The properties that Alpina has acquired from Orion include the ACA Krans in Auckland Park (R38,2m), Waterford Shopping Centre in Fourways (35,4m), Orion Centre in Edenvale (R34,2m), Eastgate Gardens in Marlboro (R28m), Devonshire House in Braamfontein (R27,2m) and the Laser Park industrial complex in Roodepoort (R26,5m).

The deal also includes several properties around Gauteng valued between R12,8m and R3,2m.

Alpina said last week that the acquisitions were part of the group's philosophy to grow its property portfolio through acquisition of properties that would generate cash.

About R125m of the R225m would be payable in cash, while the remainder would be paid through by the issue of 588,2-million linked units at Alpina at 17c a linked unit.

The unit would be equivalent to R100m.

Alpina said that the Orion property portfolio was acquired on the basis of projected net income yield of 13% and on the assumption that interest at 10,5% a year would be paid on mortgage bonds.

The group also announced that it had sold two of its property-owning subsidiaries, Ixia Trading 532 and Gold Edge II, for R1,5m to Bonatla Property Holdings.

The properties concerned include Bonatla house office in Edenvale, Merino Avenue warehouse in City Deep, Gothic House building in Linden and VLC House offices in Rivonia. The effective date of the Bonatla transaction was February 2.

Alpina said it disposed of these properties because they did not fit into the profile the company wanted to achieve.

The transactions are subject to approval of the JSE Securities SA Regulation Panel, the Competition Commission, shareholders of Alpina and, in Bonatla's case, a general meeting.

Alpina said 74,3% of its shareholders holding the "a" class linked units had given their irrevocable undertaking to vote in favour of the transactions.

It also said Bonatla had also given its irrevocable undertaking to vote in favour of the transactions.