Based on data we are tracking, Fortren & Company estimates that Africa operates a US$30 billion listed real estate market with a combined market capitalization of US$20.6 billion and property assets exceeding 20 million m² (REITs to be precise). In this article, we rank Africa's top 10 listed real estate investors by market capitalization, examine each company's portfolio, strategy, and financial position. We also highlight the leading listed real estate company in other African markets to provide broader regional context, given that the top 10 is mostly led by South Africa, and reveal what the data says about the continent's evolving listed property sector.
There are other unlisted real estate companies and other listed real estate companies that are not REITs with significant AuM, like TMG Holdings, Fortress Real Estate Investments Limited, and Alliances Développement Immobilier in Egypt, South Africa, and Morocco, respectively, among others, but for ease of objective comparison, we only focused on listed investors that are REITs. Notably, the market remains highly concentrated, with South Africa accounting for approximately 92% of its total value, underscoring both the country's market maturity and the limited development of listed real estate markets elsewhere in Africa. Despite this concentration, these listed companies collectively represent the continent's largest institutional real estate investors and own, manage, and finance many of Africa's most valuable commercial, retail, industrial, residential, and mixed-use assets.
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- Growthpoint Properties Limited - The Continental Benchmark
Growthpoint Properties is the largest listed South African REIT. It has assets in South Africa, the rest of Africa, Australia, Poland, Romania and the United Kingdom. Committed to creating space to thrive, GrowthPoint owns and manages a diversified portfolio, locally and internationally. Listed on the JSE in 2013, Growthpoint is regarded as Africa's largest REIT, with a portfolio spanning office, retail, residential, PBSA, healthcare, and industrial properties.
- Redefine Properties Limited - The Diversified Giant
Redefine is one of South Africa's largest JSE-listed diversified REITs, with a portfolio spanning retail, office, and industrial assets, and an international footprint in Spain and Portugal. Its philosophy centres on "positively redefining" the human experience of space by prioritising quality, well-located real estate developments that compound sustainable, growing income. It was listed in 2013, with its biggest property currently being Centurion Mall in Pretoria, which is among its flagship regional retail assets.
- Vukile Property Fund Limited - The Retail Specialist Spanning Two Continents
Vukile is a JSE-listed, retail-focused REIT operating a dual-market strategy: South African shopping centres and Spanish retail through its subsidiary, Castellana Properties. Its philosophy is disciplined focus on dominant, non-discretionary retail that serves everyday consumer needs. It was listed in 2013, with East Rand Mall in Boksburg, which anchors its SA portfolio, and Islazul and Elfaro in Spain among its largest investment centres.
- Resilient REIT Limited - The Regional Monopoly
Resilient REIT was established on a simple thesis: own dominant, low-cost, high-footfall shopping centres anchored by non-discretionary retailers, serving lower-to-middle income communities across South Africa's metros and larger towns. Listed in 2014, it co-invests in several of the country's prominent assets, with its biggest property being Broadwalk Inkwanzi in KwaZulu-Natal.
- Hyprop Investments Limited - The Premium Portfolio
Hyprop specializes in premium regional shopping centres in South Africa, with a smaller Eastern European exposure (Bulgaria/North Macedonia via Hystead/Sofia Ring Mall assets). It was listed in 2013, and its biggest property is the Canal Walk in Cape Town, one of the largest shopping centres on the continent by GLA.
- Fairvest Limited - The Value and Convenience Property Fund
Fairvest is a small- to mid-cap diversified REIT with a strategic focus on convenience and community retail centres, as well as office and industrial assets. Its philosophy is affordability-led retail serving working-class and value-conscious consumers, with a focus on resilient, high-yielding secondary market assets. It was listed in 2013.
- Equites Property Fund Limited - The Logistics Specialist
Equites specializes exclusively in prime logistics and industrial property, with portfolios in South Africa and the United Kingdom, let to blue-chip tenants under long leases (retailers, distribution and e-commerce operators). It was established on a "build-to-suit" precision, developing modern, large-format distribution facilities tailored to global supply-chain tenants. Listed on the JSE since 2014, it's South Africa's leading logistics-focused REIT with Centurion I-A in Gauteng as its biggest property currently.
- Attacq Limited: South Africa - The Precinct Visionary
Attacq is a JSE-listed REIT popularly known as the developer and owner behind Waterfall City, Midrand, a large-scale mixed-use precinct combining retail, office, residential, and logistics in a single master-planned node. Its philosophy is "creating a city within a city," which is a long-term precinct development that captures value across the full property cycle, not just holding completed assets. It was listed on the JSE in 2013.
- Aradei Capital - Morocco's Diversified REIT
Aradei Capital is listed on the Casablanca Stock Exchange and operates as Morocco's leading REIT. It was listed in 2021 and invests in a diversified portfolio spanning retail, office, healthcare and industrial sectors.
