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ApexHi sells mothballed office space in CBD for residential conversion

The purchase of the entire Prima property portfolio by ApexHi Properties Limited has been unconditionally approved by both ApexHi unit holders and Prima unit holders, as well as the Competition Tribunal.

ApexHi A and B unit investors are expected to benefit from the proposed purchase of Prima Property Trust, which will boost the company’s market cap to in excess of R5-billion, reduce vacancies, and increase the portfolio’s exposure to the buoyant retail sector.

Renewal follows successful year of leasing deals

ApexHi has grown its EC portfolio to 14 buildings with a gross lettable area of 94,129m².

Positive letting activity positions ApexHi ahead of target.

APEXHI Properties’ shift towards greater retail exposure is gaining momentum, with the listed loan stock company announcing this week that it acquired a further R96,5m worth of properties.

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.

41% of annual leasing target achieved in three months

Demand for space in provinces such as Mpumalanga help to reduce the levels of risk associated with the portfolio as a whole.