research Capitalisation & DiscountRate Report compiled by IPD
|
|
- Myrtle Boyd
- 5 years ago
- Views:
Transcription
1 research Capitalisation & DiscountRate Report compiled by IPD
2 research: Little change as economic uncertainties play out SUMMARY POINTS Valuation metrics has shown little change over the last 6 months while uncertainty around the current macroeconomic environment and its impact on the interest rate cycle plays out. Since May 2013, the yield on the 10-yr government bond has increased by 140bps whereas the average property discount rate has strengthened by 20bps thereby increasing the possibility of a re-rating of discount rates relative to the risk-free rate. What is noticeable about the latest survey results is that valuers have started adjusting exit cap rates upwards across most property segments reflecting their view on medium to long term risk. figure 1: Long term trend Valuation metrics Q Q
3 Valuation metrics has shown little change over the last 6 months while uncertainty around the current macroeconomic environment and its impact on the interest rate cycle plays out. Economic growth contracted 0.6% in the first quarter of 2014 mainly as a result of the prolonged platinum sector strike. figure 2: Dislocation between discount rate and risk free rate The strike curbed mining and manufacturing production in the first quarter of the year resulting in the South African Reserve Bank (SARB) cutting its 2014 economic growth forecast for South Africa to 2.1% from 2.6%. Weak economic growth and higher inflation pose challenges for the SARB as raising interest rates could further inhibit economic activity. Market consensus suggests the SARB is likely to keep rates pegged at the current level with hikes of 25bps likely in quarters 3 and 4 of 2014 especially if inflation remains outside the target range of 3-6%. Although the prospect of higher interest rates hasn t yet filtered through to property discount rates it has put pressure on the yields of both shorter and longer dated government bonds. Since May 2013, the yield on the 10-yr government bond has increased by 140bps whereas the average property discount rate has strengthened by 20bps (Figure 2) thereby increasing the possibility of a re-rating of discount rates relative to the risk-free rate. The average cap rate has also remained relatively unchanged over the past year despite the shift in the risk free rate. figure 3: Cap rate and long bond yield (Q2 08 Q2 14) The previous time this level of mispricing was prevalent in the market was in 2008 (Figure 3), prompting a correction in capital values. While the current perceived mispricing in the market isn t necessarily going to lead to a correction of the same magnitude as in 2008 it is something to be aware of as we enter an interest rate up-cycle and places an increased emphasis on factors that have the potential to offset value declines such as higher retention rates, longer leases and strong compound net income growth. 3
4 The largest increase in discount rates over the last 6 months was in the Low Grade segment where the average discount rate increased by almost one percent to 15.67% from 14.73% on the back of sluggish manufacturing production and low business confidence. Large increases in discount rates were also reported for prime offices in Johannesburg and Pretoria s decentralised office nodes where a potential oversupply of space in some nodes have been priced in. The highest discount rate nationally was recorded for secondary offices in East London a reflection of valuers view on secondary office markets that are expected to come under pressure given slowing public sector employment growth. figure 4: Upward adjustment of Exit Cap rate Surprisingly, CBD offices and secondary offices were the only two segments recording a strengthening in both cap and discount rates over the last six months (Figure 4). This comes despite double figure vacancy rates that have essentially been moving sideways since mid What is noticeable about the latest survey results is that valuers have started adjusting exit cap rates upwards across most property segments reflecting their view on medium to long term risk. Although CBD offices recorded lower discount and cap rates for the 6 months ending May 2014, its exit cap rate was 50bps higher. figure 5: & income expectations adjusted upwards On an All Property level, valuers assumptions around perpetual income and cost growth have shown little change over the last 6 & 12 months. However there was significant variance between the different property segments (Figure 5). centres larger than 25,000sqm and property both posted an improved rental growth outlook while that of all office segments slightly lower than 6 months ago. The largest increase in perpetual property expenditure was recorded for CBD offices a segment already boasting the highest expected property expenditure at over 8%. All retail segments larger than 25,000sqm recorded lower expected operating cost growth. Over the past 6 months, transactions were fairly evenly split across the three main property sectors. On a segment level, Johannesburg decentralised offices, warehousing and low grade industrial accounted for the bulk of the transaction activity. A fair amount of transaction activity was also observed in retail centres smaller than 25,000sqm- indicative of the current phase of the listed property cycle. Some of the smaller funds that have listed with a mandate to aggressively grow their market capitalisation over the past 2-3 years have looked to these segments of the market for yield enhancing opportunities given the shortage of quality stock and related yield compression at the top end of market. 4
