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 investment portfolio is made up of direct and indirect real estate investments in South Africa, Australia, the UK and Europe. The direct investments comprise 99 properties in South Africa, with a total gross lettable area (GLA) of 1,191,375m² valued at R17.3bn.
 
IPF’s local investment portfolio consists of a R0.2bn investment in Izandla Property Fund (Pty) Limited (Izandla Property Fund).
 
In 2016 IPF embarked on an offshore investment strategy to introduce geographic diversification and exposure to quality real estate in developed markets. IPF’s offshore investments now include Investec Australia Property Fund (IAPF) of R0.9bn, an interest in Argo UK Fund (“UK Fund”) of R 0.7bn, an investment into a Pan-European logistics portfolio of R2.3bn and a recent investment into a Pan-European light industrial portfolio of R0.2bn.
 
IPF’s objective is to optimise capital and income returns over time for shareholders. We do this by investing in well-priced, income-producing properties in the office, industrial and retail sectors.
 
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 into three developed markets offshore as well as a quality local investment and direct real estate portfolio, ensures IPF delivers on its objective to optimise capital and income returns over time for shareholders.   

SA properties IAPF investment UK Fund Izandla investment Pan-European logistics platform Pan-European light industrial platform
Number of properties 99 31 13 15 45 26
GLA 1,191,375 m 2 343,000 m 2 100,840 m 2 88,343 m 2 1,035,470 m 2 164,043 m 2
Value R17.3bn AUD 1,180m £254.1m R764.5m €671m €126m
Holding 100% 9.0% 32.5% 35.0% 42.9% 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

.1

%

Distribution growth

1

.5

%

Increase in net asset value (NAV)

3

.9

%

Vacancy (March 2019: 2.4%)

37

.3

%

Gearing

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