INVESTEC ACQUIRES $65M VALLEY PROPERTY
Written on the 22 July 2014 by Paris Faint
INVESTEC Australia Property Fund (IAPF) has taken its portfolio to $250 million following the latest acquisition of a $65.5 million office complex in Fortitude Valley.
Located at 757 Ann Street, the property has attracted major tenants including a ten year contract with Ventyx and five year contract with Corporate House Services.
IAPF CEO Graeme Katz says this is the third acquisition made within the last year, further diversifying the company’s assets and capabilities.
“This major addition to the [IAPF] is a value accretive transaction secured on attractive terms representing an initial yield of 8.35%,” says Katz
“It aligns well with our aim to grow the asset base by investing in high-quality properties situated in key metropolitan areas.”
Since listing in South Africa in late 2013, IAPF has experienced an asset growth of 86 per cent, expanding the portfolio to include six industrial and five office properties situated within commercial metropolitan areas.
Author: Paris Faint