Vunani Property Investment Fund, a company listed on South Africa's Johannesburg stock exchange, has received REIT status by the JSE Limited. The company's portfolio consists of class A office buildings.
South Africa's stock exchange, the JSE, may be home to 30 REITs by this time next year, according to Estienne de Klerk, chairman of the SA REIT Association committee. The first REITs will debut on the exchange next month.
The release of a discussion paper by the South African treasury department indicates the nation will follow global investment trends by offering tax-neutral REITs soon. Preparing for legislation approval, the treasury says the paper lays the groundwork for a REIT structure that is "straightforward, well understood, internationally competitive and easily accessible by local and foreign investors."