Investment: Investec’s new fund beats peers

The Investec Australia Property Fund, which listed on the JSE in October, yesterday reported a maiden distribution of 3.42c a unit for the year to March to exceed the forecast in its prelisting statement. The fund offers investors exposure to the direct Australian property market and to the Australian dollar. It currently comprises nine commercial and industrial properties in Australia with a total gross lettable area of 54 249 square metres independently valued at A$154 million (about R1 billion). Graeme Katz, the fund’s chief executive, said it had delivered unitholders a total return in South African rand of 26 percent since listing to outperform its peers in South Africa and Australia. He said the fund’s results reinforced its strategy of investing in high-quality properties situated in key metropolitan areas. – Roy Cokayne