Redefine's portfolio split reflects a 56% bias towards listed property securities and 44% direct property from a 67:33 ratio recorded at the end of the financial year in August.

CEO Peter Penhall said: 'There will be a further correction through property acquisitions under negotiation, as well as reduction in exposure to certain listed securities.'

The 50-50 split, which the group would like to maintain, was distorted last year by a portfolio restructuring meant to reduce exposure to the retail sector.

The restructuring came partly through the sale of 18 properties for R177-million. This transaction reduced the group's exposure to the retail sector from 38% to 23%.

The split of the portfolio makes Redefine the only hybrid property loan-stock company on the JSE Securities Exchange SA, mixing directly held property and securities in the form of other property loan stocks and property unit trusts.

Penhall said the group secured financing facilities which placed it in a position to further increase the total asset base to R2bn by way of acquisitions. The acquisitions met the group's criteria of single or few tenants, long leases and secure income streams.

He said Redefine restructured the listed securities portfolio partly by dumping noncore listed securities. It reduced exposure to property loan stock company ApexHi.

The group declared an interest distribution for the first financial quarter ended November 30 of 9c a linked unit, equal to an annualised forward yield of 14,7% against the traded linked unit price of 245c.