As London landlords wilt, S Africa Reits defy slowdown

Johannesburg

SOUTH Africa is struggling to stave off recession after commodity prices fell, demand from China weakened and the worst drought in more than a century. Investors are still making more profit from that country's property companies than from landlords in central London.

Growthpoint Properties Ltd, South Africa's largest real estate investment trust (Reit), and Resilient Reit Ltd have gained more than 14 per cent over the past three months, making them two of the top three performers in the Bloomberg EMEA Reit Index, which is up about 1.3 per cent in the period. That compares with declines of 13 per cent or more for Workspace Group Plc and Derwent London Plc, the worst perf…