The SA listed Property Index and the ALL Property Index recorded total returns of -1.46%
and -1.92%. Global growth concerns arose as the U.S saw the inversion of the US yield
curve (typically a predictor of a recession) and the Brexit saga also affected Hammerson
which was -8% for the month. Eskom (the national power utility) had rolling blackouts
which affected the confidence of markets seeing the Rand weaken to R14.40.
Growthpoint, the country’s largest listed property company, released results with
dividend growth being only up 4.5% as the company reflected the difficult property
market, specifically the office market which had vacancies of 10.2%.