Corovest International, the British property arm of SA-based Coronation Investments and Trading, listed CIREF on AIM in May.

Speaking from London, chairman Gavin Tipper said the fund, as a majority partner of a consortium, bought a 52,5% interest in The Centre, a retail shopping centre in Margate in the UK for R179,6m.

The fund is expecting an initial yield of 5,9% on the 6000m² property, which is one of the seaside town's largest shopping complexes.

Tipper said CIREF also acquired a 15% interest in a 4654m² office development in Tortola, the capital of the British Virgin Islands, for R5,8m.

The fund also acquired a 3716m² vacant property in Ashtead in Surrey, south London, for R27,5m.

Brian Azizollahoff, CEO of JSE-listed property company Redefine, which owns 18% of CIREF and is its second-largest shareholder, said The Centre in Margate was "typical of the type of investment that funds like CIREF is making".

He said in the UK there was generally no new development of retail. He also said Redefine was "very supportive of the acquisition".