SA’s REIT sector has capped a strong year with significant recognition in the Sunday Times Top 100 Companies 2025 with Dipula Properties taking the overall top spot, Fairvest Limited ranked second, and Vukile Property Fund placed fifth.

“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,” comments Joanne Solomon, CEO of the SA REIT Association.

The Sunday Times Top 100 Companies rank JSE listed companies by compound annual growth rates over a five-year period on a theoretical R10 000 investment with dividends reinvested. The analysis adjusts for corporate actions including 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 with the 2025 results compiled from market data, verified independently and published as a special Sunday Times supplement.

The recognition comes during a year of improving market performance with the October 2025 SA REIT Chart Book recording a 10.8% monthly return for the SA REIT Index – the strongest monthly gain since 2021 and taking the year-to-date performance of the sector to 26.4% up until 31^st October 2025.

The overall 2025 winner, Dipula Properties, marked its 20^th anniversary with a refreshed brand and continued focus on community and convenience retail.

In the Sunday Times Top 100 Companies special supplement, CEO of Dipula Properties, 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.”

“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 SA that are tailored to meet local needs and offer essential goods and services.”

Fairvest Limited, ranked second, has been rewarded for its transformation into a retail-only REIT. CEO Darren Wilder remarks 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. “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,” comments Vukile Property Fund’s CEO, Laurence Rapp.

“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,” he adds.

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 Limited, 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.

“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,” concludes Joanne.

SA REIT Conference 2026

The SA REIT Association’s biennial conference, proudly sponsored by Nedbank Corporate and Investment Banking’s Property Finance division, is taking place on the 12^th of February 2026 at The Houghton Hotel, Johannesburg.

This flagship event will convene REIT executives, investors, asset managers, policymakers and market experts to engage on the most pressing forces shaping the future of listed real estate. Topics will include global market volatility, access to capital, innovation, local government risks and the policy environment. With a focus on sector credibility and long-term investor relevance, the agenda promises strategic insight and practical direction.