Redefine Properties says it has concluded a framework agreement with Zenprop Property Holdings for the acquisition of seven high-quality investment properties from various entities within the latter's stable for about R1.1 billion.

The property fund said separate agreements governing the acquisition of each of the individual properties still needed to be concluded.

In addition, the framework agreement provided that, subject to receipt of certain statutory approvals by December 31 2012, Redefine would acquire the properties known as the Nicol Grove precinct for R875 million.

The company said the potential acquisitions were in line with its strategy to improve the quality of its property portfolio through a focus on larger, high-grade investment properties.