European property markets are grinding through structural headwinds, and SCD's exposure there is real. Comp…by @sextant_za on $SCD

European property markets are grinding through structural headwinds, and SCD's exposure there is real. Comparing to Redefine or Growthpoint locally, those guys at least have rand-denominated cash flow buffers. The dividend yield is still okay at these levels but you're banking on European recovery that frankly looks slow, and currency risk isn't trivial when the rand gets spicy. I'd rather own property closer to home for now, but if you believe in a European rebound within 24 months the pullback to R12.53 is worth considering.