The properties, which include 41 commercial and retail properties from Nedcor Bank, were acquired for a combination of 185-million rand in cash and the issue of 25,536,673 'A' units and the equivalent number of 'B' units.

ApexHi CEO Gerald Leissner says the new acquisitions will enhance earnings, with the total property portfolio expected to yield a net income of R288-million per annum.

The portfolio now comprises 181 buildings, covering a total GLA of more than 1.2-million square metres, with office space making up 54% of the total space, retail 27%, and industrial space comprising 19% of the total space.