Listed property loan stock company Redefine Income Fund On Wednesday reported a total distribution of 24c a share for the six months to February, a 14,8% increase compared with the year earlier period.

Redefine CEO Brian Azizollahoff attributed the strong performance to growth in the company's underlying property portfolio, as well as the acquisition of Cape Town-based listed property loan stock company Spearhead near the end of last year.

Redefine has a market capitalisation of R6,67 billion, while its total property assets including both fixed and listed property investments is worth R9,1 billion.

The company's vacancy level increased from 2,7% to 5,7% because of the Spearhead transaction.

Azizollahoff said this "offered a very good opportunity in the current market" because of the major demand for space.

During the period under review Redefine also acquired the 13500m² Makhado shopping centre in Louis Trichardt for R94,5 million at an initial forward yield of 10%.

Redefine also sold several properties to Dipula Property Fund, a joint venture enterprise initiative with Dijalo Property Services, for R224,3 million at an average yield of 9,8%.

Redefine said it expected its distribution for each linked unit for the year to August to be at least 50,62c.

Redefine also announced that Dines Gihwala had been appointed as the independent non executive director and chairman of Redefine with immediate effect.

Wolf Cesman, who was chairman, would remain on the board as a non executive director.

Gihwala is chairman of Hofmeyr Herbstein & Gihwala, one of the largest law practices in SA.

He has also served as a judge of the high court.

Redefine Income Fund's stock traded 0,62% better to close at R8,15 on the JSE on Wednesday, with 934683 shares changing hands in 35 deals.