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INVESTEC AUSTRALIA PROPERTY FUND - Reviewed interim condensed consolidated financial results for the six months ended 30 September 2015

Release Date: 19/11/2015 08:45
Code(s): IAP     PDF:  
Wrap Text
Reviewed interim condensed consolidated financial results for the six months ended 30 September 2015

Investec Australia Property Fund
Registered in Australia in terms of ASIC (ARSN 162 067 736)
Registered in terms of the Collective Investment Schemes
Control Act No. 45 of 2003
Share code: IAP
ISIN: AU60INL00018

Reviewed interim condensed consolidated financial results
for the six months ended 30 September 2015

Highlights

Interim distribution of
4.54cpu pre WHT
growth of 12.7%

Deployment of
AUD 211mn*
since rights offer in
October 2014

Long WALE of
6.2 years
delivering sustainable
income

Gearing of
37%*
successful deployment
of rights offer capital

Maiden
distribution
re-investment plan
offered to all unitholders

Full year growth
guidance of
10% – 12%
maintained at upper end

Portfolio value of
AUD 404mn*
providing platform
for growth

Vacancy rate of
0.7%*
reduction of
vacancy in period

All-in cost of funding of
4.02%*^
82% hedged

* Includes acquisitions and disposals post balance sheet date, of AUD 26.0mn and AUD 3.8mn
  respectively.
^ Includes AUD 20.0mn forward starting swap in December 2015 (current 3.93% all in cost
  funding; 69% hedged).

All amounts are in Australian dollars unless otherwise stated.

Condensed consolidated statement of profit or loss
and other comprehensive income
For the six months ended 30 September 2015
                                                                            Reviewed       Reviewed              
                                                                         6 months to    6 months to    Audited   
                                                                        30 September   30 September   31 March   
AUD'000                                                                         2015           2014       2015   
Revenue, excluding straight-line rental revenue adjustment                    17 209          8 691     22 180   
Straight-line rental revenue adjustment                                          966            783      2 040   
Revenue                                                                       18 175          9 474     24 220   
Property expenses                                                            (2 435)        (1 197)    (2 867)   
Net property income                                                           15 740          8 277     21 353   
Fair value adjustments – investment property                                 (3 392)        (2 123)      2 051   
Other operating expenses                                                     (1 637)        (1 104)    (2 500)   
Operating profit                                                              10 711          5 050     20 904   
Finance costs                                                                (2 007)        (1 409)    (4 803)   
Finance income                                                                    31             43        195   
Other income                                                                       6              –         46   
Profit and total comprehensive income for the period                           8 741          3 684     16 342   
Cents                                                                                                            
Basic and diluted earnings per unit                                             3.54           2.74       8.84   
Headline earnings per unit                                                      4.92           4.31       7.73   

Condensed consolidated statement of financial position
As at 30 September 2015
                                                                                           Reviewed    Audited   
                                                                                              as at      as at   
                                                                                       30 September   31 March   
AUD'000                                                                                        2015       2015   
Assets                                                                                                           
Non-current assets                                                                          377 870    342 130   
Investment property                                                                         377 870    342 130   
Current assets                                                                               11 448      3 609   
Trade and other receivables                                                                   1 807      2 361   
Cash and cash equivalents                                                                     6 061      1 248   
Available for sale property                                                                   3 580          –   
Total assets                                                                                389 318    345 739   
Equity and liabilities                                                                                           
Contributed equity                                                                          246 496    246 496   
Retained earnings                                                                             (243)      2 208   
Total unitholders' interest                                                                 246 253    248 704   
Non-current liabilities                                                                     124 162     81 652   
Borrowings                                                                                  121 236     78 752   
Financial instruments held at fair value                                                      2 926      2 900   
Current liabilities                                                                          18 903     15 383   
Trade and other payables                                                                      7 710      5 157   
Distributions payable                                                                        11 193     10 226   
Total equity and liabilities                                                                389 318    345 739   

