Investec Property Fund acquires portfolio valued at nearly R600m

Investec Property Fund (IPF) has announced the acquisition of a new portfolio of 17 properties for an aggregate consideration of R571.6m.

The portfolio comprises quality office buildings located in office parks in the strong commercial nodes of Bryanston; Lynwood Road‚ Pretoria; Constantia Kloof‚ Roodepoort; and the Tyger Valley node in Cape Town’s northern suburbs‚ as well as two industrial properties located in the prime nodes of Linbro Park and Silverton‚ Pretoria.

The portfolio is multitenanted‚ 98.2% let‚ with medium to long-dated leases in place. Clover is the dominant tenant in the portfolio‚ contributing about 25% of the rental income while the balance of the space is occupied by tenants such as Econet Wireless‚ Tharisha Minerals‚ Capespan‚ Pepkor‚ NHBRC‚ professional firms and others.

Commenting on the acquisition‚ Investec Property Fund CEO Sam Leon said: “We are pleased with these acquisitions‚ particularly the offices which are all located in highly desirable office parks in prime areas with a wide geographic spread.”

The fund on Thursday also announced the investment of R235m‚ equating to 4.2% of its asset base‚ in Investec Australia Property Fund (IAPF)‚ an Australian-domiciled real estate investment trust that will debut on the JSE on October 24. This is a strategic investment in the oversubscribed new listing which will give the Fund direct exposure to attractive Australian property assets and the Australian dollar.

Get commercial property news by email

Free alerts when we publish — pick a focus or get everything, unsubscribe in one click. Subscribe »