I haven't to be honest looked to hard at the sens - but it does seem that this shows signs of better diversification within property that is and overall a probable long term hold- after the next property correction that is.
I am not a fan. I don't think they have a big enough war chest to go after real estate in the markets they want to operate in. Their market cap is like R15bn - compare that to Capco and Intu, with R70bn each. And RPL's heavily in debt, so if you invest in these guys, you can expect a series of fund raising exercises to fund their acquisitions. And you will be making those fund raising exercises at R20 to the pound. Stick with Capco, IMO - or even better, go with NEPI. Much better balance sheets and much better track records
what you say is true about the debt and low returns and likely capital raising - Capco is like a magnet to iron filings as far as SA folk go -its supported entirely by the London market which is clearly over priced - but I like their development plans- and I bought ages ago so no problem if the bubble bursts by 50% - or more. ( What I like about the subject share is that its a reasonably well diversified portfolio).