Condensed consolidated statement of cash flows
For the six months ended 30 September 2015
                                                                      Reviewed       Reviewed                    
                                                                   6 months to    6 months to     Audited year   
                                                                  30 September   30 September   ended 31 March   
AUD'000                                                                   2015           2014             2015   
Cash flows from operating activities                                                                             
Cash generated from operations                                          15 133          6 908           18 832   
Finance income received                                                     31             43              195   
Finance costs paid                                                     (1 927)          (949)          (1 856)   
Distributions paid to unitholders                                     (10 226)        (4 602)         (14 533)   
Net cash flow from operating activities                                  3 011          1 400            2 638   
Net cash flow used in investing activities                            (41 794)       (27 265)        (183 675)   
Net cash flow from financing activities                                 42 483         21 910          177 028   
Net increase/(decrease) in cash and cash equivalents                     3 700        (3 955)          (4 009)   
Cash and cash equivalents at the beginning of the period                 2 361          6 370            6 370   
Cash and cash equivalents at the end of the period                       6 061          2 415            2 361   

Condensed consolidated statement of changes in equity
For the six months ended 30 September 2015
                                                                      Reviewed       Reviewed                    
                                                                   6 months to    6 months to     Audited year   
                                                                  30 September   30 September   ended 31 March   
AUD'000                                                                   2015           2014             2015   
At the beginning of the period                                         248 704        132 058          132 058   
Profit for the period                                                    8 741          3 684           16 342   
Total comprehensive income                                               8 741          3 684           16 342   
Transactions with unitholders in their capacity as unitholders:                                                  
Issue of ordinary units                                                      –              –          120 462   
Distributions paid/ payable to unitholders                            (11 193)        (5 425)         (20 158)   
Balance at the end of the period                                       246 253        130 317          248 704   

Condensed segmental information
For the six months ended 30 September 2015

AUD'000                                                                          Office   Industrial     Total   
For the six months ended 30 September 2015                                                                       
Condensed statement of profit or loss and other                                                                  
comprehensive income                                                                                             
Revenue, excluding straight-line rental revenue adjustment                       11 872        5 337    17 209   
Straight-line rental revenue adjustment                                             539          427       966   
Property expenses                                                               (1 771)        (664)   (2 435)   
Segment results                                                                  10 640        5 100    15 740   
Net investment property revaluation                                               (691)      (2 701)   (3 392)   
Total segment results                                                             9 949        2 399    12 348   
Other operating expenses                                                                               (1 637)   
Net finance costs                                                                                      (1 976)   
Other income                                                                                                 6   
Profit for the period                                                                                    8 741   

Condensed statement of financial position extracts at                                                            
30 September 2015                                                                                                
Investment property opening balance                                             247 000       95 130   342 130   
Net additions, acquisitions and disposals                                         2 152       39 594    41 746   
Straight-line rental revenue receivable                                             539          427       966   
Fair value adjustment                                                             (691)      (2 701)   (3 392)   
Investment property at 30 September 2015                                        249 000      132 450   381 450   
Other assets not managed on a segmental basis                                                            7 868   
Total assets at 30 September 2015                                                                      389 318   
For the six months to 30 September 2014                                                                          
Condensed statement of profit or loss and other                                                                  
comprehensive income                                                                                             
Revenue from external customers, excluding straight-line rental                                                  
revenue adjustment                                                                6 329        2 362     8 691   
Straight-line rental revenue adjustment                                             548          235       783   
Property expenses                                                                 (937)        (260)   (1 197)   
Segment results                                                                   5 940        2 337     8 277   
Net investment property revaluation                                             (1 888)        (235)   (2 123)   
Total segment results                                                             4 052        2 102     6 154   
Other operating expenses                                                                               (1 104)   
Net finance costs                                                                                      (1 366)   
Other income                                                                                                 –   
Profit for the period                                                                                    3 684   

Condensed statement of financial position extracts at                                                            
30 September 2014                                                                                                
Investment property opening balance                                             105 254       49 110   154 364   
Net additions, acquisitions and disposals                                        27 265            –    27 265   
Straight-line rental revenue receivable                                             548          235       783   
Fair value adjustments                                                          (1 888)        (235)   (2 123)   
Investment property at 30 September 2014                                        131 179       49 110   180 289   
Other assets not managed on a segmental basis                                                            3 396   
Total assets at 30 September 2014                                                                      183 685   

