The battle between listed property heavyweights Growthpoint Properties and Redefine Properties for a R10bn blue-chip retail portfolio flared up anew on Wednesday, with Growthpoint digging in its heels and indicating that it has no intention of giving up on its bid.

The most active sector on the Johannesburg Stock Exchange (JSE), over the past twelve months with a market capitalisation of some R222 billion, South African listed property is poised undergo a significant change. 

Growthpoint Properties, South Africa’s largest JSE listed property company, has become one of only 12 companies included on the JSE 100 Carbon Disclosure Leadership Index (CDLI) after boosting its Carbon Disclosure Project score from 83% in 2011 to 95% in 2012.

After a six-year journey, one of the most flexible REIT (Real Estate Investment Trust) regimes internationally has become a reality in South Africa, which could have its first SA REIT from April 2013.

Bringing South Africa in line with international publicly traded real estate investments and creating greater investor certainty, SA National Treasury has tabled a unified approach to property investment schemes which analysts believe is set to create one of the most flexible regimes internationally.

Growthpoint Properties Australia has acquired three modern office properties and a 100% pre-committed office development for a total consideration of AUD289.5m or around R2.4bn.

SA is soon to follow the international trend whereby property loan stock companies and property unit trusts will be structured as real estate investment trusts (the REIT model), with final legislation hopefully in place next year.

Eskom said last year it would not provide electricity to new developments requiring more than 100kVA power because of SA’s low reserve margins.