Investec Australia Property Fund acquires office building in Brisbane

Investec Australia Property Fund CEO, Graeme Katz, said yesterday that this acquisition was consistent with the fund’s strategy of investing in high quality office assets that were well located in metropolitan areas

Investec Australia Property Fund (IAPF) on Thursday said it had acquired an A-grade commercial office building in the Garden City Office Park, 15km south of Brisbane’s CBD for AUD $20.95 million (R201.5 million).

Investec Australia Property Fund CEO, Graeme Katz, said yesterday that this acquisition was consistent with the fund’s strategy of investing in high quality office assets that were well located in metropolitan areas

The building, situated in one of Queensland’s fastest-growing precincts, was purchased from one of Brisbane’s most highly regarded office developers who has a longstanding association with Investec and its management.  

The property has a high parking ratio and the net lettable area of 3,568 square metres is 100% occupied by quality tenants, including Healthscope Australia's largest healthcare provider, on medium to long term leases with contracted rental growth of approximately 3%.

The commercial office building will be added to the Investec Australia Property Fund portfolio, marking the first purchase since it listed on the Johannesburg Stock Exchange (JSE) late last year.

On listing, IAPF had a mix of six high quality logistics properties and two A-grade office buildings, located in established commercial precincts within major metropolitan areas such as Melbourne, Canberra, Brisbane and Adelaide.

The shares closed 4.08 percent up at R11.53.