Investec Property acquires 22 properties for R826m
JSE-listed Investec Property Fund is preparing to snap up 22 properties with a combined gross lettable area (GLA) of 113 412 m2 from Griffin Holdings for R826-million to bolster its existing industrial portfolio by a GLA of 88 351 m2.
The deal, at a blended yield of 9.3% based on contractual rentals and an implied yield of 8.6% excluding a portion of the contractual rentals, would increase the fund’s assets to R9.5-billion and provided further scale and diversification to the fund.
The acquisition was in line with Investec’s growth and investment strategy of “building a quality portfolio by investing in well-priced income-producing properties that optimise capital and income returns over the medium to long-term for shareholders”, the company explained in an update to shareholders on Friday.
The portfolio has contractual in force escalations of 8.6%, a 3.2-year weighted average lease expiry and no vacancies.
As part of the agreement, Investec also held the option and rights of first refusal over 156 184 m2 of Griffin’s remaining land and properties, providing Investec with an “attractive opportunity” to acquire further quality properties.
The newly acquired property portfolio comprised 18 industrial properties, with an 80% base of national and multinational tenants, two office properties, based in Midrand and Randburg, with a GLA of 9 143 m2, and two motor dealerships, in Longmeadow and Midrand, with a GLA of 15 918 m2.
There were two industrial properties based in Longmeadow, eight in Spartan, three in Isando and one property each in Linbro Park, Epping, Pomona, Germiston and Milnerton.
The acquisition remained subject to conditions, including competition authority approvals.
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