INVESTEC SECURES BRISBANE WAREHOUSE

INVESTEC SECURES BRISBANE WAREHOUSE

INVESTEC Australia Property Fund (IAPF) has bolstered its industrial portfolio, after acquiring a warehouse on the outer fringe of Brisbane for $18.15 million.

Located in Larapinta, the debt-funded acquisition propels the fund's total value to $379.45 million and gearing to 33 per cent.

The property is 100 per cent leased through until December 2021 to Coil Steels Pty Ltd, which forms part of the Kanji Group. The family-run building materials business owns several successful subsidiaries across Australia.

IAPF CEO Graeme Katz says the investment demonstrates the fund's commitment to building a diverse portfolio of assets.

"The acquisition is the eighth property acquired by the fund since our rights issue late last year, reflecting management's ability to unlock off-market transactions in a very competitive market," Katz says.

"We believe the addition of the Larapinta property to the fund's portfolio aligns well with our strategy of investing in well-located assets underpinned by long-term leases."

The suburb is considered to be a premier southern industrial precinct of Brisbane, with other tenants including Woolworths, Toll, BP and Toyota.

The site spans 21,930sqm with warehouse space and associated office.

 

Help us deliver quality journalism to you.
As a free and independent news site providing daily updates
during a period of unprecedented challenges for businesses everywhere
we call on your support

Crypto staking: a new way to earn passive income
Partner Content
You may be familiar with traditional ways of earning passive income such as trading sto...
Etoro
Advertisement

Related Stories

‘Devastated’ boss of collapsed Pivotal Homes warns that risk has swung against builders

‘Devastated’ boss of collapsed Pivotal Homes warns that risk has swung against builders

The devastated boss of collapsed Gold Coast homebuilder Pivotal Hom...

EVENT to hit divestment target once $75m Rydges North Sydney sale completes

EVENT to hit divestment target once $75m Rydges North Sydney sale completes

Entertainment and leisure services provider EVENT Hospitality &...

St Baker affirms commitment to Novonix as he exits board to focus on new fund

St Baker affirms commitment to Novonix as he exits board to focus on new fund

Rich lister and power industry titan Trevor St Baker, the largest i...

Microba strikes up partnership with Midnight Health to deliver personalised health services

Microba strikes up partnership with Midnight Health to deliver personalised health services

After making its debut on the ASX in April, biotech company Microba...