Pretoria - Ambit Properties, a joint initiative of Absa Commercial Property Finance and Marriott Holdings due to be listed next month on the JSE Securities Exchange, has acquired a portfolio of 34 local properties at a cost of R508.35 million.

Property loan stock company Ambit Properties, a joint initiative of Absa Commercial Property Finance and Marriott Holdings, is set to be listed on the JSE Securities Exchange SA on February 4.

Sanlam Property Asset Management said on Friday that it was acting as a promoter and negotiating with various vendors with a view to putting together a large listed property fund.