South African property fund picks up more Aussie assets
A South African listed property fund is continuing its push into the Australian market, adding two NSW industrial properties to its portfolio of Australian assets.
The Investec Australia Property Fund (IAPF), followed up its purchase of an industrial property in Berrinba, on the outskirts of Brisbane in October, with the acquisition of two new industrial assets in Newcastle and Wetherill Park for a joint price of $26.9 million.
IAPF chief executive, Graeme Katz, said the two properties were underpinned by long-term leases to a single tenant and are expected to provide the fund with a blended yield of 7.9 per cent, with average contracted rental growth of approximately three per cent.
"We believe these latest acquisitions are consistent with the fund's strategy of investing in well-located, high quality assets," he said.
"Both properties are conveniently located in established industrial precincts and secured by strong lease covenants."
Katz said the fund would continue to "actively" seek opportunities to "grow and diversify" its portfolio, which now includes nine industrial and five office properties.
Recommended for you
Policy and advocacy specialist Benjamin Marshan has left the Council of Australian Life Insurers after less than a year, having joined in March from the Financial Planning Association of Australia.
The declining volume of risk advisers meant KPMG has found a rising lapse rate for insurance policies arranged by independent financial advisers, particularly in the TPD and death cover space.
The Life Insurance Code of Practice has transferred from the Financial Services Council to the Council of Australian Life Insurers.
The firm has announced it will no longer be writing new life insurance policies in the retail advised and corporate group insurance channels, citing a declining market and risk adviser numbers.
