Listed property fund Paramount Property Fund Ltd (Paraprop) has purchased five separate properties for a total of R38.55 million to add to its portfolio, the group announced on Monday.

The acquisitions will be funded by a combination of cash and the issue of new Paraprop linked units, with R23.13 million settled in cash and the balance through new units.

The shares will be issued at 342.8 cents, being the 30-calendar day weighted average traded price of Paraprop shares immediately preceding September 1, the transfer date of the properties.

The properties to be acquired comprise La Rocca Units A and D in Bryanston, Johannesburg, and Morningside Close Office Park Units 1, 2 and 3 in Morningside Johannesburg.

According to Paraprop, the purchases will boost the value of its headline earnings per linked unit by 2.5% to 24.7 cents and reduce its net asset value per linked unit by 3.3% to 464.7 cents from 480.8 cents.