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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