Property makes itself felt on Top 40
2008-12-15 · Property Market Reports
FOR the first time a listed property fund has been included in the JSE all share Top 40 index. The inclusion of Growthpoint Properties in the Top 40 should enhance its profile and status locally and globally and may result in an increase in the purchase of Growthpoint linked units, specifically by index tracker funds.
Chairman Francois Marais, said on Friday Growthpoint’s inclusion in the index had entrenched the company’s position as a point of reference for the listed property sector.
He said it was also beneficial because the visibility and recognition would attract international investors, improving the liquidity of the company’s linked units.
Growthpoint CEO Norbert Sasse said: “This has certainly been a vision of the company for a few years now and it is a milestone of which we are extremely proud.”
Growthpoint is the largest South African listed property company, with a market capitalisation exceeding R19bn.
The company, which listed on the exchange in 1987, grew from owning nine properties worth R100m and a market capitalisation of R30m seven years ago, to owning about 440 geographically and sectorally diverse properties valued at more than R27bn.
The JSE has ranked it number 31 out of 40 on the index.
Sasse said Growthpoint’s addition to the Top 40 index had been assisted by the markets. He said it was proof of the defensive quality of listed property.
Chairman Francois Marais, said on Friday Growthpoint’s inclusion in the index had entrenched the company’s position as a point of reference for the listed property sector.
He said it was also beneficial because the visibility and recognition would attract international investors, improving the liquidity of the company’s linked units.
Growthpoint CEO Norbert Sasse said: “This has certainly been a vision of the company for a few years now and it is a milestone of which we are extremely proud.”
Growthpoint is the largest South African listed property company, with a market capitalisation exceeding R19bn.
The company, which listed on the exchange in 1987, grew from owning nine properties worth R100m and a market capitalisation of R30m seven years ago, to owning about 440 geographically and sectorally diverse properties valued at more than R27bn.
The JSE has ranked it number 31 out of 40 on the index.
Sasse said Growthpoint’s addition to the Top 40 index had been assisted by the markets. He said it was proof of the defensive quality of listed property.
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