BEDDING DOWN ACQUISITIONS
Distributions rise for Investec property unit
Investec Property Fund (IPF) managed to meet market expectations, achieving distribution growth of 2.2% in the six months to September, while it bedded down the acquisitions it made a year before. During the period, the group consolidated its R7.1bn property portfolio acquisition from Zenprop, which had a dilutionary effect on its distribution. The group also bedded down an industrial portfolio worth R826m that it bought from Griffin Holdings. IPF achieved like-for-like net property income growth of 9.1%. "The positive growth of the fund is exceptionally pleasing, especially during a period in which our focus was on consolidating the Zenprop and Griffin acquisitions into our management and reporting platforms," CEO Nick Riley said. IPF would look to make acquisitions in the next six months of its 2017 financial year but currently market conditions were making corporate activity challenging. "Buyers’ and sellers’ expectations of prices for certain assets have been different. We are l...
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