Investec Property Fund

Investec Property Fund

Investec Property Fund

Investec Property Fund Limited (IPF) is a South African Real Estate Investment Trust (REIT) which listed on the Johannesburg Stock Exchange (JSE) in 2011. The Fund’s investment portfolio comprises R27 billion of direct and indirect real estate investments in South Africa, the UK and Europe.
 
In South Africa, the Fund directly owns a sizeable portfolio of 92 properties in the retail, industrial and office sectors valued at R15.7 billion and a 35% interest in Izandla valued at R0.3 billion. c.50% of the Fund’s balance sheet and 45% of earnings are derived from offshore investments. This comprises strategic property investments, mainly in logistics, in the developed markets of Europe and the UK where the Manager has a presence on-the-ground with in-country expertise. These investments include an interest in Argo UK Fund (“UK Fund”) of R1.0bn, an investment into a Pan-European logistics portfolio of R6.8bn and an investment into a Pan-European light industrial portfolio of R0.3bn.
 

The Fund’s best of breed portfolio has been built based on adhering to its investment philosophy of acquiring quality assets with compelling property fundamentals in targeted sectors in selected geographies where it has in-country expertise. More recently, the Fund has strategically shifted its focus towards the logistics sector, as a result of which, logistics assets now comprise 46% of IPF’s investments globally.
 
IPF is a company incorporated in South Africa with registration
number 2008/011366/06, listed in the Real Estate Holdings and Development sector and obtained REIT status on 1 April 2013.   

Diversification across core developed markets.

IPF’s diversified balance sheet, with investments in developed markets offshore as well as a quality local portfolio, has allowed the Fund to generate returns throughout the cycles and enables it to deliver on its objective to optimise capital and income returns over time for shareholders.    

SA properties UK Fund Izandla investment Pan-European logistics platform Pan-European light industrial platform
Number of properties 92 14 15 47 25
GLA 1,111,190 m 2 113,409 m 2 83,343 m 2 1,131,730 m 2 164,000 m 2
Value R15.7bn £267m R748m €987m €126m
Holding 100.0% 38.0% 35.0% 65.0% 25.0%
Fund Performance

Performance

Strong performance considering the challenging operating environment. IPF delivered 1.3% year-on-year growth in base net property income for the six months ended 30 September 2019. Net asset value per share grew by 1.5% while vacancy ticked up marginally to 3.9% from 2.4% in March 2019. A final distribution of 70.93 cents per share for the period was declared, resulting in year on year distribution growth of 3.1%.

3

.0

%

Growth in earnings available for distribution

11

.5

%

Increase in net asset value (NAV)

3

.5

%

Vacancy (Sep 2019: 3.9%)

47

.5

%

Gearing (Sep 2019: 37.3%)

Pan European real estate logistics portfolio

The Pan European logistics platform consists of 47 logistics properties, valued at c. €985m with a total GLA of over 1.1 million square meters across France, Germany, Italy, Poland, Spain, Netherlands and Belgium. The portfolio is managed by an experienced on-the-ground team with in-country expertise.

The Pan European logistics platform consists of 47 logistics properties, valued at c. €985m with a total GLA of over 1.1 million square meters across France, Germany, Italy, Poland, Spain, Netherlands and Belgium. The portfolio is managed by an experienced on-the-ground team with in-country expertise.

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