Investec Australia Property Fund: More details released on rights issue

INVESTEC Australia Property Fund (IAPF), which listed on the JSE in October and invests in office, industrial and retail property in Australia, yesterday announced further details about a rights issue to fund the acquisition of an office building in Brisbane for A$65.5 million (R648m). The acquisition of the 9 125m² Ann Street Property, which was completed in July and comprises 10 levels of office accommodation, two ground-level retail shops and basement parking for 45 cars, was approved by IAPF unitholders at a general meeting last Friday. The rights offer circular is still subject to JSE approval, which IAPF expects to receive today, and is scheduled to be posted to unitholders on Tuesday. The rights offer will open on October 6 and close on October 17. IAPF said previously the acquisition was consistent with its strategy of investing in high-quality office assets that were well located in major metropolitan areas. – Roy Cokayne