This is an important improvement for the fund because investors in listed property stocks rate the liquidity and tradeability as important factors influencing their decisions to invest in a fund.

Property analysts agree that liquidity enables investors to enter and exit with relative ease.

Prima Property Trust said this week that more than 207-million units were traded during the year, marking a rise from a monthly average of 12-million units during the final months of the previous financial year, to 17,3-million units a month for the year under review.

Prima’s total distribution for the year was 13c a unit.

Angelique de Rauville, MD of listed property portfolio management company Provest, said the distribution was as expected, but the fact that Prima had not yet replaced Steven Jersky, who resigned as CEO in December, made the possible unbundling of Prima highly likely.

"It is highly likely they will sell the assets and delist. Provest would support this view given that Prima focuses on investments with values between R2m and R15m — and acquisition opportunities in this sector are becoming increasingly difficult as private investors have begun entering this market."