Rockcastle Global Real Estate is a real estate company established in Mauritius under a Global Business License in 2012, focused on investment in global real estate equities and a portfolio of direct property assets in the UK, Australia, the United States, Canada, France, New Zealand, Hong Kong, Singapore and the Netherlands. The group has also recently decided to buy into the Eastern European market, with various acquisitions taking place.

The group’s investment portfolio is dominated by retail assets, with other sectors including industrial, healthcare, residential and hotel. The direct property assets portfolio was valued at US$553 million by 30 June 2016, and accounts for around 23% of overall investment assets.

Rockcastle shares are currently for sale in a dual-listed structure on the Stock Exchange of Mauritius and the AltX of the Johannesburg Stock Exchange (JSE). The group has a JSE market cap of more than R31 billion. The live online stocks chart shows that Rockcastle share price has enjoyed a steady growth on the JSE.

Throughout its history, Rockcastle has concentrated its portfolio on larger, more liquid counters in developed markets, with a strategic emphasis on companies which dominate their regions. Defensive positioning has been a successful tactic in safeguarding against extreme economic volatility. Constant development, extension and refurbishments are also a strategy to sustain the attractiveness of the group’s assets.

Rockcastle had an active year of acquisitions in the 2016 financial year, with the decision to buy into Eastern European countries such as Poland and the Czech Republic. The group went ahead with the purchase and development of seven large new retail and commercial properties in Poland, along with the Forum Liberac Shopping Centre in the Czech Republic.

The group’s performance data illustrated strong growth, with rental income growing to $15.6 billion from $6 billion the previous year. Dividends grew by 8.2%, with net asset value per share growing from $1.56 to $1.70. Having targeted a number of other direct property assets to buy in the Czech Republic, Hungary and Poland, direct property percentage is forecast to rise from 23% to around 40% once acquisitions are completed.

The group has identified that leisure, value, fitness and convenience tenants are growing the fastest, so developments will take account of these sectors going forward. Smaller format grocers will also need to be replaced or right-sized to anchor shopping centres.

Rockcastle share price has risen strongly up the JSE stocks chart, rising from R8.80 in 2011 to R36.02 by October 2016. The group has a diversified range of direct and indirect investments, and has followed through with a solid acquisition strategy. Further expansion is forecast in the future, which should boost the accelerating growth of the company. Rockcastle shares today look to be a solid rand hedge buy with some significant upside potential.

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