APEXHI Properties' acquisition of the Rivonia Square shopping centre in Sandton for R63m was in line with its long-term strategy of diversifying its property portfolio and reducing its risk profile, said property portfolio management company Provest this week.

Rival  listed property loan stock companies Vukile Property Fund and ApexHi Properties, the two main unitholders in fellow listed company MICC Property Income Fund, might be forced to negotiate a deal that will benefit them both, analysts say.

Listed property loan stock company MICC Property Income Fund, which listed on the JSE Securities Exchange SA in October last year, on Wednesday reported distributions to unitholders for the year to September ahead of forecast.

The competition between two listed rival property groups Vukile Property Fund (VKE) and Apexhi properties to get a lion's share of listed property group MICC Property Income Fund (MCP), (APE) remains tight and far from over.

There seems little chance of either the Vukile Property Fund or ApexHi Properties succeeding in their takeover bids for full control of the MICC Property Income Fund.

The past 18 months have seen a flurry of corporate activity in the listed property sector with property acquisitions, mergers and new listings invigorating the sector and commentators expecting this trend to continue in the medium term.

ApexHi Properties is up in arms over response from the MICC board to its takeover bid for MICC Property Income Fund's property portfolio.

Listed property loan stock company Redefine Income Fund reported solid financial results yesterday, announcing a 7,56% increase in distributions to unitholders for the year ended August .

Rival offer to Vukile may be attractive

It is believed that most analysts prefer internal management structures because objectives are more aligned with unitholders' interests