Prices advanced by 2.3%, while Premium, Octodec and Rebosis all went ex-dividend, contributing 0.13% of additional return for investors.

It was a busy week for the sector, which started with Dipula Income Fund announcing the acquisitions of Tembisa Mega Mart (currently under construction), Orange Farm Phase 1 and the Melki portfolio for a total consideration of R268 million. Dipula also announced the results of a private placement, which raised R650 million, before reporting results that were in line with the prospectus forecast for the year ended 31 August 2012.

Fairvest Property Holdings announced the raising of R250 million in terms of a vendor consideration placement.

Both Acucap Properties and Sycom Property Fund reported interim results for the six months ended 30 September 2012. Acucap's distribution increased 4.1%, in line with guidance provided in respect of the full year to 31 March 2013, while Sycom's distribution grew by 4.2%, also in line with previous guidance. The results highlighted the resilience of the retail sector to the current economic malaise, but showed clear pressure on office rentals.

Investec Property Fund reported distribution growth of 7.1% for the six months ended 30 September 2012. It suggested that underlying property performance would be similar in the second half of the financial year but that the cash raised in the rights issue would be a drag on performance. The cash will be utilised to fund acquisitions but a number of the properties acquired have not been transferred.

Towards the end of the week, Rebosis announced the acquisition of Sunnypark Shopping Centre and an industrial warehouse occupied by Antalis SA. The total purchase consideration for both properties is R692.9 million.

On 16 November 2012, both Capital Property Fund and Fortress Income Fund addressed letters to unitholders in which they rebutted allegations made against certain directors who had sold properties to Fortress when Fortress was listed in 2009. Capital's share price gained 5.9% last week, but it's difficult to gauge whether the letter to unitholders had any impact as the price had already started rising prior to the publication of the letter on SENS.

In contrast to the listed property sector, South Africa's equity market declined 1.4% last week, while the bond market was flat.