5 Market Discount Rate Property Type MIN MAX MED AVE Super Regional Shopping Centre >100,000m % 13.50% 12.50% 12.50% Regional Shopping Centre: ,000m % 13.75% 12.75% 13.00% Small Regional Centre: 25-50,000m % 14.00% 13.25% 13.31% Community Shopping Centre: 12-25,000m % 14.50% 13.75% 13.88% Neighbourhood Shopping Centre: 5-12,000m % 15.00% 14.00% 14.35% Local Convenience Centre < 5000m % 14.75% 14.50% 14.44% Power Centre/Speciality/Warehouse 14.00% 14.75% 14.00% 14.25% Stand Alone Unit 14.50% 14.75% 14.50% 14.56% Johannesburg CBD 14.00% 16.00% 15.50% 15.33% Non CBD Prime 13.00% 15.00% 14.38% 14.25% Non CBD Secondary 13.00% 16.00% 15.00% 14.83% Pretoria CBD 14.50% 16.00% 15.00% 15.17% Non CBD Prime 13.75% 15.00% 14.25% 14.31% Non CBD Secondary 14.50% 15.50% 14.88% 14.94% Cape Town CBD 13.75% 14.25% 14.00% 14.00% Non CBD Prime 13.75% 13.75% 13.75% 13.75% Non CBD Secondary 14.75% 15.00% 14.88% 14.88% Durban CBD 14.50% 16.50% 15.38% 15.44% Non CBD Prime 13.50% 14.50% 14.00% 14.00% Non CBD Secondary 14.50% 15.50% 15.00% 15.00% Port Elizabeth CBD 16.50% 16.50% 16.50% 16.50% Non CBD Prime 14.50% 14.50% 14.50% 14.50% Non CBD Secondary 16.00% 16.00% 16.00% 16.00% East London CBD 17.50% 17.50% 17.50% 17.50% Non CBD Prime 14.50% 14.50% 14.50% 14.50% Non CBD Secondary 16.00% 16.00% 16.00% 16.00% Other CBD 15.50% 16.00% 15.50% 15.67% Non CBD Prime 14.50% 15.50% 15.00% 15.00% Non CBD Secondary 14.50% 16.00% 15.50% 15.33% High-Tech 14.00% 15.00% 14.38% 14.46% High Grade 13.50% 15.50% 14.00% 14.39% Low Grade 14.50% 17.00% 15.75% 15.67% Warehousing 13.50% 15.50% 15.00% 14.82% Standard Units 14.00% 17.00% 15.00% 15.08% Other 15.00% 16.50% 15.75% 15.75% 5
6 Market Cap Rate Property Type MIN MAX MED AVE Super Regional Shopping Centre >100,000m2 6.00% 9.00% 6.50% 6.88% Regional Shopping Centre: ,000m2 6.75% 9.50% 6.88% 7.38% Small Regional Centre: 25-50,000m2 7.00% 9.50% 7.50% 7.88% Community Shopping Centre: 12-25,000m2 7.50% 10.00% 8.38% 8.56% Neighbourhood Shopping Centre: 5-12,000m2 8.00% 10.50% 8.63% 8.88% Local Convenience Centre < 5000m2 8.00% 11.99% 9.00% 9.68% Power Centre/Speciality/Warehouse 8.00% 11.00% 9.00% 9.08% Stand Alone Unit 8.00% 11.00% 9.00% 9.25% Johannesburg CBD 9.50% 11.50% 10.75% 10.67% Non CBD Prime 8.00% 10.00% 9.13% 9.08% Non CBD Secondary 9.75% 11.00% 10.75% 10.63% Pretoria CBD 10.00% 11.00% 10.63% 10.56% Non CBD Prime 9.00% 11.00% 9.38% 9.69% Non CBD Secondary 10.50% 11.00% 10.75% 10.75% Cape Town CBD 8.25% 9.57% 9.50% 9.11% Non CBD Prime 8.25% 9.25% 8.75% 8.75% Non CBD Secondary 9.50% 10.00% 9.75% 9.75% Durban CBD 10.50% 11.00% 11.00% 10.83% Non CBD Prime 8.50% 10.00% 9.00% 9.13% Non CBD Secondary 10.00% 10.50% 10.25% 10.25% Port Elizabeth CBD 11.00% 11.00% 11.00% 11.00% Non CBD Prime 9.00% 10.00% 9.50% 9.50% Non CBD Secondary 10.48% 10.50% 10.50% 10.49% East London CBD 12.00% 12.00% 12.00% 12.00% Non CBD Prime 9.00% 11.00% 10.00% 10.00% Non CBD Secondary 10.50% 10.50% 10.50% 10.50% Other CBD 11.00% 11.50% 11.00% 11.17% Non CBD Prime 10.00% 11.00% 10.50% 10.50% Non CBD Secondary 10.50% 11.50% 11.00% 11.00% High-Tech 8.75% 10.00% 9.25% 9.29% High Grade 8.75% 11.00% 9.50% 9.59% Low Grade 7.60% 12.00% 10.75% 10.42% Warehousing 9.50% 11.50% 10.00% 10.22% Standard Units 9.50% 11.50% 10.50% 10.34% Other 10.25% 13.00% 11.63% 11.63% 6
7 Market Rental Growth Rate Property Type MIN MAX MED AVE Super Regional Shopping Centre >100,000m2 5.00% 7.00% 6.00% 6.00% Regional Shopping Centre: ,000m2 5.00% 7.00% 6.00% 6.00% Small Regional Centre: 25-50,000m2 5.00% 7.00% 6.50% 6.25% Community Shopping Centre: 12-25,000m2 5.00% 7.00% 6.50% 6.25% Neighbourhood Shopping Centre: 5-12,000m2 5.50% 7.00% 6.50% 6.38% Local Convenience Centre < 5000m2 5.50% 7.00% 6.50% 6.38% Power Centre/Speciality/Warehouse 5.00% 7.00% 6.00% 6.20% Stand Alone Unit 5.00% 7.00% 6.50% 6.25% Johannesburg CBD 4.50% 8.00% 5.00% 5.90% Non CBD Prime 5.00% 7.00% 5.50% 5.90% Non CBD Secondary 4.50% 7.00% 5.00% 5.70% Pretoria CBD 5.00% 7.00% 5.50% 5.83% Non CBD Prime 5.50% 7.00% 5.50% 6.00% Non CBD Secondary 4.50% 7.00% 5.00% 5.50% Cape Town CBD 5.00% 5.50% 5.25% 5.25% Non CBD Prime 5.00% 5.50% 5.25% 5.25% Non CBD Secondary 5.00% 5.50% 5.25% 5.25% Durban CBD 5.00% 5.50% 5.00% 5.17% Non CBD Prime 5.00% 5.50% 5.50% 5.33% Non CBD Secondary 5.00% 5.50% 5.00% 5.17% Port Elizabeth CBD 5.50% 5.50% 5.50% 5.50% Non CBD Prime 5.50% 5.50% 5.50% 5.50% Non CBD Secondary 5.50% 5.50% 5.50% 5.50% East London CBD 5.50% 5.50% 5.50% 5.50% Non CBD Prime 5.50% 5.50% 5.50% 5.50% Non CBD Secondary 5.50% 5.50% 5.50% 5.50% Other CBD 4.50% 5.00% 4.75% 4.75% Non CBD Prime 4.50% 5.00% 4.75% 4.75% Non CBD Secondary 4.50% 5.00% 4.75% 4.75% High-Tech 5.50% 9.00% 6.00% 6.70% High Grade 5.00% 8.00% 5.75% 6.17% Low Grade 4.50% 8.00% 6.00% 6.08% Warehousing 5.00% 8.00% 6.00% 6.25% Standard Units 5.00% 7.00% 5.50% 5.67% Other 5.00% 5.00% 5.00% 5.00% 7
