ApexHi has purchased the 11,000m2 Game Gardens retail development in George for R87,5-million at an initial yield before gearing of 10,27%. At the same time, ApexHi has sold its Rivonia Square shopping centre to Sharemax for R196-million at an 8,2% yield

ApexHi Properties Limited has spent R225-million on refurbishments in the year to end June 2007, and a further R226,5-million has been approved for refurbishments during 2008

ApexHi Properties Limited concluded 1,400 leases worth more than R1,4-billion in the 12 months to end June 2007

Statements by ApexHi management last week would suggest the fund's flirtations with the residential rental market should be taken seriously. "We certainly see it as an interesting part of our business," says ApexHi MD David Rice. "It's not an easy sector to bulk up, but if we could find more [suitable stock] we would do more."

Specialist consultants, refurbishments and tenant training aim to increase yields.

ApexHi Properties Limited and Isivuno Apex Properties have further strengthened their partnership by agreeing that Isivuno Apex Properties will handle all government leasing activity in the ApexHi property portfolio on a national basis.

Listed property loan stock company ApexHi Properties says the responsibilities of its empowerment partner, Isivuno Apex, have been expanded to include handling the leases of all its government-tenanted buildings. The role of Isivuno, which was formed in August last year and is 100% owned by property player Dumisani Mene, was initially to manage a R500m property portfolio owned by ApexHi in Pretoria. By managing this specific portfolio, Isivuno was to handle all lease negotiations with government tenants.

APEXHI Properties yesterday announced another empowerment transaction that will see a black-owned and managed company administering and managing a R400m office portfolio belonging to the listed property loan stock company.

ApexHi Properties Limited has concluded leasing deals valued at R1-billion, covering a total of 460,000m² of space, in the twelve months to end June 2006.

David Rice and Rael Abromowitz to join ApexHi team