Safari Investments, the Pretoria based low LSM retail property fund, today announced the receipt of a firm intention proposal from Community Property Company , an unlisted property fund in the Futuregrowth Asset Management stable, to make a R1.8 billion all cash clean offer to acquire the entire issued share capital of Safari.

Safari delivers on portfolio growth and quality: Portfolio reaches R2,6 billion in asset value .

Diversified property group Arrowhead Properties has ambitions to make sizable acquisitions in 2017.

Safari Investments, which has grown its portfolio about 30% in the year to March, says it is on track to reach its R3bn property target by the end of 2018.

Safari Investments describes its maiden full-year financial results as 'strong and steady', lifting its headline earnings per share to 54c from 30c.

Safari Investments grows its assets 31% from R1.3bn since listing in April last year to R1.7bn at the end of March.

Safari Investments expects additions to its portfolio to more than double its asset base to R3bn within three or four years.

Township-focused property developer Safari says its private placement is oversubscribed.

Safari is pleased to announce its intention to list its shares on the securities exchange operated by the JSE Limited ("JSE") as a Retail REIT on the Main Board before the end of March 2014.