Brian Azizollahoff, the current managing director of listed property loan stock company ApexHi Properties, has been appointed chief executive of listed hybrid property loan stock company Redefine Income Fund.

PROPERTY loan stock company Redefine Income Fund has raised R136m to be used for debt reduction through a private placing of 54,6-million of its linked units at 250c a linked unit.

Pretoria - Redefine Income Fund's R356.4 million bid to acquire a portfolio of 27 investment properties from Rand Leases Properties (RL Props) had been approved by linked unit holders of both companies, the listed property loan stock company reported yesterday.

REDEFINE Income Fund CEO Peter Penhall has challenged criticism of the hybrid property loan stock company structure, saying specialist equity managers would not necessarily have the depth of knowledge of the property market a hybrid's manager has.

Property loan stock company Fairvest has published its intention to make an 85c a linked unit offer for property investment company Bonatla.

MONEYWEB: Welcome to Redefine chief executive Peter Penhall. The deal has been dragging on for quite some time. Perhaps just by way of background, Peter, why does Redefine want to buy these properties from Rand Leases?

Three funds have issued cautionaries

Property loan-stock company Redefine Income Fund has been working around the clock to restore a 5050 portfolio split between directly held property and listed property securities and at the same time grow its overall portfolio.

REDEFINE Income fund, the R1,6bn property loan stock company, has achieved its goal for the year to August 31, boosting headline earnings a linked unit from 17,44c to 35,03c. It was the company's first full financial year of operation since listing in February last year.

Property loan stock company Redefine Income Fund produced headline earnings of 35c a linked unit out of revenue of R215-million during an extremely busy year which ended August.