Investec Property Fund’s (IPF) share price hasn’t exactly shot the lights out in recent years. In the two years to July 12 the stock is down about 6%. But the counter has probably been overly punished following the dilutive R7.1bn Zenprop deal that was announced in late 2015.

The transaction, one of the largest concluded by a listed property fund in 2015-2016, nearly doubled IPF’s portfolio at the time, taking total assets from R8.7bn to R17bn. Another transaction that provided further scale was the Griffin deal in 2015, which comprised 22 properties, mostly industrial buildings, from Griffin Holdings for R826m.

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