This appreciation is reflected in Growthpoint's results for the six months ended December which produced R188,2m in revenue and 43,1c headline earnings a share.

Distribution came to 32c during a period that is not comparable with the previous interim period because of a changed year end.

In October last year, the Investec-managed property fund acquired a portfolio of listed units in eight property loan stock companies and in four property unit trusts for R650m.

This was settled through the issue of new Growthpoint linked units to the value of R450m, and a cash consideration of R200m was raised through debt finance.

The acquisition of these units changed the nature of Growthpoint into the second hybrid property loan stock company on the JSE Securities Exchange SA.

It is considered a hybrid because it mixes directly held property investments with interests in other listed property funds under one roof.

The directly held property portfolio, valued at R1,8bn, produced R117,4 operating income.

The portfolio was made up of 67 properties which are 45% office, 23% retail and 25,5% industrial properties.

The portfolio also features three hotels.