South African fund expands Australian portfolio
South African investment vehicle, the Investec Australian Property Fund (IAPF), has made its first move into the NSW office market, picking up a Sydney office block for $38.9 million.
The IAPF, has previous purchased warehouse facilities in Newcastle, Melbourne and Brisbane, announced its acquisition of a 11,610 m2 office building in Baulkham Hills, 36km from Sydney's CBD.
The property has an occupancy rate of 85 per cent with an annualised yield of 9.46 per cent on a fully leased basis, IAPF chief executive, Graeme Katz said.
"We are pleased to make the first office acquisition for the Fund in Sydney," he said.
"Confidence appears to be growing in the NSW economy and the acquisition increases the Fund's overall exposure to this market.
"Again, the acquisition aligns well with the Fund's strategy of investing in well-located, high quality assets."
AUTHOR
Nicholas O'Donoghue
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