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Investec Property Fund acquires 17 properties

18 Oct 2013

Investec Property Fund (IPF) has acquired a portfolio of office buildings located in office parks in the commercial nodes of Bryanston; Lynwood Road, Pretoria; Constantia Kloof, Roodepoort and the Tyger Valley node in Cape Town and two industrial properties located in Linbro Park, Sandton and Silverton, Pretoria. The 17 properties were acquired for an aggregate consideration of R571,570,319.

Investec Johannesburg office.

Image: Investec website

The portfolio is multi tenanted, 98.2% let, with medium to long dated leases in place. Clover is the dominant tenant in the portfolio, contributing approximately 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, Sam Leon CEO of the Investec Property Fund said, "We are pleased with these acquisitions, particularly the offices which are all located in desirable office parks in prime areas with a wide geographic spread."

IPF has also announced the investment of R235 million, equating to 4.2% of its asset base, into Investec Australia Property Fund, an Australian-domiciled real estate investment trust that will debut on the JSE on 24 October 2013. 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.