Australia's robust economy and the relatively healthy returns from its commercial property market are proving a powerful lure for South Africa's major property investors.
The latest bid from across the Indian Ocean for a piece of the Australian real estate pie is a $230 million proposal to privatise Australian Industrial REIT by Johannesburg-listed Redefine Properties and The Pivotal Fund. 
Redefine, a $5.7 billion company, is no stranger to the local market, already owning more than a quarter of the register of Brisbane-based listed fund manager Cromwell Property Group.
It is not alone. Growthpoint Properties Australia is majority owned by listed South African Growthpoint Properties.
Elsewhere in the local market, Abacus Property Group, headed by Frank Wolf, has substantial investment from South African billionaire Nathan Kirsch.
And, along with the current offer - though still indicative and non-binding - for the $229 million Australian Industrial REIT, there may well be more investment yet to come from South Africa into the local market.
Late last year more than 20 fund managers, including South Africa's Public Investment Corporation, a sovereign investment manager with $140 billion in funds under management, toured Australia.
The group, organised by Growthpoint Properties Australia, included Coronation Fund Managers, Prudential, and Investec Asset Management.
Growthpoint's Australian chief Tim Collyer said the South African interest emerged during the global financial crisis.
"Since that time they've seen the attractiveness of the market, the yields, the transparency of the economy, the growth," he told The Australian Financial Review at the time.
"It's a developed market so they are getting diversification. In that period, the rand has depreciated significantly so they were provided a large capital gain on the currency as well."