ApexHi Properties Limited unit holders today voted in favour of the proposed new C unit, which paves the way for a BEE transaction that will see 10% of the voting rights in ApexHi held by Clearwater Capital and a broad-based BEE ownership scheme.

Listed property loan stock company ApexHi Properties announced yesterday that its distributions to its "B" unitholders had increased 9% to 120,5c, making its year to June results the strongest in its four-year history.

Listed property fund ApexHi Properties has made an offer to acquire the property portfolio owned by Prima Property Trust for R1-bn.

ApexHi has announced its third quarter distribution of 56 cents per combined unit for the period 1 January 2005 to 31 March 2005.

ApexHi Properties Limited has continued to maintain high trading volumes, with more than 45% of its units in issue trading in the nine months ended 31 March 2005.

Growth in distributions, decrease in vacancies and revaluation of assets

Listed property loan stock company ApexHi Properties yesterday reported solid results for the six months to December, saying these followed an "active period of acquisitions, disposals, significant leasing deals and high trading volumes".

Investors who purchased ApexHi units in March 2001 have realised a total return on investment of 172,5% for the 46 month period to end December 2004.

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.

Move is revenue-enhancing and a step towards acquiring MICC properties