Listed property unit trust Martprop Property Fund said on Friday that its acquisition of 14 properties worth R318m would boost its property portfolio and earnings.

Martprop, which has a strong industrial property focus, said the properties would be transferred to the fund over the next three months.

MD Roger Perkin said the properties were "well-let modern buildings" located in "growth nodes".

Perkin said most of the acquisitions were made at yields of more than 10,25%.

The fund said two Johannesburg warehousing properties, in Jet Park and Meadowdale, and an Illovo office property, Turner and Townsend House, had been transferred.

The rest of the acquisitions include a warehouse, three retail centres and a portfolio of seven office buildings.

Angelique de Rauville, MD of Investec Listed Property Investments, said the yield of 10,25% was "very attractive in the current property market, given the overall quality of the portfolio".

She said the acquisitions were in line with Martprop's strategy of continuing to "diversify beyond industrial properties".

De Rauville said the acquisitions also furthered Martprop's strategy of aggressively growing its portfolio.

"We know Martprop's objective is to become one of the biggest market cap stocks in the South African real estate sector, and this would be in line with that strategy."

Business Day