Notes to the reviewed preliminary condensed consolidated financial results
For the six months ended 30 September 2015
                                                                      Reviewed       Reviewed                    
                                                                   6 months to    6 months to     Audited year   
                                                                  30 September   30 September   ended 31 March   
AUD'000                                                                   2015           2014             2015   
1.   Distribution reconciliation                                                                                 
Profit and total comprehensive income for the period                     8 741          3 684           16 342   
Less: Straight-line rental revenue adjustment                            (966)          (783)          (2 040)   
Add back: Fair value adjustments – investment property                   3 392          2 123          (2 051)   
Add back: Fair value adjustments – derivatives*                             26            401            2 917   
Antecedent distribution                                                      –              –            4 991   
Distribution pre withholding tax                                        11 193          5 425           20 159   
Withholding tax to be paid to the Australian Taxation                                                            
Office                                                                   (661)          (275)            (735)   
Distribution post withholding tax                                       10 532          5 150           19 424   
Number of units                                                                                                  
Units in issue at the end of the period                                246 581        134 685          246 581   
Weighted average number of units in issue for the period               246 581        134 685          190 633   
Cents                                                                                                            
Distribution per unit (pre withholding tax)                               4.54           4.03             8.18   
Distribution per unit (post withholding tax)                              4.27           3.82             7.88   

2.   Headline earnings reconciliation                                                                            
Profit and total comprehensive income for the period                     8 741          3 684           16 342   
Add back: Fair value adjustments – investment property                   3 392          2 123            2 051   
Headline earnings                                                       12 133          5 807           18 393   
Headline earnings and diluted headline earnings                                                                  
per unit for the period (cents)                                           4.92           4.31             7.73   
Basic and diluted earnings per unit                                       3.54           2.74             8.84   

3.    Financial instruments
      Financial instruments held at fair value consist of interest rate swaps, which are classified as level 2 in the fair value
      hierarchy. These are valued using valuation models which use market observable inputs such as quoted interest rates.
      No other financial instruments are carried at fair value. Non-current long term borrowings held at fair value amount to
      AUD 121.2mn.

* Included in finance costs.

Commentary

Introduction
Investec Australia Property Fund ("Fund") is the first inward-listed Australian REIT on the JSE Limited ("JSE"). The Fund aims
to maximise sustainable returns to unitholders by investing in quality office, industrial and retail properties in Australia, giving
unitholders exposure to the Australian real estate market and the Australian dollar.

The Fund listed on the JSE on 23 October 2013 with 8 properties with a total gross lettable area of 50 681m² valued
at AUD 129.9mn. As at the date of this announcement the Fund comprises 18 properties with a total gross lettable area of
155 850m² valued at AUD 403.9mn*.

Market commentary
Australia's transition from being led by a mining-based economy in the north and west of the country has coincided with a
housing revival particularly in the eastern states of NSW and Victoria. Together with the lower Australian dollar relative to the
US dollar (which at 0.71 is below the 10-year average of 0.86), the Australian economy has also been able to broaden to
other non-mining industries, particularly tourism and education. At the same time the Australian dollar has strengthened 6.4%
against the South African Rand in the six months from March to September. The outlook for business investment outside of the
mining sector appears to be slowly improving with strong employment growth numbers in the finance and technology sector.
Inflation data has revealed a weak inflation picture and is running well below the Reserve Bank of Australia's target band.

Capital flows remain positive for the property sector as Australia remains an attractive proposition in relative terms to other
industrialised countries. By way of example, over 60% of the prime industrial stock traded this year has been acquired by
offshore capital. Following the conclusion of two significant portfolio transactions earlier in the year the market has seen an
increased supply of stock for sale in recent months.

Bank debt remains freely available for the A-REIT sector, however pressure is being brought to bear on medium density
residential development stock. There appears to be continued demand for high quality well tenanted property with limited
speculative stock coming to market as a consequence of tight bank lending practices.

Financial results
The board of directors of Investec Property Limited ("IPL"), the Responsible Entity of the Fund, is pleased to announce an
interim distribution of 4.54 cents per unit pre withholding tax ("WHT") and 4.27 cents per unit post WHT for the six months
to 30 September 2015. This represents growth of 12.7% pre WHT and 11.8% post WHT. The result is underpinned by the
accretive acquisitions made during the period, fixed rental escalations built into the property leases, cost containment and the
Fund's efficient capital and interest rate management.

