In the six months ended December the group posted an interim distribution of 51c for A units and 52,2c for B units.

CEO Gerald Leissner said the increase in the distribution demonstrated the effect of the company's unique capital structure. The A units had a guaranteed distributable income of 102c a unit, while the more volatile B units received the balance of the income, said Leissner.

The B units benefited directly from any increase in the distribution, but would feel the effect of any reduced distribution, said Leissner.

The group's revenue increased from R208,8m to R274,9m, which produced R149,8m profit from operations.

This performance came out of a busy period in which ApexHi concluded a considerable number of sales and acquisition transactions.

In June last year, the group carried property assets valued at about R1,6bn and they have swelled to R2,1bn.

The transactions concluded in the past six months include acquisitions of five properties for R128m. These properties are Vineyard in Stellenbosch, Nedbank Centre in Vereeniging and Jewel City, Sage Towers and Education Centre in Johannesburg.

The group also acquired a portfolio of 18 properties from Pangbourne for R122,1m.

The group has entered into agreements for the purchase of a further nine properties for about R226,9m. It sold Perm Building Paarl and Strydom Street for R3,4m and used the proceeds to reduce debt.

Agreements have been reached for the disposal of two further properties with a book value of R8,9m.

The group concluded the sixmonth period under review with 29% gearing reflecting total borrowings of R542,5m.

The group said R475m or 88% of its debt had fixed rates of interest, at a weighted average rate of 12,82%.

Having sold the majority of Domayne Engineering Services' lift maintenance contracts to Otis the group said it intended to dispose of the remaining air conditioning maintenance business.

The group is trading under cautionary relating to an offer it made for the assets of listed property fund Fairvest.