Picture: ISTOCK
Picture: ISTOCK

Investec Australia Property Fund (IAPF) has acquired an industrial property in Halam, Melbourne for A$22m, at an initial yield of 6.3%.

The property comprises two separate buildings with a gross lettable area of 15,504m² split across warehouse and distribution facilities (13,584m²) and associated office accommodation (1,920m²), 80 parking bays and a site area of 32,701m².

The property is situated at 6-8 and 11 Siddons Way, Hallam, 33km southeast of the Melbourne central business district, in one of the city’s most established industrial precincts.

The property is 100% occupied by national retailer Focus on Furniture, who uses the property for its national office and main distribution warehouse. Focus on Furniture is an Australian-owned company.

IAPF is the only way SA investors can gain pure exposure to Australian real estate through the JSE.

Growthpoint Properties, Redefine Properties and Emira Property Fund provide diluted exposure to Australian property. IAPF was listed on the JSE in 2013 and is operated by Investec Property and managed by Investec Property Management.

Evan Robins, portfolio manager at Old Mutual Investment Group, said the acquisition was in line with IAPF's general acquisition strategy.

"IAP has not purchased any shopping centres in Australia, as these tend to be expensive. Management focuses on office and industrial properties in secodnary areas of the country."

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