Investec Property Fund advances the consolidation of their portfolio through the sale of the equity interest in the Argo UK Fund

Posted On Wednesday, 10 March 2021 18:21 Published by
Rate this item
(0 votes)

Investec Property Fund announced the finalisation of the sale of their 38.04% equity interest in the UK Fund to Argo Real Estate Limited, for a cash consideration of GBP35 million.

Andrew_Wooler_IPF

Commenting on the sale, IPF joint-CEO, Andrew Wooler said, “IPF has been seeking to consolidate our portfolio over the last 24 months, recycling capital to pursue value accretive opportunities. Our stake in Argo represented an investment in a UK platform that was underpinned by good quality real estate but lacked the relevant scale in a very competitive market. Exiting our minority position will allow us to continue to de-lever the Fund’s balance sheet and create capacity to support the growth of the Pan-European logistics business.”

The sale, which is subject to the completion of a due diligence but not subject to shareholder approval, is expected to be completed before the end of March 2021. Post disposal of the UK investment, the Fund’s loan-to-value is expected to be c.39%.

“Following on from the sale of our stake in the Investec Australia Property Fund in June 2020, the sale of Argo further consolidates the Fund’s investment portfolio, enabling us to focus on our core South African and Pan-European strategies,” concluded Wooler.  

Last modified on Friday, 12 March 2021 13:19

Most Popular

Investec Property Fund launches first REIT sustainability-linked ESG bond in Africa

Apr 22, 2021
Darryl_Mayers_CEO
Investec Property Fund (‘IPF’ or ‘the Fund’) today became the first South African real…

EPP’s new app takes tenant relations to the next level

Apr 22, 2021
Tomasz_Trzósło
Johannesburg Stock Exchange listed EPP, Poland’s biggest retail landlord, continues to…

4 simple rules to getting a good credit score

Apr 21, 2021
Carl_Coetzee_BetterBond_CEO
Make buying your dream home an informed purchase by knowing your credit score.

Rethinking office space in post pandemic SA

Apr 20, 2021
90_Rivonia_results
Since the beginning of the pandemic, one of the biggest questions in real estate has been…

Still time to bond as economist says modest interest rates hike likely only in 2022

Apr 16, 2021
Carl_Coetzee_BetterBond_CEO
After the five aggressive repo rate cuts last year that dropped the prime lending rate to…

Please publish modules in offcanvas position.