During the interim period, the group achieved a distribution of 102,7c a linked unit of which 51c came from A units and 51,7c from B units.

ApexHi has drawn considerable attention, and was not expected to perform well as its portfolio comprises of B and C grade properties located in less fashionable areas. These are properties shunned by many investors of ApexHi calibre.

ApexHi MD Brian Azizollahoff has maintained that 'sexy location' should not supersede other fundamentals such as tenant profile and, most importantly, potential return. He said not all buildings in less fashionable areas like the Johannesburg CBD made bad investments, and not all buildings in new nodes such as Sandton were good investment.

The group has also drawn attention by splitting its units into A and B types.

Designed for risk-averse investors, the A units are entitled to a flat annual dividend equivalent to the greater of 102c a unit or 45% of the distributable income. The B units represent 40% of the issued share capital, and are entitled to 55% of the income once the 102c has been paid to the A unit holder.

During the period under review, the group acquired 94 properties for R854,6m boosting the property portfolio to a total value of R1,1bn.