Last year more money about R4,5bn was invested into real estate funds, than into equity R4bn unit trusts, there are now 22 real estate funds for just 19 shares in the sector.

The ups and downs in property shares look quite restrained compared with the equity market. In 2008, the property unit trusts (PUTs) had a negative return of 9,7% compared with a 23,2% decline in the all share index. The recovery was also less dramatic, with a total return of 18,7% in PUTs compared with a 32,1% return from equities in 2009.

Some listed property funds with investments in other listed property funds are selling out of their listed stocks to invest in relatively cheaper fixed properties.

Although some listed property companies have recently considered aggressively growing their portfolios through hostile takeover bids, such opportunities are limited in the medium term, property commentators say.

Listed property loan stock company's takeover bid for competitor SA Retail Properties is an attractive offer for unit holders.

The time may be ripe for further consolidation in the listed property sector, commentators say.

Listed property unit trust Martprop Property Fund announced interim distributions on Friday that were below the listed property sector average.

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.

Stanlib has closed its multi manager property fund to new investments, saying its assets have reached R1,2bn in just more than two years, which is close to the 'optimal size of a local portfolio'

Resilient Property Income Fund yesterday announced a 7,2% rise in its distributions to unitholders for the year ended December last year, compared with the previous year's annualised results.