The Fund completed two acquisitions during the period at a blended property yield of 7.74%. In addition, the Fund acquired
a further property post balance sheet date at a property yield of 7.94%. These acquisitions were funded using the Fund's
existing debt facilities. The Fund's average gearing during the period was 29.0% and the current gearing is 36.7%*. The Fund
has benefited from the positive spread of property yields over its borrowing costs and now consists of 18 quality properties*.
The strength of the property fundamentals is evidenced by a long dated WALE of 6.2 years (by income) with 66% of leases
expiring after five years*. The portfolio currently has a vacancy rate of 0.7% (March 2015: 1.3%), strong tenant covenants and
attractive average rental escalations of approximately 3.2% per annum*.

Acquisitions and disposals
Since 1 April 2015 the Fund has acquired three properties (two during the period and one post balance sheet date) for a
combined value of AUD 63.3mn (pre transaction costs). These properties were acquired at a blended property yield of 7.82%
(pre transaction costs), are of high quality, well located and have strong tenant covenants. They also reflect management's
ability to source attractive opportunities in a very competitive market.

Property                                           Effective                     Value      GLA   Yield          
name                               Geography       date         Sector       (AUD'000)     (m2)     (%)   WALE   
66 Glendenning Road, Glendenning   Sydney, NSW     30/04/2015   Industrial      19 170   16 461    7.66    4.5   
85 Radius Drive, Larapinta         Brisbane, QLD   21/08/2015   Industrial      18 150   10 088    7.82    6.2   
54 Miguel Road, Bibra Lake         Perth, WA       16/10/2015   Industrial      26 000   22 358    7.94   12.0   

Post balance sheet date the Fund disposed of the property at 48 Hawkins Crescent, Bundamba QLD for AUD 3.8mn. The
property was considered non-core and management took advantage of favourable market conditions to sell the property at a
price that represented a 5.7% premium to book value.

* Includes acquisitions and disposals post balance sheet date, of AUD 26.0mn and AUD 3.8mn respectively.

Geographic spread by GLA (%)*

30 September 2015         
NSW                 29%   
QLD                 18%   
ACT                 19%   
SA                   4%   
VIC                 16%   
WA                  14%   

Geographic spread by income (%)*

30 September 2015         
NSW                 23%   
QLD                 28%   
ACT                 18%   
SA                   3%   
VIC                 28%   
WA                   0%   

Sectoral spread by GLA (%)*

30 September 2015         
Office              31%   
Industrial          69%   

Sectoral spread by revenue (%)*

30 September 2015         
Office              69%   
Industrial          31%   

Leasing
The portfolio has a vacancy rate of 0.7%*, down from 1.3% at the start of the period. During the period the Fund successfully
leased 600m² at the property at 21 Solent Circuit, Baulkham Hills NSW, and the only vacancy remaining in the portfolio is a
further 1 015m² at the same property. The Fund acquired this property on a passing yield of 7.77%, so new leasing deals
deliver the Fund additional yield not factored in on acquisition.

Lease expiry profile by sector (excluding support arrangements)

Percentage

2016 
by GLA         by income  

2017   
by GLA         by income
2              2

2018    
by GLA         by income
1              2

2019    
by GLA         by income
5              3

2020     
by GLA         by income
25             27

2021      
by GLA         by income
11             18

2022    
by GLA         by income
7              6

2023      
by GLA         by income
19             20

2024   
by GLA         by income

2025     
by GLA         by income
4              10

2026   
by GLA         by income
8              5

Beyond 2026  
by GLA         by income
18             8

The lease expiry profile reflects the quality and sustainability of the Funds net property income with 66% of leases (by income)
expiring after five years*.

* Includes acquisitions and disposals post balance sheet date, of AUD 26.0mn and AUD 3.8mn respectively.

Fair value adjustment of investment property
The Fund's policy is to perform independent external valuations on a rotational basis to ensure each property is valued at least
every two years by an independent external valuer (in compliance with the Fund's debt facilities). At other times where directors'
valuations are performed, the valuation methods include using the discounted cash flow model and the capitalisation model.

