Government-owned pension fund manager Public Investment Corporation (PIC) is expected to shake things up a tad in the listed property sector following its surprise takeover bid for Cape-based loan stock company CBS Property Portfolio

Close to an investment crisis - that's the effect on the property sector of the Public Investment Corp 's (PIC) R2,3bn purchase of listed fund CBS.

A bid by Redefine Income Fund to acquire CBS has been the source of market speculation for some time

Leading listed retail property fund Hyprop Investments has again outperformed previous distribution growth with its record distribution to unit holders of 225 cents per combined unit for the year to December 2006, up 18,4%.  This marks the fund’s third consecutive year of incremental growth in distributions.  A significant increase in the value of its portfolio saw pre-tax net asset value per combined unit rise 34% to R39,63.

Hyprop has elected to dispose of its units in fellow listed property fund - SA Retail Properties - to the Public Investment Corporation

Aim is to achieve a wider spread of investments