listed property

[#1]

The recent pullback on listed property stocks has given me an opportunity to readjust my exposure in this sector. Up until now, I have favoured Redefine, which has continued to underperform the sector. It is fraught with problems - CEO resigning, Hyprop CEO now resigning, and I always felt that the Redefine International deal was never done in a way that enabled shareholders to participate. It felt like it was done without any shareholder participation. So now I have the opportunity to sell my RDF, and buy Growthpoint - the industry stallwart. Only problem is that RDF has a distribution coming up in 1 week, so I will lose that if I adjust. Kind of leaves me undecided!!

[DEP]

Hmmm, don't follow the herd! "Buy when too many are negative, sell when too many are positive".

[barry_1]

HI,S.Tjop,I was none too pleased that at the time they stuck away in one of their reports that they were going overseas and we were not allowed to participate.How ever turns out that they wanted to capture overseas vendors of property,with out other rivals becoming aware of what they were doing.It turned out to be a blessing in disguise when the unit became available for local trading as it was considerably over priced.I have bought RIN at the lower prices and recently added more....The advantage i feel is that being a new unit they can get in at the start of a new upturn in property values.Overseas in some instances nil rents were charged during the recession by many property companies.This is now ending....As far as the local spat with RDF goes,one would have expected some directors with different veiws to be chopped with the consolidation of five seperate funds into one. Case of" Too many chiefs and not enough Indians !"

[#4]

Ja, but the original RDF CEO was a legend - and he no longer works for us, and the Hyprop CEO? Well he was at the helm of an organization with quality assets like Century City. Now take him out hte picture, and lets just hope the next guy knows what he is doing, because those are some big big responsibilities!

[striker]

- R5.0bn of new debt for the V@A deal is a chunk that GRT will need to service. I would'nt jump in there until there's more visibility. I'm sticking with RDF ,whose P/E ratio and D / yield is superior.

[Oom_Boom]

After the merger I ended up with only 2 Prop funds whre I had about 5 at one stage. So I shed some of the RDF to purchase some RES, just to diversify. Still eyeing Growthpoint, but am unsure of what the future holds for them with their new purchase and Prop funds in general.