2014 has confirmed that the listed property sector is moving from a cycle of new listings, into one of consolidation.

The R250bn listed property sector, one of the JSE's most active in terms of merger, acquisition and listing activity in recent years, saw deal flow surge a whopping 60% last year.

Black-controlled Rebosis Property Fund and Delta Property Fund have put their respective take-over bids for Ascension Properties on hold to avert a protracted bidding war for Ascension's lucrative R3.2bn portfolio of government-tenanted offices.

Surprise claims that Ascension has signed agreements to sell its management company simultaneously to Rebosis and Delta‚ unbeknown to the other party stuns property analysts.

Delta Property Fund today announced that it has concluded agreements to acquire a 17.75% stake in Ascension properties, and has received letters of support from institutional investors, which together effectively secure Delta a major 41.40% investor voting bloc in Ascension.

Ascension Properties declares a distribution of 19.95c per A-linked unit in the six months to December 2013, compared with 19c in the same period a year ago.

Delta Property Fund says it is entitled to a R10m break fee following Monday's announcement that Rebosis would acquire Ascension's management company for R150m.

Ascension half year distribution seen up 17%-27%

JSE's R249bn listed property sector delivers a muted 7.3% total return for the first 11 months of this year, some way off the 17.92% achieved by the All Share index over the same time.

South Africa’s listed property sector declined 0.3% during the week ended 25 October 2013.