ApexHi Properties Limited has acquired five buildings from Sanlam Life Assurance for R94,5-million in cash, boosting the total portfolio to 438 buildings worth R5,5-billion.

The properties are located in Aliwal North, Bethal, Pretoria and Rustenburg, and have a total GLA of 26,581m2, and were purchased on an average yield of 12,5%.

The acquisitions are primarily retail properties, with a low vacancy rate of 2,2%, and consist of mainly national retailers with long lease profiles.

ApexHi director, Deon Feinblum, says the acquisition is yield enhancing and the buildings suit the profile of the portfolio. “Our strategy to invest in retail properties in secondary areas has worked well for us. The vacancy rates are extremely low, the centres are well positioned within the community and have high foot traffic through the centres,” he says.

One month away from the financial year end, ApexHi has added a total of 194 properties to the portfolio this year, and increased the value of the portfolio by R1,4-billion, which is mainly due to the R1-billion acquisition of 164 Prima properties.

Since 1 July 2005, the weighting of the retail portfolio has increased from 40% to 43%; while the office component has decreased from 44% to 39%. The overall vacancies have reduced from 11% to 9% this year.

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: 6 June 2006