Metboard, the listed property loan stock company managed by Investec Property Group, had acquired three properties at an estimated cost of R32.3 million since the start of its new financial year in April, it said.

This had boosted the total value of its portfolio to an estimated R1.15 billion.

Sher said the acquisitions in Spartan, Terenure, neighbouring Chloorkop and Alberton were all fully let and the purchase price was being discharged by the issue of additional linked units, together with additional borrowings.

These properties consisted of a total gross area to let of 20 539m2  
. They increased Metboard's focused industrial property portfolio to 1.2 million square metres.

Sher said the properties would add value to the Metboard portfolio, as the properties in Spartan and Terenure were occupied by single tenants with long leases, while the Alberton property was a mini-factory complex that was fully occupied.

He added that Metboard had also progressed with its strategy of selling tired and non-performing properties.

Sher said four properties in Johannesburg South, New Germany, Cape Town and Edenvale were deemed to be non-core or vacant with no reasonable chance of being sold.

One of these properties had already been transferred and the remaining three would be transferred within the next month.

The names of the purchasers were not disclosed.