Listed property loan stock company, Paramount Property Fund (Paraprop, PRA), has announced the acquisition of 11 new properties with a total value of 839-million rand.

This takes the size of Paraprop's property portfolio to just under two billion rand - a 66% increase - and its market cap to over one billion rand.

Paraprop MD, Rodney Squire-Howe, said: "It has been our medium-term objective to grow Paraprop from being one of the smaller funds on the listed property sector to being a 'mid-cap' fund. These acquisitions are an excellent investment and a good mix of office, retail and industrial properties. The investments range from high-profile, blue chip properties to those where we believe we can add some value, to solid long-term lease cash-flow streams."

Squire-Howe added that it was not an easy task to acquire assets in the current active property market and that the team have been working on these for a long time.

"Coincidentally, the deals have all come together over the past few weeks, enabling us to make one big announcement," he added.