Investa Office Fund (ASX:IOF) today releases its financial results for the year ended 30 June 2013.
Summary of operations
Principal activity
The principal activity of the Trusts is to own investment grade office buildings, generating rental and other property income. These properties are either owned directly or indirectly through the ownership of interests in unlisted entities.
There was no significant change in the nature of either Trust’s activities during the year.
Property portfolio
At 30 June 2013 the Group held twenty investments located in Australia and had exchanged contracts for 99 Walker St, North Sydney. It also held two investments located in Europe as at 30 June 2013. By value and including 99 Walker St, North Sydney the Australian portfolio represents 88% of the Group’s total investment portfolio while the European portfolio represents 12%. On the same basis, the total net lettable area of the Australian and European portfolio is 369,188sqm and 133,057sqm respectively.
The Group has a stated aim of selling all of its foreign assets and redeploying that capital into an appropriately diversified portfolio of quality Australian assets that will deliver high risk-adjusted returns.
All properties located in the United States of America were sold in the prior year ending 30 June 2012.
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