ApexHi, which acquired three retail buildings in Hammanskraal in Gauteng and Siyabuswa and Matsamo in Mpumalanga, said it was rebalancing its property portfolio to include a higher proportion of retail properties, because these would reduce risk.

Executive director Deon Feinblum said yesterday that the company wanted a 50-50 split between retail and office properties.

Feinblum said the group believed there was a "bit of growth" available in retail at the moment.

Since June last year the company has spent about R363m on new acquisitions, most of them in retail. It has sold a total of R104m worth of properties, most of them offices.

Mariette Warner, fund manager of Stanlib Property Income Fund, said a 50-50 split between the two types of property was good.

"The fundamentals in the office market have improved. This should lead to increased income generated by office portfolios from 2006."