8 Property Expenditure Growth Property Type MIN MAX MED AVE Super Regional Shopping Centre >100,000m2 7.00% 10.00% 7.00% 7.70% Regional Shopping Centre: ,000m2 7.00% 10.00% 7.00% 7.75% Small Regional Centre: 25-50,000m2 7.00% 10.00% 7.38% 7.94% Community Shopping Centre: 12-25,000m2 7.00% 10.00% 7.38% 7.94% Neighbourhood Shopping Centre: 5-12,000m2 7.00% 10.00% 7.38% 7.94% Local Convenience Centre < 5000m2 7.00% 10.00% 7.50% 8.00% Power Centre/Speciality/Warehouse 7.00% 10.00% 8.00% 8.00% Stand Alone Unit 7.00% 10.00% 7.63% 8.06% Johannesburg CBD 7.00% 10.00% 8.00% 8.20% Non CBD Prime 7.00% 10.00% 8.00% 8.10% Non CBD Secondary 7.00% 10.00% 8.00% 8.25% Pretoria CBD 7.00% 10.00% 9.25% 8.75% Non CBD Prime 7.00% 10.00% 8.50% 8.50% Non CBD Secondary 7.00% 10.00% 9.25% 8.75% Cape Town CBD 7.00% 8.50% 8.00% 7.83% Non CBD Prime 7.00% 8.25% 7.63% 7.63% Non CBD Secondary 7.00% 8.50% 7.75% 7.75% Durban CBD 7.00% 8.50% 7.00% 7.50% Non CBD Prime 7.00% 8.50% 7.00% 7.50% Non CBD Secondary 7.00% 8.25% 7.00% 7.42% Port Elizabeth CBD 7.00% 7.00% 7.00% 7.00% Non CBD Prime 7.00% 7.00% 7.00% 7.00% Non CBD Secondary 7.00% 7.00% 7.00% 7.00% East London CBD 7.00% 7.00% 7.00% 7.00% Non CBD Prime 7.00% 7.00% 7.00% 7.00% Non CBD Secondary 7.00% 7.00% 7.00% 7.00% Other CBD 7.00% 8.75% 7.88% 7.88% Non CBD Prime 7.00% 8.50% 7.75% 7.75% Non CBD Secondary 7.00% 8.50% 7.75% 7.75% High-Tech 7.00% 8.25% 7.00% 7.45% High Grade 7.00% 9.00% 7.50% 7.71% Low Grade 7.00% 8.25% 7.00% 7.45% Warehousing 7.00% 9.00% 7.50% 7.75% Standard Units 7.00% 9.00% 7.50% 7.75% Other 8.25% 8.25% 8.25% 8.25% 8
9 Exit Cap Rate Property Type MIN MAX MED AVE Super Regional Shopping Centre >100,000m2 7.00% 12.00% 7.00% 8.20% Regional Shopping Centre: ,000m2 7.25% 12.50% 8.00% 8.75% Small Regional Centre: 25-50,000m2 7.50% 12.50% 8.38% 9.19% Community Shopping Centre: 12-25,000m2 8.00% 13.00% 9.13% 9.81% Neighbourhood Shopping Centre: 5-12,000m2 8.50% 13.00% 9.38% 10.06% Local Convenience Centre < 5000m2 9.00% 13.00% 9.63% 10.31% Power Centre/Speciality/Warehouse 9.00% 13.00% 10.00% 10.35% Stand Alone Unit 9.00% 13.50% 10.25% 10.75% Johannesburg CBD 10.50% 13.00% 11.63% 11.63% Non CBD Prime 9.00% 11.00% 9.75% 9.92% Non CBD Secondary 10.25% 12.00% 11.25% 11.29% Pretoria CBD 10.50% 13.00% 11.50% 11.63% Non CBD Prime 9.50% 11.00% 10.25% 10.25% Non CBD Secondary 11.00% 11.50% 11.25% 11.25% Cape Town CBD 8.75% 11.00% 9.88% 9.88% Non CBD Prime 8.75% 10.50% 9.63% 9.63% Non CBD Secondary 10.00% 12.00% 11.00% 11.00% Durban CBD 11.00% 12.00% 11.50% 11.50% Non CBD Prime 9.00% 11.75% 9.25% 9.81% Non CBD Secondary 10.50% 12.25% 10.75% 11.06% Port Elizabeth CBD 11.50% 11.50% 11.50% 11.50% Non CBD Prime 9.50% 9.50% 9.50% 9.50% Non CBD Secondary 11.00% 11.00% 11.00% 11.00% East London CBD 12.50% 12.50% 12.50% 12.50% Non CBD Prime 9.50% 9.50% 9.50% 9.50% Non CBD Secondary 11.00% 11.00% 11.00% 11.00% Other CBD 11.50% 12.50% 12.00% 12.00% Non CBD Prime 10.50% 12.00% 11.50% 11.33% Non CBD Secondary 11.00% 12.50% 12.00% 11.83% High-Tech 9.25% 10.75% 10.00% 10.04% High Grade 9.25% 11.00% 10.50% 10.18% Low Grade 10.00% 12.00% 11.50% 11.42% Warehousing 10.00% 11.50% 10.50% 10.57% Standard Units 10.00% 12.00% 11.00% 10.96% Other 11.75% 11.75% 11.75% 11.75% 9
10 Number of Transactions Property Type TOTAL Super Regional Shopping Centre >100,000m2 2 Regional Shopping Centre: ,000m2 4 Small Regional Centre: 25-50,000m2 2 Community Shopping Centre: 12-25,000m2 4 Neighbourhood Shopping Centre: 5-12,000m2 6 Local Convenience Centre < 5000m2 6 Power Centre/Speciality/Warehouse 4 Stand Alone Unit 4 Johannesburg CBD 4 Non CBD Prime 11 Non CBD Secondary 11 Pretoria CBD 0 Non CBD Prime 0 Non CBD Secondary 2 Cape Town CBD 1 Non CBD Prime 1 Non CBD Secondary 1 Durban CBD 0 Non CBD Prime 1 Non CBD Secondary 0 Port Elizabeth CBD 0 Non CBD Prime 0 Non CBD Secondary 2 East London CBD 0 Non CBD Prime 2 Non CBD Secondary 0 Other CBD 0 Non CBD Prime 0 Non CBD Secondary 0 High-Tech 5 High Grade 7 Low Grade 10 Warehousing 12 Standard Units 9 Other 1 10
11 Statistics were provided by the following member companies: property valuation AS V ASSET VALUATION SERVICES C.C. Ian Mitchell Investment Property Consultant Chartered Surveyors & Valuers 11
research Capitalisation & DiscountRate Report compiled by IPD
research Capitalisation & DiscountRate Report compiled by IPD key findings research: Valuation metrics have shown some improvement for the six months ended November 2014, in line with a slightly firmer
More informationRESEARCH Cap & Discount Rate Report
RESEARCH Cap & Discount Rate Report Key Research Findings The latest SAPOA Cap & Discount Rate Survey indicates that for the six months to May 2017, the All Property discount rate strengthened slightly
