The fact that ApexHi had continued to maintain high trading volumes, with more than 42 percent of its units in issue traded in the 12 months to June, was increasingly important in this regard, he said.

"Liquidity is particularly important for ApexHi as it gives our vendors comfort when we purchase properties for a combination of cash and ApexHi units."

More than 45.8 million ApexHi A units were traded, equating to 39 percent of the weighted average units in issue, while 46 percent or 55.1 million B units were traded.

ApexHi's A units offered an income with a guaranteed return of 45 percent of the distributable income and therefore carried minimal risk.  

The B units received the balance of the distributable income and therefore carried greater risk but the potential for greater returns.

Leissner said ApexHi's substantial growth in the past two years had contributed to the increase in liquidity.

The property portfolio was more than eight times the size of the portfolio when the company listed in March 2001 and had increased in value from R257 million to more than R2.1 billion.

In addition, because of ApexHi's A and B unit structure, its shareholders could trade between the A and B units as market conditions changed.

Leissner added that historically trading volumes in the property loan stock sector had been fairly low.