This brings ApexHi nearer to completing its transition to becoming a focused property loan stock company.

ApexHi was set up about three years ago out of the rationalisation process of Anglo American Properties (Amaprop) and property unit trust Apex.

ApexHi acquired the property assets of Apex and those of Amaprop, which came with Domayne Engineering Services.

ApexHi CEO Gerald Leissner says the sale of the lift and escalator division is part of the group's objective to dispose of business interests that are not integral to its core business, which is asset management.

'The disposal will allow ApexHi more time to focus on its strategy to own properties rather than service them, and to substantially grow its portfolio of high-yielding properties in this financial year,' says Leissner.

As part of the deal, a five-year agreement was also concluded with Otis to manage all lifts and escalators in the ApexHi portfolio.

Otis MD Howard Davey says the acquisition of the lift and escalator division is part of Otis' long-term strategic programme to grow the business.

'We believe that this acquisition and the addition of ApexHi's buildings to our customer base will provide a powerful combination of leaders in the property maintenance industry,' he says.

The remaining divisions within Domayne Engineering Services will remain in the ApexHi stable for the foreseeable future.