Investec Australia Property Fund: JSE listing offers foreign asset access

Investec Australia Property Fund, a real estate investment trust (Reit) with a mix of industrial and commercial assets across Australia valued at R1.2 billion, listed on the JSE’s main board yesterday. It is the second property fund to list on the JSE under the Reit structure. The listing follows the closure of the fund’s private placing on October 10, which was significantly oversubscribed. Investec Property Fund non-executive director Sam Leon said the fund’s objective was to invest in high-quality, sustainable and well-diversified property in Australia. JSE director of issuer and investor relations Zeona Jacobs welcomed the listing and said it gave South African investors the opportunity to further diversify through offshore property exposure. Shares started trade at R10.99 and fell 7.1 percent to close at R10.21. – Roy Cokayne