At a Glance
- South Africa leads Africa’s REIT market, with Growthpoint and Redefine dominating, while expanding internationally into Europe, Australia, and the UK for diversified returns.
- Egypt’s Talaat Moustafa and Emaar Misr are prominent players, developing large-scale residential and commercial properties, focusing on North Africa and Egypt’s growing demand for real estate.
- With a market capitalization exceeding $20 billion, Africa’s REITs are attracting both local and global investors, capitalizing on the continent’s rapid urbanization and growing middle class.
Real Estate Investment Trusts (REITs) have gained significant traction in Africa over the past decade, offering investors access to diverse property assets without direct ownership.
These vehicles provide benefits like liquidity, diversification, and exposure to commercial, industrial, retail, and residential real estate.
Driven by rapid urbanization, a growing middle class, and increasing investor demand for stable income assets, Africa has become a prime location for listed REITs. South Africa, with the largest and most developed market, leads the continent in REIT activity.
The sector, with a market capitalization exceeding $20 billion and assets under management surpassing $50 billion, is expanding rapidly. Listed REITs are central to shaping Africa’s property market, offering investors stable income and long-term capital growth.
In nations like South Africa and Kenya, REITs have become essential to the investment landscape, enabling access to high-return, diversified portfolios. These REITs are critical in the commercial and residential sectors, attracting both local and global investors.
As urbanization accelerates and regulatory frameworks evolve, REITs will continue to drive Africa’s real estate sector, providing valuable opportunities for long-term growth across the continent.
Shore Africa highlights the top 10 biggest listed REITs in Africa, offering insights into their market capitalization, property portfolios, geographic focus, and key contributions to the real estate sector.
- Growthpoint Properties (South Africa)
Market Capitalization:R42.2 billion ($2.3 billion)
Property Portfolio: Owns and manages office, retail, and industrial properties.
Geographic Focus: South Africa, Australia, and Eastern Europe.
Growthpoint Properties is Africa’s largest listed REIT, boasting a market capitalization exceeding $3.5 billion.
The company owns and manages a diverse portfolio of commercial, retail, and industrial properties across South Africa. Additionally, Growthpoint has expanded internationally, with significant holdings in Australia, Poland, and the UK. The REIT has been a key player in driving sustainability and innovation in the African real estate sector, with a focus on green buildings and environmentally sustainable property investments. - Talaat Moustafa Group Holding S.A.E. (Egypt)
Market Capitalization: EGP 105.39 billion ($2.08 billion)
Property Portfolio: Develops large-scale mixed-use communities, residential complexes, and hotels.
Geographic Focus: Egypt and North Africa. - Hammerson (South Africa & UK)
Market Capitalization: R33.9 billion ($1.84 billion)
Property Portfolio: Specializes in prime retail assets, including shopping centers across South Africa and Europe.
Geographic Focus: Major cities in South Africa, the UK, Ireland, and France. - Redefine Properties (South Africa)
Market Capitalization: R 32.1 billion($1.75 billion)
Redefine Properties ranks as the second-largest listed REIT in Africa, with a market capitalization of over $2.5 billion.
The company primarily invests in office, retail, and industrial properties, with a strong footprint in South Africa and select international markets. Redefine is known for its active asset management strategy, continuously acquiring and repositioning properties to maximize returns for investors. The REIT has also been a frontrunner in adopting technology to enhance property management and operational efficiency. - Resilient REIT (South Africa)
Market Capitalization: R21.6 billion ($1.18 billion)
Property Portfolio: Focuses on dominant retail centers across South Africa and parts of Eastern Europe.
Geographic Focus: South Africa, Nigeria, and Romania. - Lighthouse Capital (Mauritius & South Africa)
Market Capitalization: R16.8 billion ($915.34 million)
Property Portfolio: Invests in high-quality retail and office properties across Africa and Europe.
Geographic Focus: South Africa, Mauritius, Portugal, and Spain. - Hyprop Investments (South Africa)
Market Capitalization: R16.2 billion ($882.9 million)
Property Portfolio: Owns and operates premium retail centers in Africa and Eastern Europe.
Geographic Focus: South Africa, Ghana, Nigeria, and Eastern Europe. - Investec Property Fund (South Africa)
Market Capitalization: R14.3 billion ($777.47 million)
Investec Property Fund (IPF) is a diversified REIT with a market capitalization exceeding $775 million.
It operates a high-quality portfolio that includes office, retail, and logistics properties. The fund has strategically expanded beyond South Africa into Europe and Australia, leveraging its global network to diversify risks and enhance income streams. IPF is well-regarded for its robust financial management and consistent dividend payouts, making it a preferred choice for institutional investors. - Emaar Misr for Development SAE (Egypt)
Market Capitalization: EGP 33.52 billion ($662.02 million)
Property Portfolio: Develops large-scale residential and commercial properties in Egypt.
Geographic Focus: Cairo and surrounding areas. - Attacq Limited (South Africa)
Market Capitalization: R9.88 billion ($537.52 million)
Attacq Limited has significantly impacted the African REIT landscape, with a market capitalization of over $1.2 billion.
The REIT focuses on mixed-use developments, including office parks, retail centers, and residential properties. Attacq’s flagship development, Waterfall City, is one of South Africa’s most ambitious urban projects, attracting global businesses and investors. The REIT drives economic growth through innovative real estate solutions and strategic partnerships. - SODIC – Sixth of October Development and Investment Company S.A.E. (Egypt)
Market Capitalization: EGP 21.89 billion ($432.58 million)
Property Portfolio: Specializes in luxury residential and commercial properties.
Geographic Focus: Egypt. - Emira Property Fund (South Africa & Australia)
Market Capitalization: R7.8 billion ($425 million)
Property Portfolio: Invests in office, retail, and industrial sectors.
Geographic Focus: South Africa and Australia. - Palm Hills Developments (Egypt)
Market Capitalization: EGP 18.55 billion ($366.35 million)
Property Portfolio: Specializes in luxury residential communities and commercial properties.
Geographic Focus: Egypt, with expansions into North Africa. - Heliopolis Housing and Development S.A.E. (Egypt)
Market Capitalization: EGP 13.87 billion ($274.15 million)
Property Portfolio: Specializes in residential and commercial developments.
Geographic Focus: Cairo and surrounding areas. - Egyptian Resorts Company S.A.E. (Egypt)
Market Capitalization: EGP 5.26 billion ($103.97 million)
Property Portfolio: Focuses on tourism-driven real estate developments.
Geographic Focus: Egyptian coastal regions.
