Investec seals property deal

Investec Property Fund’s recent acquisition of a 26-property portfolio from Zenprop nearly doubles its asset base.

Investec Property Fund’s recent acquisition of a 26-property portfolio from Zenprop nearly doubles its asset base, writes Alistair Anderson.

The R7.1bn deal also places it in the top 10 biggest real estate investment trusts by market capitalisation.

Investec Property Fund CEO Nick Riley said the deal took about two months to complete and that it was a “game changer” for the fund. “I am happy that we managed to pull this off this quickly,” he said.

The portfolio includes 12 office properties, 11 industrial properties and three retail properties at a blended yield of 7.5%.