LOGISTICS SECTOR
Investec Property Fund makes foray into Europe with R1bn buy
Investec Property Fund (IPF) has clinched a European acquisition worth more than R1bn, its first foray on the continent since it listed in 2011. IPF, through its wholly owned subsidiary Investec Property Fund Offshore Investments, will acquire a 42.9% interest in a portfolio of 22 logistics properties located in Europe through an equity investment, including all transaction costs, of €74.2m (R1.13bn). The asset value of the entire initial portfolio of properties was €423m (R6.42bn), which equated to an unlevered net income yield of 6%. The fund’s initial investment yield is about 10.5%. IPF would invest alongside a consortium of funds and other limited partners segregated mandates which were managed by Ares Management. IPF was investing into a platform providing access to core logistics markets across Europe, with the initial portfolio located in Germany, France, the Netherlands, Spain, Italy and Poland. CEO Nick Riley said investing in the platform was one of the most important mov...
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