CCO has some merit - but it is crazy expensive with rather poor distribution relative to the industry. Growthpoint and ITU are rubbish - IMO. I have kept a watchlist on the sector since 2012, and these two have grown around 8% vs an industry average of 50%. So your strategy of keeping to the top40 is a bit flawed. If you are worried, why not just get the index trackers Proptrax - a good low risk option as it builds a portfolio out of the top growers. But I would advocate taking a chance with the star performers. Nepi is my top pick - with quality assets in emerging market Europe, Hyprop also a winner - basically I am betting on the Africa growth story, and picking Reits with a strategy for the continent (given South Africa is severely overtraded IMO)