Management sought advice letters from independent external valuers in respect of all properties in the portfolio as at the
balance sheet date except for those properties acquired during the period or post the balance sheet date, for which the Fund
obtained independent external valuations. There are no material changes in the valuation of the properties.

A fair value adjustment has been recorded in respect of the properties acquired during the period. This represents the write-off
of the transaction costs associated with the acquisitions, which primarily comprise stamp duty.

Capital funding
Following the rights offer in October 2014 the Fund's gearing was reduced to 0% to enable the Fund to pursue acquisition
opportunities. As at the date of this announcement, the Fund's gearing ratio is 36.7% as a result of AUD 210.9mn of
acquisitions since the rights offer in October 2014*. The Fund's long-term strategy is to maintain a gearing ratio of
between 35% and 40%, however, the Fund will manage gearing levels to take advantage of opportunities. The Fund's debt
facilities are currently drawn to AUD 148.3mn*. The weighted average maturity date as at the date of this announcement
is 4.5 years and the Fund has fixed 69% of its interest rate exposure for a weighted average term of 5.2 years at a rate
of 4.13%. As at the date of this announcement the floating rate on the balance of the Fund's borrowings is 3.49%.
The Fund's all in cost of funding is currently 3.93%^.

Since listing the AUD has depreciated 27% against the USD to levels that significantly enhance the competitiveness of the
Australian marketplace. During the same period, the ZAR has depreciated c. 45% against the USD but has maintained its
standing against the AUD with only a 8% depreciation. Whilst the currency is a factor outside managements control we believe
that the AUD currently offers a relatively cheap entry point for ZAR investors.

The Fund continues to provide investors with the opportunity to gain exposure to property assets in a developed market, at
attractive yields (7 – 7.5%), contractual escalations of c. 3.5% and long WALE's of +6years, funded with long-term debt at c. 4%.

Australian REIT structure
The Fund allows for the tax efficient flow-through of net income to unitholders. The Fund is an uncapped and open-ended
fund and existing and future unitholders will hold a participatory interest in the Fund, which entitles unitholders to a pro rata
share of the underlying income generated by the Fund and a pro rata beneficial interest in the assets of the Fund. The Fund is
registered as a Managed Investment Scheme in Australia. The Fund is governed and operated by IPL as Responsible Entity,
and is managed by Investec Property Management Pty Limited.

Unitholders
At 30 September 2015, Investec Property Fund Limited and Investec Bank Limited are the only unitholders holding in excess
of 5% of the Fund's total issued units, holding 18.56% and 16.33% respectively.

Number of units in issue   246 581 298
Number of unitholders            3 419

Changes to the board
There have been no changes to the board of IPL during the period.

Prospects
The Fund's portfolio consists of well located properties with a low vacancy rate of 0.7%*. Income is underpinned by strong
tenant covenants. The portfolio has a WALE of 6.2 years (by income) and embedded contractual escalations of 3.2% on
average*.

Distribution growth guidance for the full year is maintained at the upper end of the 10% to 12% range previously indicated
provided there are no material changes to the underlying portfolio or other events that could impact growth.

The information and opinions contained above are recorded and expressed in good faith and are based upon sources believed
to be reliable. No representation, warranty, undertaking or guarantee of whatever nature is made or given concerning the
accuracy and/or completeness of such information and/or the correctness of such opinions.

Any reference to future financial information included in this announcement has not been reviewed or reported on by the Fund's
independent auditors.

On behalf of the board of Investec Property Limited as Responsible Entity for Investec Australia Property Fund.

Richard Longes      Graeme Katz
Chairman            Chief Executive Officer

19 November 2015

* Includes acquisitions and disposals post balance sheet date, of AUD 26.0mn and AUD 3.8mn respectively.
^ Excludes AUD 20.0mn forward starting swap in December 2015 (4.02% all in cost of funding; 82% hedged).

Basis of accounting
The condensed consolidated interim financial statements are prepared in accordance with International Financial Reporting
Standard, (IAS) 34 Interim Financial Reporting, the SAICA Financial Reporting Guides as issued by the Accounting Practices
Committee and Financial Reporting Pronouncements as issued by the Financial Reporting Standards Council.

