Investec Australia Property Fund: Brisbane buy to boost portfolio

Investec Australia Property Fund has purchased an A-grade commercial office building in the Garden City Office Park, 15km south of Brisbane’s city centre, for A$20.95 million (R201.3m). The building, situated in one of Queensland’s fastest-growing precincts, was purchased from one of Brisbane’s most highly regarded office developers, which has a long-standing association with Investec and its management. Graeme Katz, the fund’s chief executive, said yesterday that this acquisition was consistent with the fund’s strategy of investing in high quality office assets that were well located in metropolitan areas. The commercial office building will be added to the Investec Australia Property Fund portfolio, marking the first purchase since it listed on the JSE late last year. The shares closed 4.08 percent up at R11.53. – Roy Cokayne