It has achieved this through the issuing by iFour of 49.9 million new linked units worth just under R250 million, in return for a portfolio of 25 commercial, office and retail properties acquired from Pangbourne.

This transaction was one of several with a number of vendors for the acquisition of 53 commercial and retail properties valued at R742 million that have boosted the value of iFour's portfolio to R1.4 billion.

In March this year Pangbourne acquired a 34 percent stake in iFour, in a deal valued at R102.1 million.

In terms of the Securities Regulation Panel (SRP) code on mergers and acquisitions, Pangbourne has now acquired control of iFour.

In addition, as Pangbourne's stake has exceeded 35 percent of the iFour linked units now in issue, the acquisition constitutes an affected transaction in terms of the SRP code.

This would normally oblige Pangbourne to make a mandatory offer to iFour minorities.

However, iFour said yesterday the SRP had indicated that Pangbourne's obligation to make this offer would be conditionally suspended for 12 months.

Anthony Diepenbroek, the chief executive of iFour, said the acquisitions were in line with its strategy to "bulk up" the value of its portfolio to R2 billion and increase its market capitalisation. It had boosted iFour's portfolio to 100 properties.

Diepenbroek said the acquisitions included prime properties such as the Namitech and Siemens buildings in Linbro Park; Protea Hotel in Midrand; Hi Fi Corporation in Longmeadow; the Crossroad and Grand Central Plaza retail centres and offices in the Fourways Golf Park; and Eli Lilly Offices in Bryanston.

He said Absa was financing the debt portion of the acquisitions and had agreed to subscribe for linked units to the value of R60 million.

"The acquisitions will bring numerous benefits for iFour, including improved investor and analyst awareness, improved liquidity, improved rating of share price and negotiating power in relation to new acquisitions and future debt, while also improving economies of scale in relation to operating costs," he said.

Diepenbroek added that the acquisition of the new properties increased the portfolio's weighting towards commercial warehousing and distribution sites, which was in line with iFour's stated intention of reducing its focus on office accommodation.

"iFour's strategy is to hold a quality diversified portfolio of properties, while taking cognisance of market sentiment regarding the current oversupply of office accommodation."

Diepenbroek said the geographic distribution of the portfolio after the acquisition remained primarily weighted towards Gauteng, with 74 percent of the portfolio. iFour had entered Mpumalanga for the first time and had strengthened its KwaZulu-Natal share from 4 percent to 8 percent of its portfolio.