Investec make strategic acquisitions and Placement

Company News

by Rachael Jones

The newly listed Investec Australia Property Fund (ASX:IAP) is seeking a fully underwritten institutional placement to raise approximately $84 million at an issue price of AUD1.52 per unit.

It’s to fund the Acquisitions and part of the associated transaction costs

The company has also acquired a portfolio of three industrial properties from Charter Hall Prime Industrial Fund for a total purchase price of $81 million with an initial yield of 7.3 per cent.

The properties are in Western Australia, South Australia and Northern Territory and leased to agribusinesses Milne Feeds and Australian Wool Handlers and road and freight business Northline.

Shares in Investec Australia Property Fund (ASX:IAP) last traded at $1.58.

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.