Property loan stock company, Vividend Income Fund says it is continuing to investigate new value-enhancing property assets as it grows its portfolio.

Vividend Income Fund has entered into an agreement with R & A Admin CC to acquire the property and letting enterprise commonly known as Edgars Church Street.

Vividend Income Fund debuted on the JSE on Thursday, listing 104.7 million linked units at an issue price of R5 per unit, raising R523.8 million.

Property loan stock group Vividend says that it aims to grow its assets to the tune of R1.5bn by the end of August next year.

On the face of it the proposed listing of a new property loan stock company, Vividend, is what the sector needs. Its small initial property portfolio, worth R425m, won’t attract the big institutions that dominate listed property.