More informationRESEARCH Industrial Vacancy Report
RESEARCH Industrial Vacancy Report KEY FINDINGS As at December 2016, the national industrial vacancy rate as recorded by IPD was 5.8%. This is up from a revised 2.3% at December 2015 and the highest industrial
More informationIndicator Watch for the South African Commercial Property Market Cycle
Indicator Watch for the South African Commercial Property Market Cycle April 2017 Cycle Position Summary Recent political events and the downgrading of South Africa s international credit rating have led
More informationOffice Market Analysis. Gauteng Report
Office Market Analysis Gauteng Report Contents Highlights 1 Summary 2 Statistics 2 Climate 3 Supply 6 Demand 8 Vacancies 9 Gauteng Rental Rates 10 Prognosis 11 Report Highlights P Grade outperforms A and
More informationOffice Market Analysis
Q2 2015 Accelerating success. Office Market Analysis KwaZulu-Natal Report Contents Highlights 1 Summary 2 Statistics 2 Climate 3 Supply 6 Demand 8 Vacancies 9 KwaZulu-Natal Rental Rates 10 Prognosis 11
More informationEuropean Investment Bulletin
European Investment Bulletin Spring 2009 Prime yield decompression per sector (yoy) Rents in decline in line with business sentiment 200 CBD offices Warehouses Shopping Centres European average prime office
More informationState of the property market in quarter 4 of 2008
1 State of the property market in quarter 4 of 2008 The following are the significant findings or conclusions made in this issue of Rode s Report: Capitalization rates could be peaking. Listed yields strengthen
More informationHome Loans. Housing review First quarter 2015
Home Loans Contents Economic overview 2 Household sector overview 2 Property sector overview House prices Building costs Land values Affordability of housing 7 Outlook 7 Graphs 9 Statistics 11 Compiled
More informationOffice Market Analysis
Q1 2015 Accelerating success. Office Market Analysis Western Cape Report Contents Highlights 1 Summary 2 Statistics 2 Climate 3 Supply 5 Demand 8 Vacancies 9 Western Cape Rental Rates 10 Prognosis 11 Report
More informationResearch & Forecasting December 2014 EMEA Predictions for Europe. Real Estate Investment Volumes in the UK
Research & Forecasting December 214 EMEA Predictions for 215 Europe AS GOOD AS IT GETS FOR INVESTMENT IN CORE EUROPE? The key European real estate markets of UK and Germany are on track to reach the highest
More informationAREITs Safe as houses?
Schroders AREITs Safe as houses? By David Wanis, Portfolio Manager, Multi Asset and Helen Mason, Credit Research Analyst Real estate is always good as far as I m concerned. Donald Trump We last documented
More informationOutlook for Australian Property Markets Brisbane
Outlook for Australian Property Markets 2009-2011 Brisbane Update August 2009 Outlook for Australian Property Markets 2009-2011 Brisbane Residential Update August 2009 Population growth continues to surge
More informationREBOSIS PROPERTY FUND
REBOSIS PROPERTY FUND 31 July 2012 JSE SHOWCASE 1 REBOSIS SNAPSHOT KEY SNAPSHOT Listing date 17 May 2011 JSE classification JSE code Real Estate Holdings & Development REB (ZAE000156147) Linked units in
More informationproperty: the opportunities and challenges
property: the opportunities and challenges Paul Duncan Catalyst Fund Managers Catalyst Fund Managers is an authorised Financial Services Provider No.723 review you can t go wrong with property p 700 600
More informationBROLL RETAIL BAROMETER
BROLL RETAIL BAROMETER MAXIMISING PROPERTY POTENTIAL www.broll.co.za Review of Fourth Quarter 2011 RESEARCH Key facts Prime shopping centres Gross rentals Cap rates Vacancies Prime high street Gross rentals
More informationPLATINUM PENSION INCREASE ANNOUNCEMENT
PLATINUM PENSION INCREASE ANNOUNCEMENT 2018 CONTENTS 1. Investment Markets in Perspective... 5 2. Increase Declaration Relative to Investment Returns... 9 3. Long-term Pension Increase Scenarios... 11
More informationAN EMPIRICAL ASSESSMENT OF THE SOUTH AFRICAN AND UNITED KINGDOM PROPERTY MARKETS
AN EMPIRICAL ASSESSMENT OF THE SOUTH AFRICAN AND UNITED KINGDOM PROPERTY MARKETS Saul Nurick, François Viruly, Kathy Michell and Luke Boyle Department of Construction Economics and Management University
More informationQ Office Market Analysis KwaZulu-Natal Report
Office Market Analysis KwaZulu-Natal Report Contents Highlights 1 Summary & Statistics 2 Climate 3 Foreign Investment 5 Listed Property 6 Supply 7 Demand 9 Vacancies & Rental Rates 10 Prognosis 12 Office
More informationand the 24-Hour City
Transit-Orientated-Development and the 24-Hour City A/Professor François Viruly University of Cape Town 10 May 2018 WCPDF Savills STEEP: The Factors Disrupting the Property Market SOCIAL TECHNOLOGICAL
More informationFNB PROPERTY MARKET ANALYTICS
1 June 21 FNB MAY HOUSE PRICE INDEX AND PROPERTY ECONOMIC REVIEW - Price growth acceleration continues, with expected peak believed to be nearing MARKET ANALYTICS JOHN LOOS: FNB HOME LOANS STRATEGIST 11-64912
More informationACQUISITION OF VARIOUS PROPERTIES
