Industry Research

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Industry Research: Commercial property
  • Industry Research
  • Year : Jul 2019
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Summary

GCR has a strong overall view of the South African property industry. This is based on a number of underlying strengths that have resulted in robust earnings and cash generation, sustained by margins that outperform most sectors.

Additional Information

extract.....Most funds have Edcon and Standard Bank exposures for example, which will impact their performance to varying degrees depending on the materiality of the rental to be forfeit, and in Edcon’s case, any upfront equity contributions agreed to, as well as the landlord’s ability to effectively manage down its remaining exposure to the poorly performing brands in the group. For a number of listed Real Estate Investment Trusts (“REITs”), plans adopted to date are not expected to have an adverse impact on credit quality, although the demise of Edcon would have a material socio-economic impact and an effect on the entire property sector.

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