Investec Australia Property Fund: Properties acquired for A$26.85m

INVESTEC Australia Property Fund has acquired two properties in New South Wales for a total of A$26.85 million (R252m). It has acquired a property located at 165 Newton Road in Wetherill Park in Sydney and another property located at 24 Spit Island Close in Newcastle. The acquisitions of the Wetherill Park and the Newcastle properties are inter-conditional. The effective date of the acquisition is expected to be December 10. The total purchase consideration and all transaction costs will be funded through the fund’s existing debt facility with Westpac Banking Corporation. Investec Australia Property Fund said the acquisition was consistent with the fund’s strategy of investing in well-located, high-quality assets, adding it was actively seeking opportunities to grow and diversify its asset base, enhance unitholder value and contribute to sustainable income growth. – Roy Cokayne