The accounting policies applied in the preparation of these condensed consolidated interim financial statements are in terms of
International Financial Reporting Standards and are consistent with those applied in the previous annual financial statements.

Review conclusion
The interim condensed consolidated financial statements for the period ended 30 September 2015 have been reviewed by
KPMG Inc, who expressed an unmodified review conclusion. A copy of the auditor's review report is available for inspection
at IPL's registered office.

The auditor's report does not necessarily report on all of the information contained in these financial results. Shareholders are
therefore advised that in order to obtain a full understanding of the nature of the auditor's engagement they should obtain a
copy of the auditor's review report together with the accompanying financial information from IPL's registered office.

Interim distribution with the election to reinvest the cash distribution for units
Notice is hereby given of the declaration of interim distribution number 4 of:

- 4.53923 Australian cents per unit pre-withholding tax
- 4.27117 Australian cents per unit post-withholding tax

for the six months ended 30 September 2015. Withholding tax of 0.26806 Australian cents per unit will be withheld from the
distribution paid to non-Australian unitholders. This is regarded as a foreign distribution for South African unitholders.

Unitholders have been provided with the election to re-invest the South African Rand ("Rand") equivalent of the cash distribution
of 4.27117 Australian cents per unit ("Cash Distribution") in return for units ("Re-Investment Alternative Units"). Unitholders
will be entitled, in respect of all or part of their unitholding, to elect to receive re-investment alternative units, failing which they
will receive the cash distribution, converted to Rand at the spot exchange rate on the day prior to the finalisation date, which
will be paid to those unitholders not electing to receive the re-investment alternative units.

The number of re-investment alternative units to which unitholders are entitled will be determined with reference to the ratio
that the cash distribution bears to the ratio price (being the five-day volume weighted average traded price (ex-distribution) of
units on the JSE prior to the finalisation date). The price and exchange rate for conversion of the cash distribution to Rand will
be announced on the finalisation date, which will be no later than Friday, 27 November 2015.

Unitholders who have dematerialised their units are required to notify their duly appointed Central Securities Depository
Participant ("CSDP") or broker of their election in the manner and time stipulated in the custody agreement governing the
relationship between the unitholder and their CSDP or broker.

In terms of the listings requirements of the JSE Limited, the following additional information is disclosed:

- The cash distribution portion has been declared from the Fund's reserves.
- As at the date of this announcement, the Fund has 246 581 298 ordinary units of no par value each in issue.

A circular to unitholders in respect of the election being offered to unitholders to receive either the cash distribution or the re-
investment alternative units, together with a form of election, will be posted to unitholders today, Thursday, 19 November 2015
and will also be available from today on the Fund's website at www.investecaustraliapropertyfund.co.za

Tax implications
The Fund and its management arrangements are structured to meet the required criteria to be classified as a Managed
Investment Trust for Australian tax purposes. As a Managed Investment Trust, the responsible entity will be required to withhold
tax in Australia at a concessional rate of 15% on distributions to individual and institutional unitholders in South Africa. However,
the effect of this tax on the Fund's distribution for the period from 1 April 2015 to 30 September 2015 has been reduced to
5.90553%, equivalent to 0.26806 Australian cents per Unit, through certain deductions such as depreciation. Thus, withholding
tax of 0.26806 Australian cents per Unit will be withheld from the distribution accruing to unitholders and will be paid to the
Australian Tax Office.

The distributions is not subject to dividend withholding tax in South Africa. The distribution, net of withholding tax, received
by South African institutional and individual unitholders will constitute income and will be subject to income tax in South Africa
at the Unitholder's marginal tax rate. Tax paying unitholders will be able to claim a rebate against the withholding tax paid in
Australia. Non-tax paying unitholders will not be entitled to claim a rebate.

A worked example illustrating the impact for individual and institutional unitholders will be announced as part of the finalisation
information on SENS on the finalisation date.

The above summary of the tax treatment of the foreign distribution does not constitute legal or tax advice and is based on
taxation law and practice at the date of this circular. Unitholders should take their own tax advice as to the consequences of
their investment in the Fund and are encouraged to consult their professional advisors should they be in any doubt as to the
appropriate action to take.

