Apexhi on track to produce best annual results to date

The price of listed property fund ApexHi's C units are up a staggering 245% in six months. Not too shabby a return for investors who bought the stock at listing in October 2006 as a higher-risk alternative to ApexHi's existing A and B units. C units closed at 280c on listing day and touched 690c/share last Wednesday.

Clearwater Capital has increased its stake in ApexHi through the acquisition of another 30-million ApexHi C units for R138,5m

Clearwater Capital – one of the black economic empowerment unit holders in ApexHi Properties Limited - has acquired 80% of the C units held by the ApexHi BEE Trust in a transaction that sees four beneficiaries share R74,8-million profit only six months after the trust’s inception

ApexHi Properties Limited has distributed 73 cents per combined unit (A unit: 32,85 cents; B unit: 40,15 cents) for the second quarter, bringing the total combined distribution for the six months to end December 2006 to 140 cents, a 19,7% increase on the corresponding period to end December 2005.

APEXHI Properties, the second- largest property company on the JSE with a market capitalisation of R9,3bn, said yesterday it had acquired three industrial properties from Investec for R245m.

ApexHi has acquired three industrial properties from Investec for R245-million, bringing the total number of industrial properties purchased since 1 July 2006 to 10, valued at R327,5-million.

Investors who acquired ApexHi units when the company first listed its A and B unit structure in March 2001 have realised a total return of 386% for the 70 months of trading to the end of December 2006.

ApexHi Properties Limited has sold its iconic "diamond building" – 11 Diagonal Street in Newtown, Johannesburg - to Absa for R104-million.

In a surprise turn of events, ApexHi Properties’ new C units, which were introduced on to the JSE’s main board six weeks ago, have doubled in value in the first month of trading.