CAPE TOWN – Investec Australia Property Fund (IAP) reported an interim distribution of A$3.20 (R32.01) per unit, pre-withholding tax, for the five months to September 30, 2019, in its maiden results since listing on the Australian Stock Exchange in May.
Funds from operations for the full reporting period of April 1 to September 30 were A$4.98 per unit. IAP is dual-listed in Australia and on the JSE.
IAP chief executive Graeme Katz said yesterday that the fund had delivered a “pleasing result” due to the “continued strong underlying performance of the property portfolio”.
The fund also raised A$161 milllion in conjunction with the listing through the issue of new units and the sale of existing units owned by a large unit holder at a subscription price of A$1.32 a unit, above the minimum subscription price and the fund’s net asset value at the time of A$1.30 a unit.
In September, an institutional placement raised a further A$84m at A$1.52 a unit. Proceeds were used to acquire three industrial properties valued at A$81m, which increased the fund’s industrial exposure from 23 percent to 27 percent.