Paraprop's turnaround in fortunes was also recently reflected by its winning the office property category of the Financial Mail/Investment Property Databank Listed Property Investment Awards.

The awards recognised property funds' return on capital employed, taken over two years, and the consistent top performance of the underlying property assets of listed property funds in the database.

Paraprop reported a total return of 12,6%, which included capital growth and income return, against an average of 7,2% among listed property funds and 6,3% among all funds, both listed and unlisted.

Of interest to investors in Paraprop is the fund's property portfolio growth over the past year. The portfolio has grown to R1,07bn at the year-end from R906m the same time last year and subsequently to more than R1,2bn at the end of last month.

Paraprop has acquired several high-profile commercial properties to the value of R302m in the past year, including the landmark Claremont Pick 'n Pay Centre and the Golden Acre retail component, both in Cape Town.

The fund has also aggressively let vacant space, reducing its vacancy ratio to 4% far lower than the listed property sector average.

Tight management has been an important factor in boosting the fund's future viability. Paraprop's management team is respected by the market and its efforts are showing returns.

Paraprop also has interesting development plans coming on stream in the future.

For instance, it plans to convert the office block, 34 St Georges, Cape Town, into residential apartments. The fund has sold virtually all of them. It will also redevelop the Longkloof Studios in Cape Town.

Paraprop owns the property, as well as the two adjacent properties. It plans to develop a mix of retail and residential properties in this precinct.