Investec Property Fund lifts annual dividend 8.5%
IPF's chief acknowledges some weaknesses within results, but says these are under control
Investec Property Fund (IPF) is making its first foray into Europe to diversify its portfolio against risks in a slowly recovering South African market. The fund acquired a 42.9% interest in a portfolio of 22 logistics properties located across Europe for an initial equity investment, inclusive of all transaction costs, of €74.2m. IPF has effectively invested into a platform providing access to core logistics markets across Europe, with the initial portfolio located across Germany, France, Netherlands, Spain, Italy and Poland. IPF’s initial investment yield in the acquisition is about 10.5%. The real estate investment trust (Reit), which owns assets worth R19.2bn, grew its total dividend 8.5% to 138.53c a share in the financial year to March, results showed on Tuesday. This was well above those of many other South African Reits, which on average grew their dividends 3%-5% in the current reporting season. An interim dividend of 70.16c per share for the six months ended March 2018 was...
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