Property loan stock company Redefine's sparkling results (Companies April 22) have revived the debate about whether property funds listed on the JSE should be pure or "hybrid".

Redefine Income Fund, managed by Madison Property Fund Managers, announced an increased interest distribution of 9 cents per linked unit for the second quarter ended 28 February 2005.

Growthpoint Properties, the largest listed property fund on the JSE Securities Exchange SA, is set to further consolidate this position

Listed property had another good run in 2004 achieving average total returns of 41%, outperforming the JSE Securities Exchange’s all-share index, bonds and cash. Those who invested in listed property via specialist unit trust funds (offered by among others Coronation, Marriott, Old Mutual and Stanlib) would have achieved similar returns. Figures from Standard & Poor’s (see unit trust pages) confirm that flexible property unit trust funds achieved total returns over the past 12 months of between 30% and 38%. The top performer in this sector was Old Mutual’s SA Quoted Property fund.

Growthpoint Properties announces that it will purchase a portfolio of 48 properties from Tresso Trading 119

Investors in the listed property sector can expect lower, more stable total returns of 13% in 2005 - says First South Securities property analyst Leon Allison

Redefine Income Fund has disposed of 70.75 million Martprop Property Fund units and 8.4 million Growthpoint Properties Limited units.

Growthpoint Properties Limited will acquire The Paddocks Shopping Centre in Milnerton, Cape Town, for a total purchase consideration of R88,4 million, on a forward yield of around 11%.

Growthpoint to take its South African pitch on Investec's UK road show in the hope of attracting European customers

Marriott Unit Trust Company has closed three of its unit trust funds that invest in listed property investments to new investments. Marriott says it is concerned that current yields in the listed property sector may be unrealistic and will not be sustainable within the next 12 months.