CAPE TOWN – Investec Australia Property Fund has bought three industrial properties for A$54 million (R557.8m), which it funded through a capital raising that closed on Thursday.
Investec Asset Management Property Fund had a diversified commercial portfolio of 28 properties worth A$1.06 billion as at March 31, according to the group’s website.
It bought the Welshpool Property for A$26.5m from Bieson for an initial yield of 6.6 percent, the group said in a statement.
The Gillman Property was bought for A$25.5m at a yield of 6.8 percent.
The East Arm Property was acquired for A$29m, also from Biesen, at an initial yield of 8.4 percent.