Investec Australia Property Fund lists on the ASX, raises R1.6bn

Investec Australia Property Fund [JSE:IAP] has listed on the Australian Securities Exchange (ASX) following its recent successful capital raising.

The Fund, which has grown its portfolio 8.2 times since listing on the JSE in October 2013, raised a total of R1.6 billion (AUD 161 million) through the issue of 76.9 million new units and the sale of 45 million units owned by Investec Property Fund.

Closing the day 9% higher at AUD 1.44 per unit, IAPF’s trading performance reflects the market’s appetite for high quality office and industrial assets managed by an experienced team with a track record of delivering on its strategy. 

It also represents a significant premium to where the units were trading when the proposed ASX listing was formally announced in August 2018.

Commenting on the successful ASX listing, IAPF CEO Graeme Katz said: “The ASX listing marks the next step in a journey that began five and a half years ago when IAPF listed on the JSE. 

IAPF’s strategy of value investing and active asset management has clearly resonated with institutional and retail investors that participated in the offer, which was significantly oversubscribed and priced above the minimum subscription price at AUD 1.32. Having access to two capital markets will set the Fund up for future growth so that it can continue to deliver on its strategy”.