Salient dates and times
A summary of the salient dates relating to the cash distribution and election to receive re-investment alternative units is as
follows:
                                                                                                                 2015   
Circular and form of election posted to unitholders                                             Thursday, 19 November   
Announcement of re-investment alternative units issue price and finalisation information                                
(including exchange rate to convert the cash distribution to Rand) ("Finalisation Date")          Friday, 27 November   
Last day to trade ("LDT") cum distribution                                                         Friday, 4 December   
Units to trade ex-distribution                                                                     Monday, 7 December   
Listing of maximum possible number of re-investment alternative units                                                   
commences on the JSE                                                                            Wednesday, 9 December   
Last day to elect to receive re-investment alternative units                                                            
(no late forms of election will be accepted) at 12:00 (South African time)                        Friday, 11 December   
Record date                                                                                       Friday, 11 December   
Announcement of results of cash distribution and re-investment alternative units on SENS          Monday, 14 December   
Cheques posted to certificated unitholders and accounts credited by CSDP or                                             
broker to dematerialised unitholders electing the cash distribution on or about                   Monday, 14 December   
Unit certificates posted to certificated unitholders and accounts credited by CSDP or broker                            
to dematerialised unitholders electing to receive re-investment alternative units on or about   Thursday, 17 December   
Adjustment to units listed on or about                                                            Friday, 18 December   

Notes:
1. Unitholders electing to receive re-investment alternative units are requested to note that the re-investment alternative units will be listed on
   LDT + 3 and these re-investment alternative units can only be traded on LDT + 3 as the settlement of the re-investment alternative units will
   occur three days after record date, which differs from the conventional one day after record date settlement process.
2. Units may not be dematerialised or rematerialised between commencement of trade on Monday, 7 December 2015 and close of trade on
   Friday, 11 December 2015.

By order of the board

Investec Property Limited
Company Secretary

19 November 2015

Directors of the responsible entity
Richard Longes# (Non-executive chairman)
Stephen Koseff (Non-executive)
Graeme Katz (Executive)
Samuel Leon (Non-executive)
Sally Herman# (Non-executive)
Hugh Martin# (Non-executive)
#  Independent

Directors of the manager
Graeme Katz (Executive)
Zach McHerron (Executive)
Kristie Lenton (Executive)
Samuel Leon (Non-executive)

Investec Australia Property Fund
Registered in Australia in terms of ASIC (ARSN 162 067 736)
Registered in terms of the Collective Investment Schemes
Control Act No. 45 of 2003
Share code: IAP
ISIN: AU60INL00018

Company secretary of the responsible entity
Paul Lam-Po-Tang (BCom, LLB)

Registered office and postal address of the responsible
entity and date of establishment of the Fund

Australia:
Level 23, Chifley Tower
2 Chifley Square
Sydney
New South Wales
2000
Australia

Local representative office:
2nd Floor
100 Grayston Drive
Sandown
Sandton
2196

Manager
Investec Property Management Pty Limited
(ACN 161 587 391)
Level 23, Chifley Tower
2 Chifley Square
Sydney
New South Wales
2000
Australia

Transfer secretaries
Computershare Investor Services Proprietary Limited
70 Marshall Street
Johannesburg
2001
(PO Box 61051, Marshalltown, 2107)
Phone: +27 11 370 5159

Sponsor
The Corporate Finance division of Investec Bank Limited
2nd Floor
100 Grayston Drive
Sandown
Sandton
2196
(PO Box 785700, Sandton, 2146)

Custodian
Perpetual Corporate Trust Limited
(ACN 000 341 533)
Level 12, 123 Pitt Street
Sydney
New South Wales
2000
Australia

Established on 12 December 2012 in Sydney, Australia.
Registered as a Managed Investment Scheme with ASIC under
the Corporations Act 2001 on 6 February 2013. On 23 August
2013 the Registrar of Collective Investment Schemes authorised
the Fund to solicit investments in the Fund from members of the
public in the Republic of South Africa in terms of Section 65 of
the Collective Investment Schemes Control Act, 45 of 2002, as
amended.

Responsible entity
Investec Property Limited
(ACN 071 514 246 AFSL 290 909)
Level 23, Chifley Tower
2 Chifley Square
Sydney
New South Wales
2000
Australia
Date: 19/11/2015 08:45:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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