The index is a free-float weighted index that tracks the performance of the 250 leading and most liquidated property companies worldwide.

Companies are selected on the dollar trade volume of the share in the past 12 months. Only companies with a free-float market capitilisation of more than 50m and free float percentage of at least 15% are eligible.

Redefine became eligible after acquiring ApexHi Properties and owning Ambit Properties. The group did not meet eligibility criteria previously because it did not receive at least 75% of its operational turnover from property related activities.

Redefine, ApexHi Properties and Madison Property Fund, which merged into one entity called Redefine last month, announced distributions to the end of June, aligning all unitholders to the same period to pave the way for the proposed merger of the three companies.

The merger resulted in Redefine becoming the second local property share after Growthpoint to make the JSE’s Alsi top 40 index.

ApexHi announced a combined distribution for the period April 1 to June 30 of 96c from 91c previously, exceeding the 93,75c threshold per quarter when the A and B units started participating in the income growth, with the A units receiving 34,56c (36%), the B units 42,24c (44%) and the C units 19,20c (20%).

Fourth quarter distribution brought total distribution for the 12 months to last month to 367,65c from 337c last year.