Nick Harris, the chief executive of Ambit Properties, said on Friday that Ambit, with a portfolio of 34 local properties acquired for R508.35 million, would have a market capitalisation of R300 million when it was listed on February 4 and there was no point leaving it at that level.

"I'm not saying what size we'll get to but we certainly will not be comfortable until we get through the R1 billion mark.

"That is a short- to medium-term objective, and then we'll see where we go to from there, depending on where the property cycle goes," Harris said. 

"The important thing is to get quality paper on the boards so vendors are prepared to take paper. In other words, you need a proven track record," he explained.

Barrow Properties reported last week that it had sold phase one of its Thornhill Office Park development in Midrand, comprising of about 7 000m2 of A-grade office space, to Ambit.

Harris said the Thornhill property was acquired in August last year and was one of three properties that had to be acquired and transferred to Ambit prior to its listing because of the requirements of the vendors.