THE PROPERTY HANDBOOK 2017
Investec Australia Property Fund review
The only way for SA investors to gain pure exposure to the Australian property market is via Investec Australia Property Fund (IAP), a real estate investment trust (Reit) listed on the JSE. Growthpoint Properties, Redefine Properties and Emira Property Fund provide diluted exposure to Australian property. IAP listed on the JSE in 2013 and is governed and operated by Investec Property Ltd and managed by Investec Property Management Pty Ltd.The fund pays Investec a fee for these services, calculated as a percentage of the fund value. IAP from listing was set to be acquisitive, with the help of Investec to utilise its network in Australia to find property deals. The fund has been managed to ensure it has sufficient capacity — equity or debt – to guarantee the fast and definite closure of property acquisitions. Consequently, it tends to start off from a position of low gearing, gear up and then raise equity again when it has diminished headroom. The last rights offer in February 2017 ra...
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