It said the acquisition was in line with its strategy of acquiring "quality properties that contribute to consistent growth in distributions to combined unit holders".

Pangbourne said a deal was reached between its wholly owned subsidiary Newshelf 765 and the Umhlanga Crescent Investment Company, in which Pangbourne also held a 40% interest. It said the transaction was subject to the completion of a due diligence investigation within two weeks of the deal being signed, as well as approval from the Competition Commission.

The company said earlier this month that it was acquiring the Pineslopes retail centre in Fourways. Pangbourne said at the time that Fourways was one of the "premier growth" areas in Gauteng.

At the same time Pangbourne said it would buy a commercial office building in Rivonia Boulevard, Johannesburg. Both acquisitions, costing R174,9m, would also be paid for in cash.

Pangbourne CEO Athol Campbell said at the time that retail now accounted for 14% of Pangbourne’s property portfolio, with industrial properties making up 78%.

The Pineslopes acquisition strengthened Pangbourne’s retail presence as it already owned a number of retail properties, said Campbell. He said the Crescent Retail Centre would further increase its exposure to retail properties.

Analysts have said listed property funds and companies are all chasing retail properties since this sector is the best performer, if recent history is taken into account.

Listed property stock Hyprop Investments, for instance, has been one of the most successful counters on the JSE Securities Exchange SA because of the stellar performance of its retail portfolio, which includes such jewels as Canal Walk shopping centre in Cape Town and Johannesburg’s Hyde Park shopping centre