ACCELERATE PROPERTY FUND LIMITED (Incorporated in the Republic of South Africa) (Registration Number 2005/015057/06) Share code: APF ISIN: ZAE000185815 ( Accelerate or the Company ) (Approved as a REIT
More informationDefining prime, secondary and tertiary property
September 1 For professional investors and advisers only. Not suitable for retail clients Schroder Property How resilient is secondary property? Introduction Mark Callender, Head of Property Research The
More informationHome Loans. Housing review Fourth quarter 2016
Home Loans Contents Economic overview 2 Household sector overview 2 Property sector overview House prices Building costs Land values 7 Affordability of housing 7 Outlook 7 Graphs 9 Statistics 11 Compiled
More information1 February 2016 MARKET ANALYTICS AND SCENARIO FORECASTING UNIT. JOHN LOOS: HOUSEHOLD AND PROPERTY SECTOR STRATEGIST
1 February 2016 MARKET ANALYTICS AND SCENARIO FORECASTING UNIT JOHN LOOS: HOUSEHOLD AND PROPERTY SECTOR STRATEGIST 087-328 0151 john.loos@fnb.co.za THEO SWANEPOEL: PROPERTY MARKET ANALYST 087-328 0157
More informationInterest Rates, Cap Rates, and the Real Estate Cycle
Interest Rates, Cap Rates, and the Real Estate Cycle Stephen Hester, Chief Executive We are real estate investors and create value by actively managing, financing and developing prime commercial property
More informationNairobi City report. Kenya
Nairobi City report 2017 JLL 2017 Kenya Overview Kenya is one of Africa s fastest growing economies with positive growth projection for the next three years. The country s diverse economy and stable exchange
More informationMORTGAGE MARKET BAROMETER
29 January 2016 MARKET ANALYTICS AND SCENARIO FORECASTING UNIT JOHN LOOS: HOUSEHOLD AND PROPERTY SECTOR STRATEGIST: FNB HOME LOANS 087-328 0151 John.loos@fnb.co.za THEO SWANEPOEL: PROPERTY MARKET ANALYST
More informationUNAUDITED RESULTS for the six months ended 28 February 2017 INVESTMENT HIGHLIGHTS
REBOSIS PROPERTY FUND LIMITED ( Rebosis or the company or the group ) Registration number 2010/003468/06 (Approved as a REIT by the JSE) JSE share code: REA - ISIN: ZAE000240552 JSE share code: REB - ISIN:
More informationENDOWMENT PRODUCT BROCHURE
OASIS CRESCENT PROPERTY ENDOWMENT POLICY ENDOWMENT PRODUCT BROCHURE OASIS CRESCENT PROPERTY ENDOWMENT POLICY Fund Manager Adam Ebrahim Launch Date 3 December 2015 Risk Profile Medium Benchmark CPI Rate
More informationQ Office Market Analysis Western Cape
Office Market Analysis Western Cape Contents Highlights 1 Summary & Statistics 2 Climate 3 Foreign Investment 5 Listed Property 6 Supply 7 Demand 9 Vacancies & Rental Rates 10 Prognosis 12 Office Market
More informationFINLAND. Country Snapshots. Second quarter I Please click on the appropriate sector to view. Economy Offices Retail Industrial.
Country Snapshots Second quarter I 2016 Please click on the appropriate sector to view Economy Offices Retail Industrial About & Contacts Economic Snapshot The Finnish economy maintained a steady momentum
More informationEconomic Overview 1.9% 4.9% 1.8% 2.0% 0.5% 2018E 2.4% 1.0% 3.2% 4.1% 1.9%
MarketBeat Q1 2018 Economic Overview 2018 GDP mainland growth is forecast to be 3.2%, up from 1.9% in 2017. Growth is domestically driven, with increased consumption and mainland investment the main sources.
More informationMonitoring the Performance of the South African Labour Market
Monitoring the Performance of the South African Labour Market An overview of the South African labour market for the Year ending 2011 5 May 2012 Contents Recent labour market trends... 2 A labour market
More informationMEASURING THE PERFORMANCE OF OFFICE BUILDINGS
MEASURING THE PERFORMANCE OF OFFICE BUILDINGS 13 June 2017 Anthony De Francesco Founder and Director of RIA 1 Outline ❶ Introduction ❷ Performance measures ❸ Summary 2 Outline ❶ Introduction ❷ Performance
More informationNAB COMMERCIAL PROPERTY SURVEY Q1 2018
EMBARGOED UNTIL 11.30 AM WEDNESDAY 18 APRIL 2018 NAB COMMERCIAL PROPERTY SURVEY Q1 2018 Date April 2018 NAB Behavioural & Industry Economics KEY FINDINGS The NAB Commercial Property Index rose 4 points
More informationATTERBURY ACQUISITIONS (ATTACQ)
1 October 2013 ATTERBURY ACQUISITIONS (ATTACQ) HIGH QUALITY PROPERTY FUND TO LIST ON 14 OCTOBER 2013 Indicative listing price R15.00 Company update; Peter Armitage One of SA s most successful property
More informationEuropean Valuation Monitor (EVM) MarketView Q2 2013
European Valuation Monitor (EVM) MarketView Q2 2013 Q2 ALL PROPERTY -0.1% Q2 OFFICE -0.1% Q2 RETAIL Global Research and Consulting Q2 INDUSTRIAL -0.2% CAPITAL VALUES STABLE WITH EVIDENCE OF YIELD COMPRESSION
More informationMonitoring the Performance of the South African Labour Market
Monitoring the Performance of the South African Labour Market An overview of the South African labour market from 1 of 2009 to of 2010 August 2010 Contents Recent labour market trends... 2 A brief labour
More informationQ Office Market Analysis Western Cape
Office Market Analysis Western Cape Contents Highlights 1 Summary & Statistics 2 Climate 3 Foreign Investment 5 Listed Property 6 Supply 7 Demand 9 Vacancies & Rental Rates 10 Prognosis 12 Office Market
