Pretoria - ApexHi, the listed property company, has boosted its portfolio to 220 properties worth more than R2.3 billion with the R243 million acquisition of 13 properties since the end of June.

Deon Feinblum, an ApexHi director, said this week that it was the company's objective to grow ApexHi's portfolio to further minimise the risk associated with any one property and to maintain high liquidity levels.

ApexHi's A units offered a secure and stable guaranteed income return while the B units received the balance of the distributable income and carried a greater risk, but the potential for greater returns.

"The company's strategy is built on unlocking value in properties that trade at significant discounts to comparable properties in prime locations. Unit holder value is protected by only acquiring revenue enhancing properties that suit the investment profile of the portfolio," he said.  

Of the 13 properties, eight were commercial office buildings, with the government occupying six properties and the balance occupied by professional and listed companies.

Three retail properties were occupied by national retailers and the industrial property was occupied by a private company.

The 13 properties were revenue enhancing and expected to yield a 16.14 percent return that would add a further 100 000m2 of gross lettable area to ApexHi's portfolio, boosting its total lettable area to 1.7 million m2

The purchase consideration for the properties has been settled by the issue of 13.69 million combined units and R61.6 million cash, which would be funded out of borrowings fixed for four years at current rates.

Its stock closed 20c down at R8.25 yesterday.