- Castleview Property Fund Ltd
Castleview is a JSE-listed REIT. It was listed in 2017 and invests in a diversified portfolio spanning retail, office, residential and industrial sectors.
Outlook and Recommendation:
Africa's listed real estate sector is in a period of strategic transformation rather than rapid expansion. Companies that successfully adapt to shifting tenant preferences, embrace sustainability, leverage technology, and diversify into high-growth sectors such as logistics, student accommodation, affordable housing, and digital infrastructure are likely to outperform over the coming decade. Although South Africa will remain the continent's dominant listed property market, emerging opportunities in Egypt, Kenya, Morocco, Nigeria, and other fast-growing economies indicate that Africa's listed real estate landscape is becoming increasingly diversified.
Overall, investors are likely to find the strongest long-term opportunities in logistics assets, PBSA’s and necessity-based retail centres that serve the continent's rapidly urbanising middle class and student population, while diversified instruments continue to offer defensive exposure during economic uncertainty. Developers should increasingly adopt integrated, mixed-use models that enhance infrastructure, security, and tenant experience to preserve long-term asset values. Meanwhile, policymakers should accelerate market growth by strengthening the capital markets frameworks, enabling greater participation by domestic pension funds and institutional investors in financing real estate and infrastructure development across emerging markets.
With just 3,577square meters in land mass, Lagos is home to over 17 million residents, making it one of the most densely populated cities in the world. One of the most pronounced effects of clear overpopulation in overcrowded cities like Lagos is the increase in informal settlements, land grabbing, and illegal construction. Internal data from the Lagos State government shows that more than 349 buildings have been erected illegally and do not comply with the planning laws set out by the state. In response, the Lagos State Building Control Agency (LASBCA) and the Ministry of Physical Planning and Urban Development have intensified enforcement of planning laws to ensure that buildings within Lagos State are designed, constructed, and maintained to a high standard of safety. Their enforcement efforts have led to numerous building demolitions and are primarily targeted at three recurring violations across the state, which we will be discussing below.
- Lack of building development permit:
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Failure to obtain required development permits remains one of the most common triggers for demolition across Lagos. Under Section 27(1) of the Lagos State Urban and Regional Planning and Development Law, no building is allowed to be erected across the state, except when necessary permits and approvals have been duly sought and obtained. “No person shall carry out any development in Lagos State without obtaining a permit from the relevant planning authority.” Non-compliance with section 27(1) of the Lagos State Urban and Regional Planning and Development Law authorises the state government to demolish any building that has not sought and obtained the necessary approvals. Despite this clear guideline, unauthorised construction continues to proliferate in the state. In a recent enforcement action, 13 illegal buildingswere demolished in Lagos for non-compliance, highlighting the Government’s resolve to clamp down on developments that violate planning regulations. Several factors may explain why some developers bypass the approval process, including a lack of awareness of regulatory requirements, the perceived complexity or delay in obtaining permits, and, in some cases, a calculated risk to evade official fees or oversight. While these issues don’t justify non-compliance, they underscore the need for continued public education, transparency, and reform of the permitting process.
- Encroachment on Drainage Channels and Setbacks:
Building on drainage channels and designated setbacks stands out as one of the leading causes of demolition across Lagos. This issue not only breaches planning regulations but has also contributed to environmental and public safety risks.The Lagos State Building Control Agency(LASBCA) mandates a minimum setback of nine (9) meters for residential buildings in high-density, flood-prone zonessuch as Victoria Island, Apapa, and the Lekki Peninsula Schemes I and II. Despite these regulations, many developers have reclaimed and erected structures directly on waterways, obstructing water flow and increasing the risk of flooding. Recently, the Lagos state government marked 39 buildingsfor demolition in the Eti-Osa Local Government Area (mostly along the Ikota corridor) for obstructing drainage channels and encroaching.Similar actions have been taken in other areas like Amuwo Odofin. These demolitions have left many homeowners devastated. In response, affected owners have petitioned the government through their community associations, while others seek court injunctions to challenge the demolition or delay it pending clarification of their land status. Urban experts, however, emphasise the need for property buyers to secure proper planning permits from the Lagos StatePhysical Planning Permit Authority(LASPPPA) before embarking on any building or development project within the state.In many cases, properties built on canals, drainage channels, or government-designated right-of-way have little to no legal standing, making it difficult for affected owners to obtain compensation or favourable rulings in court. This is because such developments typically contravene established planning laws and are considered public safety hazards. We love your feedback. Let us know what you think about this article or your experience renting in Africa by sending an email toadvisory@fortrenandcompany.com. You can also join the conversation here onLinkedIn.
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