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INVESTEC Australia Property Fund (IAPF) has bolstered its industrial portfolio, after acquiring a warehouse on the outer fringe of Brisbane for $18.15 million.
Located in Larapinta, the debt-funded acquisition propels the fund's total value to $379.45 million and gearing to 33 per cent.
The property is 100 per cent leased through until December 2021 to Coil Steels Pty Ltd, which forms part of the Kanji Group. The family-run building materials business owns several successful subsidiaries across Australia.
IAPF CEO Graeme Katz says the investment demonstrates the fund's commitment to building a diverse portfolio of assets.
"The acquisition is the eighth property acquired by the fund since our rights issue late last year, reflecting management's ability to unlock off-market transactions in a very competitive market," Katz says.
"We believe the addition of the Larapinta property to the fund's portfolio aligns well with our strategy of investing in well-located assets underpinned by long-term leases."
The suburb is considered to be a premier southern industrial precinct of Brisbane, with other tenants including Woolworths, Toll, BP and Toyota.
The site spans 21,930sqm with warehouse space and associated office.
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