ApexHi Properties Limited celebrated its fifth anniversary since listing as a Property Loan Stock company in March 2001, having increased its total assets from a mere R267-million to R5,6-billion today.

ApexHi director Deon Feinblum says the company listed with only 15 properties and a gross lettable area (GLA) of 200,000m2. A strong acquisition drive has seen the total number of properties increase to 445 buildings, with a gross lettable area of 2,5-million square metres, which accommodates some 4,000 tenants.

“At the outset, ApexHi’s strategy was to increase the portfolio to minimize the risk associated with any one property. We set aggressive acquisition targets each year, with stringent criteria, and the quality of the portfolio has improved year on year, with vacancies decreasing from 19% in 2001 to only 9% today,” he says.

This year, ApexHi stated its objective to acquire an additional R500-million in properties in the financial year to end June 2006. To date, the company has acquired 217 properties, worth R1,795-million since July 2005, increasing its total assets by 40% to R5,6-billion. The primary transaction was the purchase of the Prima Property Trust portfolio for R1,1-billion, which comprised 173 properties.

The sectoral spread of the portfolio has also changed substantially. Today, 44% of the portfolio is in retail, 39% in office and 17% in industrial space. “There is strong demand for our retail portfolio, which currently has a low vacancy of only 4,5%, and escalations between 6% for national retailers and 10% for other tenants,” says Feinblum.

The office portfolio is still experiencing strong demand from Government and parastatals for CBD properties, and decentralized office nodes are performing well. The industrial portfolio is also experiencing strong demand, with rentals having increased up to 100% over the past 30 months, and vacancies having reduced to 4,5%.

Ends

For further information, please contact:

Deon Feinblum

ApexHi Properties

Tel: (011) 283 0150

Monica Meyer / Sandra Mason

Ogilvy Public Relations Worldwide / South Africa

Tel: (011) 709 9609

Date: 29 March 2006