Majozi, Vukani Lawrence2025-03-122024Majozi, Vukani Lawrence. (2024). Project Appraisal Practices of South African Equity Real Estate Investment Trust [Master’s dissertation, University of the Witwatersrand, Johannesburg].WireDSpace.https://hdl.handle.net/10539/44251A research report submitted in partial fulfillment of the requirements for the degree of Master of Management in the field of Finance and Investment to the Faculty of Commerce, Law, and Management, Wits Business School, University of the Witwatersrand, Johannesburg, 2024Project appraisal is the process of assessing the viability of a project or proposal, whether it can add value in shareholder wealth or not. This study aims to understand and investigate the project appraisal practices used in the South African Equity Real Estate Investment Trust. A survey was conducted to collect data from Financial Managers and Investment Managers to analyses and answer the research question. The survey was sent out to all the 23 South African Equity Real Estate Investment Trust listed on the Johannesburg Stock Exchange (JSE) with a respond rate of 65.21%. In South African Equity Real Estate Investment Trusts, project appraisal predominantly relies on Net Present Value (NPV) and Internal Rate of Return (IRR) for evaluating investment viability. The Weighted Average Cost of Capital (WACC) is extensively used for determining the cost of capital, highlighting its critical role in financial assessments. Additionally, decision-makers frequently employ scenario and sensitivity analyses to rigorously assess project risks, ensuring a comprehensive understanding of potential impacts on investment outcomes. This study will assist the finance and property studies academics to better understand the project appraisal process and techniques that are commonly used within the property sector, specifically the Equity Real Estate Investment Trust. This will ensure that theories are revisited and are in line with current theories. With these results, we hope that the property industry will receive them well and find them useful to know how their peers are undertaking project appraisals and use that information to improve their own practices.en© 2025 University of the Witwatersrand, Johannesburg. All rights reserved. The copyright in this work vests in the University of the Witwatersrand, Johannesburg. No part of this work may be reproduced or transmitted in any form or by any means, without the prior written permission of University of the Witwatersrand, Johannesburg.Project AppraisalReal Estate Investment Trust (REITs)Net Present ValueInternal rate of return and Weighted Average Cost of Capital (WACC)UCTDSDG-8: Decent work and economic growthDissertationUniversity of the Witwatersrand, Johannesburg