REITs shine in Sunday Times Top 100 Companies as sector momentum builds
Signalling a powerful comeback for the investment class, REITs Dipula, Fairvest and Vukile place in the top five
South Africa’s real estate investment trust (REIT) sector has capped a strong year with significant recognition in the Sunday Times Top 100 Companies 2025 announced on 9 November. Dipula Properties took the overall top spot, Fairvest ranked second and Vukile Property Fund placed fifth, confirming three REITs in the top five and broad strength across all listed property.
Joanne Solomon, Chief Executive Officer of the SA REIT Association, says the recognition reflects improving fundamentals across the sector. “Seeing REITs lead the Top 100 this year highlights disciplined capital allocation, stronger balance sheets and consistent dividend delivery. Investors are recognising the sector’s renewed earnings trajectory and the important role REITs play in diversified portfolios.”
This strong showing comes in a year of improving market performance. The October SA REIT Chart Book recorded a 10.8% monthly total return for the SA REIT Index, the strongest monthly gain since 2021, taking year to date performance of the sector to 26.4% up until 31 October 2025. Liquidity improved across the board with several high-quality portfolios accessing equity at prices closer to reported net asset value which signals a healthier cost of capital. Ian Anderson, compiler of the Chart Book and Head of Listed Property at Merchant West Investments, notes that October marked a turning point as investors rotated back into REITs at scale.
The Top 100 Companies in context
The Sunday Times Top 100 Companies ranks JSE listed companies by compound annual growth rate over a five-year period on a theoretical R10 000 investment with dividends reinvested. The analysis adjusts for corporate actions such as dividends, capitalisations, unbundling, share splits and consolidations. Companies must meet minimum size and liquidity thresholds and be active on the JSE throughout the measurement window. The 2025 results were compiled from market data, verified independently and published as a special Sunday Times supplement.
REIT company perspectives
Dipula Properties, the overall 2025 winner, marked its 20th anniversary with a refreshed brand and continued focus on community and convenience retail. In the Sunday Times Top 100 Companies special supplement, CEO Izak Petersen says, “The past 20 years have been an incredible journey filled with lessons, challenges and growth. We’ve played the cards we were dealt with resilience and determination, consistently delivering sustainable returns to our shareholders.” He adds, “We invest in retail properties that enhance community wellbeing by providing well located trading spaces and convenient access for shoppers. Our portfolio includes defensive retail centres in urban, township and rural areas across South Africa that are tailored to meet local needs and offer essential goods and services.”
Fairvest, ranked second, has been rewarded for its transformation into a retail-only REIT. CEO Darren Wilder remarks in the Sunday Times supplement, that the company is disposing of non-core assets and reinvesting in retail-focused properties. “By implementing this strategy, Fairvest is moving toward becoming a retail-only REIT, focused on the market in which it has extensive experience. The management team will continue to implement this strategy, with minimal to no value destruction. Over 70% of revenue is already generated from Fairvest’s retail portfolio,” he says.
Vukile Property Fund, fifth in the Top 100, highlighted the benefits of a clear strategy and selective offshore growth. CEO Laurence Rapp says in the supplement, “We’ve stayed true to a well-defined strategy and executed it with discipline. We specialise in retail, and we do so with deep operational intent. That means understanding the consumer, designing centres that are tailor made to their needs and align with tenant success. Growing affinity with shoppers grows value for tenants and grows earnings for shareholders.” On the group’s Iberian expansion he notes, “Our entries into Spain and then Portugal were contrarian and demonstrate how our ability to see opportunity ahead of the market and to act with entrepreneurial yet disciplined dealmaking has been key to scaling the business.”
Wider sector representation
Beyond the top five, REITs and other listed property companies were well represented across the rankings, including Fortress Real Estate Investments, SA Corporate Real Estate, Attacq, Hyprop Investments, Emira Property Fund, Redefine Properties, NEPI Rockcastle, Resilient REIT, MAS, Stor-Age Property REIT, Sirius Real Estate, Growthpoint Properties, Burstone Group and Equites Property Fund, among others. This breadth reflects a property sector that has streamlined portfolios, recycled capital into high-confidence properties and rebuilt investor conviction through consistent distribution guidance.
Solomon says, “REITs have responded to a tough cycle with portfolio optimisation and prudent funding. The sector is now positioned to deliver income growth ahead of inflation with improving access to capital. The Sunday Times recognition underscores that progress and the operational resilience that supports it.”
SA REIT Chart Book and conference
The latest SA REIT Chart Book provides monthly sector performance, valuation, yield and capital markets intelligence for investors and media. The October 2025 edition was released on 6 November 2025 and can be accessed here.
The SA REIT Conference 2026, proudly sponsored by Nedbank Corporate and Investment Banking’s Property Finance division, takes place on 12 February 2026 at The Houghton Hotel, Johannesburg, with a keynote by Peter Verwer, Executive Chairman of Futurefy. Register here.
