An Overview of the Initial Performance of the South African REIT Market

Abstract

South Africa implemented the real estate investment trust (REIT) structure in 2013 with the intention of encouraging local and international investment. A year after implementation, South African listed property was reported to have performed better than United Kingdom, European, and Asian REITs. In this study, we assess the initial performance of South African REITs and their portfolio diversification benefits when paired with stocks, bonds, T-bills, and other listed property in a mixed-asset portfolio, over the May 2013 to December 2015 period. The findings show that stocks are the best performing asset, risk-adjusted. REITs are a return-enhancer when included in a mixed-asset portfolio, and tend to contribute at the higher end of the risk spectrum.

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