Investec Property Fund to acquire nine properties for R452.9m

Investec Property Fund (IPF) has entered into an agreement to acquire nine properties from various venders for the sum of R452.9m.

The acquisitions include an industrial property in Isando‚ an office property located in Pretoria and a selection of seven retail properties located in various retail nodes across the country.

The property company said on Thursday the acquisitions were consistent with the fund’s objective to build a quality portfolio of properties with strong contractual cash flows in order to achieve value enhancement and sustainable growth in distributions to unitholders.

“The properties collectively extend the fund’s diversification into the retail‚ industrial and office sectors and the directors believe the properties offer good value and will improve the earnings and growth prospects of the fund‚” the company said.

It said the transactions would be funded with debt.

The effective transaction date of the acquisition of the retail properties and the office unit will be October 1 2013.