underscores just how critical stock-picking has become at this part of the listed property cycle. Analysts point out that once GDP growth picks up, property fundamentals will also improve but investors need to adjust their total return expectations downwards.  

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Financial Mail: Redefine dividends remain under pressure

Property investors still betting on dividend payouts rising by the usual 8%-10% this year will be sorely disappointed. A case in point is Redefine Properties, the JSE’s second-largest SA-based real estate investment trust (Reit), which earlier this month declared dividend growth of a rather uninspiring 4% for the six months to February 28. Management expects similar growth for the full year to August. While Redefine’s dividend growth performance is on the lower end of management’s earlier guidance of 4%-5%, it wasn’t unexpected given the depressed state of the SA economy, a battered consumer and little, if any, new demand for office, retail and industrial space. Metope investment analyst Kelly Ward comments.  

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