Redefine Properties (RDF) has acquired Macsteel property portfolio for R2.7bn in cash.

The property fund said on Tuesday the deal would transform its industrial property portfolio‚ lifting the weighted average lease period from two-and-a-half to five-and-a-half years.

The acquisition would increase the fund's industrial property portfolio from R5bn to R7.7bn.

At 2.48pm‚ the stock was up 0.42% to R9.60‚ giving it a market cap of R32.7bn