Cape TownGrowthpoint trades at 0.76 times book value.
South Africa’s pension funds hold Growthpoint for stability, not this risk.
A property’s value is its income divided by a yield, so rising bond yields cut valuations without changing rents.
Growthpoint guides just 1-3% income growth for next year, trailing rivals’ high single digits.
How each outlet framed it
- Daily Maverick leans critical
- identifies 'primary-listed REIT' claim as PR loophole; criticizes weak 4.4% growth while V&A Waterfront flagship grew 19%
Sources: Daily Maverick