More informationIndustrial Market Analysis
October 2014 Gauteng Accelerating success. Industrial Market Analysis Contents Highlights 1 Summary 2 Statistics 2 Climate 3 Supply 4 Demand 8 Vacancies 9 Prognosis 11 Industrial Market Analysis October
More informationWestpac Diversified Property Fund
Westpac Diversified Property Fund ARSN 119 620 674 Your Investor Update Six months to 30 December 2009 Issued March 2010 Westpac Funds Management Limited ABN 28 085 352 405 / AFS Licence No 233718 L16
More informationBRICS Wealth Book. China The Future of HNWIs to 2016: Opportunities for Wealth Managers and Private Banks
BRICS Wealth Book 2012 China The Future of HNWIs to 2016: Opportunities for Wealth Managers and Private Banks Publication date: September 2012 Report WealthInsight. code: WI0063MR This report is a licensed
More informationCLIMATE FINANCE OPPORTUNITIES FOR ENHANCED LOCAL ACTION
CLIMATE FINANCE OPPORTUNITIES FOR ENHANCED LOCAL ACTION V-LED AFRICA WORKSHOP: LOCALISING CLIMATE FINANCE AND ACTION 23-25 APRIL 2018, IRENE, SOUTH AFRICA 1 CC expenditure will absorb ~ 70% of domestic
More informationBloomberg Survey of Economists
November 2017 Economists Expect Hurricanes to Weigh Down 3Q Data with 4Q Rebound The November Bloomberg Survey of Economists shows few changes to the economic outlook, no changes to the Fed Funds projections,
More informationSouth African SMME Business Confidence Index Report: 4th Quarter 2013
ISSN 1811-5187 AFRICAGROWTH INSTITUTE Tel: (021) 914 6778 Fax: (021) 914 4438 www.africagrowth.com South African SMME Business Confidence Index Report: 4th Quarter 13 Compiled by: Africagrowth Institute
More informationCIF Stock Recommendation Report (Fall 2012)
Section (A) Summary CIF Stock Recommendation Report (Fall 2012) Recommendation: Do Not Buy Recommended Buy Price: $69 Sector: Industrials Company Name and Ticker: Caterpillar Inc. (CAT) Industry: Farm
More informationKwaZulu-Natal Business Barometer
KwaZulu-Natal Business Barometer April 2014 Ex-Joshua Doore building 270 Jabu Ndlovu Street Pietermaritzburg Tel: +27 33 264 2500 Email: info@kznded.gov.za Web: www.kznded.gov.za Treasury House 145 Chief
More information1. Introduction 2. DOMESTIC ECONOMIC DEVELOPMENTS. 2.1 Economic performance in South Africa ISBN: SECOND QUARTER 2013
November 2013 ISBN: 978-1-920493-99-8 SECOND QUARTER 2013 1. Introduction The Quarterly Economic Update for the second quarter of 2013 (2Q2013) has been expanded and contains a range of new indicators.
More informationEuropean Quarterly Outlook JULY 2011
European Quarterly Outlook JULY 2011 EUROPE Executive Summary Key Themes Economic growth is improving steadily and interest rates are rising, although concerns about the outlook persist. Forecasts could
More informationNEWS LETTER Q Commercial property market commentary
NEWS LETTER Q2 Commercial property market commentary Market update by Sadolin & Albæk 2 Residential property tax reform hits major cities 5 Risk of overcapacity in the Danish grocery market? 8 Property
More informationAUDITED SUMMARISED CONSOLIDATED RESULTS AND CASH DIVIDEND DECLARATION FOR THE YEAR ENDED 30 JUNE 2018
2018 AUDITED SUMMARISED CONSOLIDATED RESULTS AND CASH DIVIDEND DECLARATION FOR THE YEAR ENDED 30 JUNE 2018 HIGHLIGHTS Top performing SA REIT with 17.9% annualised total return to shareholders for the
More informationPresentation to MetCI Boutique Investment Manager Conference 9 10 June 2014 Presenter: Liliane Barnard
1 Presentation to MetCI Boutique Investment Manager Conference 9 10 June 2014 Presenter: Liliane Barnard Agenda Introduction to Metope Outlook for SA Listed Property Outlook for Global Listed Property
More informationInvestor pre-close briefing. 16 March 2018
Investor pre-close briefing 16 March 2018 Proviso Please note that matters discussed in today s presentation may contain forward looking statements which are subject to various risks and uncertainties
More informationSLOWER RENT GROWTH AHEAD
Tricia Song Director and Head Research Singapore +65 6531 8536 tricia.song@colliers.com SLOWER RENT GROWTH AHEAD Summary & Recommendations > CBD Grade A net absorption should be CBD Grade A office rents
More informationProMS. Potential Effects of the Slotting Capital Regime on UK Commercial Property Lending
ProMS Potential Effects of the Slotting Capital Regime on UK Commercial Property Lending Radley & Associates is an independent firm dedicated to the development of advanced simulation based analytics for
More information1 March 2016 MARKET ANALYTICS AND SCENARIO FORECASTING UNIT. JOHN LOOS: HOUSEHOLD AND PROPERTY SECTOR STRATEGIST
1 March 2016 MARKET ANALYTICS AND SCENARIO FORECASTING UNIT JOHN LOOS: HOUSEHOLD AND PROPERTY SECTOR STRATEGIST 087-328 0151 john.loos@fnb.co.za THEO SWANEPOEL: PROPERTY MARKET ANALYST 087-328 0157 tswanepoel@fnb.co.za
More informationMEASURING THE PERFORMANCE OF OFFICE BUILDINGS
MEASURING THE PERFORMANCE OF OFFICE BUILDINGS BULDING UPGRADE FINANCE EVENT 27 July 2017 Anthony De Francesco Founder and Director of RIA Outline ❶ Introduction ❷ Performance measures ❸ Summary 2 Outline
