London-focused property company Capital & Counties Properties acquires the freehold interest of Tower House in the Covent Garden precinct for R1.1bn before purchaser's costs.

The listed property sector has continued its bumpy ride with the sector’s market capitalisation declining further since the major sell-off in May and early June.

Other listed property companies are expected to follow sector heavyweight Growthpoint Properties’ lead in converting its historically complicated capital structure to one of ordinary shares.

About R34bn has been wiped off the local listed property sector’s market capitalisation since the middle of last month, which, analysts say, will make many property deals less viable than before.

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