Brian Azizollahoff, ApexHi's managing director, said yesterday that the new buildings consisted of a total of 36 888m2 and increased the number of buildings the company owned in Port Elizabeth to eight.

He said the buildings, all high-yielding properties with A-grade tenant profiles, were Traduna Mall, Fidelity Centre, Edufin, SAI Automotive, Absa Community Service Centre and Absa/Jet.

'Several long leases have also enabled ApexHi to lengthen its lease expiry profile,' he said.

'The acquisition capitalises on Port Elizabeth's stability and the fact that it is the motor manufacturing centre of South Africa, a labour-intensive industry. Once again, ApexHi has acquired good-quality cash flows at yield-enhancing values,' he said.

Major tenants include Medscheme, African Bank, Musica, the trade and industry department, the public works department, the Nelson Mandela metropolitan council, Auto & General, Absa, SAI Automotive, Autoplastics, Edgars and Standard Bank.

Azizollahoff said this was the third in a number of acquisitions this financial year to meet ApexHi's objective of growing its portfolio from R1.6 billion to R2.5 billion by the end of June next year.

He said ApexHi's portfolio consisted of 201 high-yielding buildings worth more than R1.925 billion.

Azizollahoff added that in growing the ApexHi portfolio, the company aimed to sustain income, reduce risk and improve its lease expiry profile.

He said ApexHi focused on buildings with quality tenants and only paid for space that was let, with any take up of vacant space therefore a net profit.

ApexHi A rose 10c to R7.25 in Johannesburg yesterday while ApexHi B rose 9c to R5.59.