Investec acquires R623-million Australian property investment
JSE-listed Investec Australia Property Fund (IAPF) has announced its most recent acquisition: An A-grade, nine-storey office building with ground floor retail, situated in Newcastle, New South Wales. The acquisition has a price tag of some R623.45 million (Aus$56.7 million), and brings the value of the fund’s total portfolio close to R7 billion.
Graeme Katz, IAPF CEO, (pictured) has said he is pleased to acquire such a highly-regarded and hotly contested asset, adding that the acquisition aligns well to the fund's strategy of investing in well-located, high quality assets.
The property is leased to blue chip tenants including Commonwealth Bank of Australia, the Australian Taxation Office and Employers Mutual. The Newcastle A-grade office market has a vacancy rate of only 2.7%, and the building will thus be attractive to tenants looking for top notch office space.