ApexHi Properties has acquired nine properties from Old Mutual for a total cash consideration of R137-million. Three Pretoria office properties as well as one in Parktown, Johannesburg, which did not meet ApexHi's criteria, have already been sold for R28-million. The net portfolio of R109-million has been purchased on a forward yield of 12,5% .

The five remaining properties comprises two retail properties, with 55,000m2 of lettable space in Wynberg, Johannesburg, and Kempton Park, with Game and Pick 'n Pay as the anchor tenants respectively, a 2,700m² retail and office building in the main road of Somerset West and two industrial properties, one in Midrand and the other in Aeroton, Johannesburg, adding 26,000m2 of industrial space to the portfolio.

ApexHi CEO Gerald Leissner says "the portfolio has some vacant space, which the company did not pay for. We are already well under way in letting some of the vacant space, which represents upside for investors,"

Leissner adds that the company aims to purchase R1-billion worth of properties in the financial year to end June 2007. This transaction, coupled with the purchase of a further six properties from various vendors, brings the total value of acquisitions since 1 July 2006 to R175,9-million.

For further information, please contact:
Gerald Leissner
ApexHi Properties
Tel: (011) 283 0150
 
Monica Meyer / Sandra Mason
Ogilvy Public Relations Worldwide / South Africa
Tel: (011) 709 9609