Recently relisted South African property investment and development company SA Reit has acquired three additional prime properties in Cape Town for a total of R70 million.

This boosts the value of its portfolio of primarily Western Cape-based properties to more than R440 million.

The new acquisitions comprise a piece of land zoned for office and residential development in the heart of the Tyger Valley Waterfront, an investment property in Airport Industria occupied by the Coin Security Group and the Virgin Active building in the Cape Town CBD, the company said in a statement this week.

CEO Arnold Maresky said all three properties had been acquired in line with SA Reit's stated objective of building a portfolio which provides both prime investment and development potential.

The three latest acquisitions, he said, had been funded through existing resources and bring to 13 the number of properties in the portfolio of SA Reit, formerly Shops For Africa, which was recapitalised and relisted on the JSE in October last year.

The existing portfolio also comprises nine commercial and industrial properties in the Western Cape, including three other re-development opportunities in the Cape Town CBD, and one in Port Elizabeth.

Maresky said they were continually seeking investment opportunities in their quest to create a leading South African property investment and development company that delivers capital returns above the market average.

To this end, he said, properties had been selected where the company could add value and thus create superior returns for shareholders down the line.