More informationHome Loans. Housing review First quarter 2016
Home Loans Contents Economic overview Household sector overview Property sector overview House prices Building costs Land values Affordability of housing Outlook 7 Graphs 9 Statistics 11 Compiled by Jacques
More informationINFORMATION REQUIRED FOR ANNOUNCEMENTS OF QUARTERLY (Q1, Q2 & Q3), HALF YEAR AND FULL YEAR RESULTS
Page 1 of 12 Ying Li International Real Estate Ltd (Company Registration No: 199106356W) Financial Statement Announcement for 1 st Quarter ended 31 st Mar 2018 Part 1 1(a) INFORMATION REQUIRED FOR ANNOUNCEMENTS
More informationIPD Norway Annual Property Index 2014
IPD Norway Annual Property Index 2014 4 March 2015 Håvard Bjorå - MSCI 2015 MSCI Inc. All rights reserved. Real estate & IPD products As your business grows global, so does our coverage Thanks to our contributors
More informationHOUSEHOLD SECTOR FINANCIAL VULNERABILITY
September 213 JOHN LOOS: HOUSEHOLD AND PROPERTY SECTOR STRATEGIST: FNB HOME LOANS 11-12 John.loos@fnb.co.za The information in this publication is derived from sources which are regarded as accurate and
More informationLABOUR MARKET PROVINCIAL 51.6 % 48.4 % Unemployed Discouraged work-seekers % 71.8 % QUARTERLY DATA SERIES
QUARTERLY DATA SERIES ISSUE 7 November 2016 PROVINCIAL LABOUR MARKET introduction introduction The Eastern Cape Quarterly Review of Labour Markets is a statistical release compiled by the Eastern Cape
More informationOur conversation GROUP OVERVIEW AND STRATEGY PORTFOLIO OVERVIEW CAPITAL STRUCTURE AND DEBT. Section DMTN PROGRAMME UPDATE
STRATEGY AND KEY OUTCOMES PROPERTY ASSET PLATFORM FINANCIAL REVIEW WRAP UP Our conversation Section 01 GROUP OVERVIEW AND STRATEGY Section 02 Section 03 Section 04 GROUP OVERVIEW AND STRATEGY Section 01
More information2017 Legislative Cycle: Introduction of Taxation Laws Amendment Bill, 2017
2017 Legislative Cycle: Introduction of Taxation Laws Amendment Bill, 2017 01 November 2017 In brief The Medium Term Budget Policy Statement ( MTBPS ) on 25 October 2017 was, for a number of reasons, perhaps
More informationLoan book expansion. LTVs and margins rise. Prime over secondary EUROPEAN LENDING TRENDS SPRING 2017
EUROPEAN LENDING TRENDS SPRING 2017 Loan book expansion LOAN ORIGINATION GROWTH CONTINUES AHEAD OF 2016 ACROSS EUROPE LTVs and margins rise LTVs REVERSE THEIR RECENT DOWNWARD TREND BUT MARGINS RISE over
More informationIndustrial Market Analysis
DEC Industrial Market Analysis Bi-Annual Western Cape & KwaZulu-Natal Contents Bi-Annual Highlights 1 Summary 2 Climate 3 Supply 5 Featured Industrial Developments 7 Demand 8 Vacancies 9 Rental Rates 10
More informationANNUAL RESULTS FOR THE YEAR ENDED 31 AUGUST Presentation overview
ANNUAL RESULTS Presentation overview Rebosis highlights Sisa Ngebulana New Frontier results Mike Riley Ascension results Kameel Keshav Rebosis results Sisa Ngebulana 02 1 Key Rebosis Highlights Distribution
More informationEXPERIAN BUSINESS DEBT INDEX (BDI) RESULTS FOR Q2 2017
EXPERIAN BUSINESS DEBT INDEX (BDI) RESULTS FOR Q2 2017 Business debt conditions still holding up despite recession The Experian Business Debt Index (BDI) rose moderately in the second quarter of 2017 compared
More information20 June 2017 KEY POINTS
20 June 2017 FNB HOME LOANS: MARKET ANALYTICS AND SCENARIO FORECASTING UNIT JOHN LOOS: HOUSEHOLD AND PROPERTY SECTOR STRATEGIST 087-328 0151 John.loos@fnb.co.za THEO SWANEPOEL: PROPERTY MARKET ANALYST
More informationMyAutoCare VAS s MyDriveExec Terms & Conditions
MyAutoCare VAS s MyDriveExec Terms & Conditions 1. It is important that you understand and agree to these terms and conditions in order for you to use the MyDriveExec service ( MyDriveExec ). 2. All standard
More informationEuropean Real Estate Market H
European Real Estate Market H1 2 18 The European Union MACROECONOMIC OVERVIEW 18. Contribution of some Member States to the EU-28 GDP (million euro) Globally, economic growth remains solid, but less synchronized
More informationMARKETBEAT COUNTRY SNAPSHOTS FINLAND Q 2012 ECONOMY OFFICE SECTOR RETAIL SECTOR INDUSTRIAL SECTOR CONTACTS. A Cushman & Wakefield Research Publication
COUNTRY SNAPSHOTS Q 2012 PLEASE CLICK ON THE APPROPRIATE SECTOR TO VIEW ECONOMY OFFICE SECTOR RETAIL SECTOR INDUSTRIAL SECTOR CONTACTS ECONOMIC SNAPSHOT SLOWDOWN CONTINUES After a strong start to the year,
More informationQ Office Market Analysis Gauteng Report
Office Market Analysis Gauteng Report Contents Highlights 1 Brexit 2 Summary & Statistics 3 Climate 4 Foreign Investment 6 Listed Property 7 Supply 8 Demand 10 Vacancies & Rental Rates 11 Prognosis 13
More informationOLD MUTUAL CORPORATE SMOOTHED BONUS FUNDS
OLD MUTUAL CORPORATE SMOOTHED BONUS FUNDS PRINCIPLES AND PRACTICES OF FINANCIAL MANAGEMENT ABSOLUTE SMOOTH GROWTH I ABSOLUTE STABLE GROWTH I ABSOLUTE SECURE GROWTH I COREGROWTH 100 AND 90 I GUARANTEED
More informationFINLAND. Country Snapshots. Second quarter Please click on the appropriate sector to view. Offices Retail Industrial.
