The acquisition boosts ApexHi’s exposure to the booming industrial property sector to about 21% of its total portfolio from 17% last June.

ApexHi CEO Gerald Leissner said the properties fitted ApexHi’s profile in that they were “revenue enhancing”.

“They have good leases and we are satisfied with the tenant and the location,” he said.

The acquisition also brings the value of number of industrial properties bought by ApexHi since July 1 last year to R327,5m.

Leissner said the latest transaction was a “package” deal.

“Investec and some of their clients owned the properties in a financial structure and they wanted to unwind that structure.”

The three properties are in Pinetown, Durban and Pretoria. They are occupied by Premier Milling with leases that run to 2012. They were acquired on a 12% yield.

Leissner said ApexHi was looking to increase its exposure to industrial property. “The pricing of certain industrial properties fits our principle in terms of being able to acquire revenue-enhancing assets,” he said.