Investec Property Fund concludes 60 000m² Industrial space lease
The leases have three to ten year tenures with high quality tenants and a total income value of R176 million including a ten year lease with Afrox at Investec Property Fund’s prime Alrode Multi Park.
Evidence of the ongoing demand for industrial space is a 60,000m² lease for premises secured over the last three months in Gauteng in a transaction concluded by Investec Property Fund.
The leases have three to ten year tenures with high quality tenants and a total income value of R176 million including a ten year lease with Afrox at IPF’s prime Alrode Multi Park.
This development bodes well for IPF, particularly in the context of the prevailing tough operating environment. IPF said that these lettings bring its industrial portfolio to 96,1% let of the current total area of 350,000m2.
The Fund attributes successful letting in this climate to a focused and experienced asset management team, well maintained properties, competitive rentals and good relationships with letting brokers. In addition, IPF’s industrial portfolio comprises well located and good quality mature warehousing, factors which are especially attractive to tenants in a climate where overheads are becoming increasingly important.
Recently in August, the JSE-Listed Investec Property Fund said it had entered into agreements to acquire nine properties with an aggregate value of R452, 9 million, expanding the portfolio and bringing the total value of properties in the Fund to R4,9 billion.
The nine properties include seven retail, one office and one industrial property.
In May the Fund announced a strong set of results for the year ended 31 March 2013, with distribution of 53.16 cents per linked unit, up 7.9% compared to the previous half year.
