ApexHi Properties Limited has concluded leasing deals worth R200-million, covering a total of 142,175m2 of space, in the three months from July to September 2004.

ApexHi expects some 350,000m2 of space to come up for renewal during the 2004/2005 financial year, and Broll Property Group, on behalf of ApexHi, has already concluded leases for 41% of this target in the first three months of the year.

ApexHi executive director Deon Feinblum says the strategy is to renew as many leases as possible, and relet the balance of the space that is vacated to new tenants in order to maintain distributable income.

Of the leases concluded, 102,658m2 (72%) relates to renewals of existing leases, and 39,517m2 (28%) has been let to new tenants. This is in line with the letting performance of the 2003/2004 financial year.

As a result of the letting performance to date, the vacant area of the portfolio has been reduced by 15,663m2, which decreases the vacancy of the portfolio from 14% at the end of June 2004 to 13% at the end of September 2004.

ApexHi is on track to deliver consistent returns to unit holders. “At the beginning of the year, we stated our objective to renew 204,000m2 of the 350,000m2 of space that comes up for renewal, and we are already half way there in the first three months,” he says.
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