Madison Property Fund Managers, one of South Africa’s largest property managers, announced today that its private placement and public offers were both substantially oversubscribed with applications received of approximately R2.3 billion.

At a time when many listed property loan stocks are yielding about 6,2% (see, for example, Sycom on page 57), a yield of 10%, as forecast by Madison for the year to April 2007, looks attractive.

ApexHi unit holders may have read that Madison Property Fund Managers, the main beneficiary of the ApexHi Manco Trust, ApexHi’s asset manager, has announced its intention to list in the Real Estate Sector of the JSE Limited.

Soon-to-be-listed property asset manager Madison says it has had a positive response from prospective investors

Madison Property Fund Managers, one of South Africa’s largest property managers, will open its offers in respect of 130 million Madison linked units at 500 cents per linked unit, amounting to R650 million, on Thursday, 25 May.

The listing of SA's largest property asset manager towards the end of this month is expected to spark further corporate activity in the listed property sector

Further Corporate activity is on the cards for the listed property sector as funds become increasingly aggressive in their drive to bulk up assets under management. The sector has seen a number of mergers and takeovers over the past year, with the Madison managed stable of funds being one of the key players.

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.

2 Arnold Road, has been successfully converted from a single-tenant building to a multi-tenant environment and is fully let.

Listed property loan stock heavyweights Hyprop Investments and Redefine Income Fund are for the first time collaborating on a shopping centre development on the south coast of KwaZulu-Natal.