Growthpoint’s nine-month update points to a business sharpening its portfolio while maintaining operational resilience. Asset disposals are ahead of target, vacancies have improved across the South African portfolio, and logistics and retail remain key strengths. The V&A Waterfront continues to deliver strong performance, while disciplined capital management, improved funding margins and growing renewable energy investment support unchanged FY26 guidance for distributable income and dividend growth in a tougher market environment.

Emira Property Fund delivered a resilient set of results for the year ended 31 March 2026, increasing its total dividend by 4.1% to 129.01 cents per share. The diversified REIT benefited from disciplined capital recycling, improved portfolio metrics and growing contributions from its international investments in Poland and the United States. A strengthened balance sheet, lower vacancies and continued strategic acquisitions position Emira to pursue further value-accretive growth while maintaining stable, long-term returns for shareholders.

The South African REIT Association has unveiled the Third Edition of its Best Practice Recommendations, introducing the most significant reporting framework update since 2019. Effective from January 2026, the revised guidelines enhance transparency, comparability and investor confidence across the sector. Key changes include the formal adoption of SA REIT Funds from Operations (FFO), standardised debt and risk metrics, and new operating measures aligned with international REIT reporting standards.

Exemplar delivered another year of strong growth, underpinned by the resilience of township and rural retail markets. The REIT increased its full-year distribution by 15.3% to 176.9 cents per share, while net property income rose 13.1% to R978 million. Strategic acquisitions and redevelopment projects, including Vosloorus Crossing and the Steelpoort retail precinct, have expanded the portfolio beyond 700 000sqm, positioning the group for continued earnings and distribution growth.

South African REITs staged a strong recovery in April, delivering a 5.9% total return and outperforming both equities and bonds as investor confidence returned to the sector. Oversubscribed capital raises by Spear and Fairvest, strategic acquisitions, and improving distribution growth highlighted a market moving back into expansion mode. Despite ongoing interest-rate uncertainty, healthier balance sheets, robust corporate activity and resilient operating fundamentals continue to underpin the sector’s outlook.

Emira Property Fund has launched a voluntary offer to increase its stake in Octodec Investments to 34.9%, following the acquisition of a 20.17% holding for R891.8 million. Priced at R16.75 per share, the offer reflects a value-driven strategy targeting discounted assets. The move positions Emira as a significant minority shareholder, aiming to unlock portfolio value while strengthening its capital allocation approach.

South African REITs experienced a sharp March correction, declining 12.3% amid geopolitical tensions, rising oil prices, and inflation concerns. Despite this volatility, underlying fundamentals remain resilient, with strong distribution growth, improving vacancies, and active capital deployment. The pullback reflects market de-risking rather than operational weakness, while index inclusions and solid earnings performance continue to reinforce the sector’s medium-term investment appeal.

Vukile Property Fund’s pre-close update highlights disciplined capital recycling, strategic acquisitions and strong operational performance across its South African and Iberian portfolios. Asset disposals and reinvestment into high-quality retail centres, alongside improved trading metrics, low vacancies and rising rental reversions, position the REIT for sustained growth, with management confident of delivering at least 9% growth in earnings and dividends for the 2026 financial year.

Dipula Properties’ inclusion in the FTSE/JSE All Property Index and SA REIT Index marks a key milestone, enhancing its visibility within the institutional investment landscape. The move is expected to improve liquidity, broaden access to capital and attract greater analyst coverage. With a defensive, retail-focused portfolio, Dipula is well positioned to benefit from increased investor interest as South Africa’s listed property sector continues to evolve.

Vukile Property Fund has strengthened its Iberian strategy with Castellana Properties’ €318 million acquisition of Madrid’s flagship Islazul Shopping Centre. The deal marks its entry into Spain’s capital and targets a dominant, high-performing asset with strong growth prospects. Supported by solid fundamentals and value-add potential, the acquisition reinforces Vukile’s disciplined capital recycling and growing exposure to resilient, income-generating retail assets in key European markets.