Country s Second quarter 2017 Please click on the appropriate sector to view Offices Retail Industrial About & Contacts Office Market MARKET INDICATORS Market Outlook Prime Rents: Prime Yields: Vacancy
More informationReal estate market outlook Asia Pacific
December 2014 Real estate market outlook Asia Pacific Part of the M&G Group Executive summary Economic outlook remains firm Leasing fundamentals improving in most Asia Pacific markets Accommodative monetary
More informationNote on the flow of funds in South Africa s national financial account for the year 2016
Note on the flow of funds in South Africa s national financial account for the year 2016 by C Monyela and S Madonsela 1 Introduction The nominal value of financial flows in the South African economy declined
More informationCONTENTS ABRIDGED ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2015
OLD MUTUAL UNIT TRUST MANAGERS (RF) (PTY) LIMITED ABRIDGED ANNUAL REPORT 2015 CONTENTS ABRIDGED ANNUAL REPORT Page Chairman s message to unitholders 3 to 4 Abridged financial statements as at 31 December
More informationCouncil for Geoscience Annual Parliamentary Report for 2010/11
Council for Geoscience Annual Parliamentary Report for 2010/11 Structure Corporate Performance Historic Performance Balanced Scorecard Audited financial statements & multi year budgets Geoscience mapping
More information2014 ABRIDGED ANNUAL REPORT OLD MUTUAL UNIT TRUST MANAGERS (RF) (PTY) LIMITED
2014 ABRIDGED ANNUAL REPORT OLD MUTUAL UNIT TRUST MANAGERS (RF) (PTY) LIMITED CONTENTS Abridged ANNUAL REPORT Page Chairman s message to unitholders 3 to 4 Abridged financial statements as at 31 December
More informationA comprehensive view of the state of the residential rental market in South Africa Q JAN - MAR
A comprehensive view of the state of the residential rental market in South Africa JAN - MAR PayProp Rental Index Quarterly The current downward trend in the South African economy appears to be taking
More informationSUMMARISED CONSOLIDATED RESULTS For the year ended 30 June 2016 STRATEGIC & OPERATIONAL OVERVIEW. Canal Walk (Cape Town, Western Cape)
SUMMARISED CONSOLIDATED RESULTS For the year ended 30 June 2016 STRATEGIC & OPERATIONAL OVERVIEW Canal Walk (Cape Town, Western Cape) 1 STRATEGY & OVERVIEW South African REIT Focused on emerging markets
More informationWelcome to Kungsleden s Financial Statement and strategy presentation
Welcome to Kungsleden s Financial Statement and strategy presentation 15 February 2013 Thomas Erséus, Chief Executive Anders Kvist, Deputy Chief Executive Today s agenda 1. The lettings and property market
More informationSWITZERLAND. Country Snapshots. Second quarter Please click on the appropriate sector to view. Economy Offices Retail Industrial
SWITZERLAND Country Snapshots Second quarter 2016 Please click on the appropriate sector to view Economy Offices Retail Industrial About & Contacts Economic Snapshot The Swiss economy has performed steadily
More informationRMB RESEARCH ECONOMICS
RMB RESEARCH ECONOMICS 01 October 2009 FALLING CONSUMER INFLATION HIDES A WORRYING TREND A closer look at the most recent CPI data reveals that all is not as it seems. Indeed, beneath positive headline
More informationSTANLIB Chuma. A stokvel solution
STANLIB Chuma A stokvel solution STANLIB Chuma A stokvel solution that aims to preserve your capital in the short term and enhance return on your investment in the medium to long term. Benefits of investing
More informationMonitoring the Performance of the South African Labour Market
Monitoring the Performance of the South African Labour Market An overview of the South African labour market for the Year Ending 2016 14 July 2016 Contents Recent labour market trends... 2 A labour market
More informationCommercial real estate transaction review: South Africa
March 2015 Commercial real estate transaction review: South Africa Capital Markets research Commercial property investment activity slowed down in 2014. The overriding factor which contributed to reduced
More informationQ CANADIAN CAP RATES & INVESTMENT INSIGHTS. A quarterly snapshot of Canadian commercial real estate cap rates and investment trends.
Q2 2017 CANADIAN CAP RATES & INVESTMENT INSIGHTS A quarterly snapshot of Canadian commercial real estate cap rates and investment trends. Canadian Investment Trends 2 INVESTMENT SUMMARY Q2 2017 CAP RATES
More informationUS Real Estate Summary
US Real Estate Summary Edition 3, 218 Consumer and business optimism is high in the US. 2 Commercial real estate 5 Property types 6 Viewpoint UBS Asset Management US Real Estate Summary September 218 Commercial
More informationTHIRD PARTY FUNDS MANAGEMENT
THIRD PARTY FUNDS MANAGEMENT DEXUS has attracted over $4.5 billion of third party equity since 2010 from wholesale investors seeking access to quality product and capability to drive portfolio performance.
More informationValuation Advisory. Citycon Oyj. Market Valuation of the Investment Properties 30 September 2016
Valuation Advisory Citycon Oyj Market Valuation of the Investment Properties 30 September 2016 Executive summary At the end of September 2016, Citycon owned 55 investment properties, 5 properties owned
More informationRMB Economics A point of view
RMB Economics A point of view 6 December 2012 Analyst Another challenging year ahead Ettienne le Roux Chief Economist ettienne.leroux@rmb.co.za +27 11 282 8726 The legacy of Marikana and the impact of
More informationInterim Results. Six months ended 31 August 2016
Interim Results Six months ended 31 August 2016 Stefanutti Stocks City A multi-disciplinary construction group (Vision) (Mission) 2 www.stefanuttistocks.com y 2 Agenda Six month overview Operational Overview
More informationHUNGARY. Country Snapshots. Third quarter Please click on the appropriate sector to view. Offices Retail Industrial.
Country s Third quarter 2017 Please click on the appropriate sector to view Offices Retail Industrial About & Contacts Office Market MARKET INDICATORS Market Outlook Prime Rents: Headline rents continue
More informationSECTORAL BUYING AND SELLING PREFERE. Buying Preferences
A shift in the mindset of seasoned commercial auction buyers and sellers looks poised to trigger uplifts in transactions in 13. CBRE's in-depth review of investor sentiment, finance and buying and selling
More informationTRADING UPDATE. Sandton 28 March 2018 INVESTEC PROPERTY FUND LIMITED
TRADING UPDATE Sandton 28 March 2018 INVESTEC PROPERTY FUND LIMITED Approved as a REIT by the JSE (Incorporated in the Republic of South Africa) (Registration Number 2008/011366/06) Share code: IPF ISIN:
More informationAutumn 2017 OUR VIEW ON OFFICES AND LABS
Autumn 2017 OUR VIEW ON OFFICES AND LABS Introduction Knowledge is power is a quote most commonly attributed to Sir Francis Bacon but the principal is even more important in today s economy Strong demand
More informationAnnual Management Report of Fund Performance
BMG BullionFund Annual Management Report of Fund Performance For the year ended December 31, 2017 Caution regarding forward-looking statements Certain portions of this Annual Management Report of Fund
More information