Context
Operating Context
- The listed property sector in South Africa has been battered since the onset of the Covid-19 pandemic. Emerging markets fell out of favour as global investors sought a more risk-off approach, and the depressed, low-growth environment did not bode well for SA-focused investors who saw record unemployment levels matched with rapidly increasing inflation.
- The sentiment was exacerbated by the civil unrest in July 2021 and the debilitating effect on property portfolios as a result of the various government-enforced lockdowns. Property owners were also facing numerous other challenges, including rising municipal property rates and regular periods of disruptive...