Investa Office Fund (‘IOF’ or ‘the Fund’) today announces an important milestone in delivering its strategy of becoming 100% Australian focused after exchanging conditional contracts to sell the Fund’s legacy investment in the Dutch Office Fund (“DOF”) to a consortium of existing DOF investors for €155 million.
Since taking over management of IOF in 2011, Investa has carried IOF’s investment in DOF at a discount to the stated DOF Net Asset Value (‘NAV’) to reflect the illiquid nature of the investment. The book value of DOF at 30 June 2013 was €182.5 million, a 15% discount to the 30 June 2013 DOF NAV. Since June, the DOF NAV has continued to decline and the sale price reflects a discount to the 30 September 2013 DOF NAV of 24%.
Toby Phelps, IOF Fund Manager said: “Following a comprehensive marketing campaign, we’re pleased to have completed the sale of our largest offshore exposure. This is a significant milestone in the delivery of our strategy of having a 100% Australian portfolio. Post this sale the Fund’s last remaining offshore investment, Bastion Tower, will comprise just 3% of the portfolio.
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