It debuted with an initial listing yield of 15% at an issue price of 500c a linked unit.

iFour MD Anthony Diepenbroek said the lack of trade in the units was due to the delay in the dematerialisation of the company's shares, and he expects trade to pick up in the next few days.

The company brings 58-million units of a R730m property portfolio into the market. The portfolio, which reflects 60% bias to the office market, is 56% geared.

Diepenbroek said the decision to go ahead with the listing at a time of perceived low market confidence 'was a case of having the courage of our convictions'.

He said property was a long-term investment and as such has delivered good value over the years despite short-term fluctuations in interest rates.

He also said there was growing consensus among international investment advisers that property should account for 10% to 20% in any investment strategy. 'From that perspective, timing plays only a minor role,' said Diepenbroek.

The iFour portfolio is made up of 48 investment-grade commercial, retail and industrial properties in popular nodes across the country.

About 80% of the properties are in Gauteng, 11% in Western Cape, 3% in KwaZulu-Natal and a small portion in Free State.

The portfolio features popular developments like the Mettle and IQ offices in Illovo Boulevard of northern Johannesburg, Fourways Office Park and Culemborg Motor City in Cape Town.

'We believe the portfolio is underweight in warehousing and distribution, and we have an undertaking to purchase additional retail properties,' said Diepenbroek.

He said with a large spread of unit holders, including 1400 iProp shareholders who received iFour linked units as part payment for the portfolio, the units were expected to be highly tradeable, opening the way for new investors to enter the sector.

Business Day