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

Developers, builders, agents and buyers face supply constraints and frustration.

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.

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".

Speculation that listed property loan stock company SA Retail Properties could be the target of a hostile takeover bid by another listed property fund has set the market abuzz for the past two weeks.

Property funds are different from most listed companies.

Interview with Marc Wainer.

Rival offer to Vukile may be attractive