A/Professor François Viruly University of Cape Town

THE INTERNATIONAL PERSPECTIVE

Total Return of 10.0% for 2018

407BN

384BN

Source: MSCI

Historical SAPY Distribution Growth

Source: Anchor Stockbrokers

Global Economic Growth is Slowing

The performance in Africa will be influenced by commodity prices – IMF Forecasts

Real Economic Growth

-10

-8

-6

-4

-2

0

2

4

6

8

2005 2007 2009 2011 2013 2015 2017 2019

y-o-y % change

US UK Eurozone Japan

Slowdown in the Global Economy

Headline InflationSources: Ber

-3

-2

-1

0

1

2

3

4

5

6

7

2005 2007 2009 2011 2013 2015 2017 2019

y-o-y % change

US UK Eurozone Japan

Policy Interest Rates

-1

0

1

2

3

4

5

6

7

2005 2007 2009 2011 2013 2015 2017 2019

%

US Eurozone Japan

Sources: Fed, ECB, Boj

Office Yields at Record Lows

Global Property Yield and Bond Rate Spreads

Vacancy at Record Low

PGIM

European Office Market Vacancy and Rental Growth

Global Real Estate Income and Capital Returns

Global Cross Border Investments

PGIM

Destination of Cross-Regional Capital Flows by Buyer Origins FY 2018

Real Estate Prospects Europe

Business and Real Estate Prospects

Retail Market Analysis

PGIM

Demands in Fuel

Urban Land Institute Emerging Trends (2020)

www.ureru.uct.ac.za

Siyabonga

Kea leboha

Thank You