Property loan stock company has unveiled a hostile takeover bid for competitor SA Retail Properties, saying it intended to acquire all the linked units in the company.

Listed property loan stock company Pangbourne Properties, which has been on the acquisition trail recently, said last week it would buy the Crescent Retail Centre in Umhlanga Rocks for R176,1m in cash.

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.

Most of the 11 listed property funds and companies that reported interim and year-end results last month recorded solid distribution growth to their unitholders.

Listed property loan stock company has announced that its distributions to unitholders for the six months ended August 31 had increased 39,8% from the same period last year

Rival ApexHi not about to give up yet.

Pretoria-focused listed property fund, Premium Properties Limited achieved an interim distribution of 22,5 cents per linked unit for the six month period ended 31 August 2004, an increase of 39,8% over the corresponding period for 2003.

ApexHi Properties is up in arms over response from the MICC board to its takeover bid for MICC Property Income Fund's property portfolio.