Sharenet Sites 
Sharenet Sites
Sale of 45 Million Investec Australia Property Fund units
INVESTEC PROPERTY FUND LIMITED
Approved as a REIT by the JSE
(Incorporated in the Republic of South Africa)
(Registration Number 2008/011366/06)
Share code: IPF ISIN: ZAE000180915
(“Investec Property Fund” or the “Fund”)
SALE OF 45 MILLION INVESTEC AUSTRALIA PROPERTY FUND UNITS
1. Introduction
Shareholders are referred to the ASX Listing Proposal and Offer, and the Proposed Sale
announcements, published on SENS on 3 May 2019, by Investec Australia Property Fund and the
Fund, respectively (collectively, the “Announcements”). The definitions set out in the
Announcements apply mutatis mutandis to this announcement.
The Fund is pleased to announce that the Offer, which closed on 17 May 2019, was oversubscribed,
such that the Fund disposed of 45 million IAPF units (the “IAPF units”) to institutional investors, at
a price of A$1.32 per unit (the “Sale”). The Fund will receive gross cash proceeds of approximately
A$59.4 million in respect of the Sale, on or about 27 May 2019.
Following the conclusion of the Sale (for which there are no outstanding conditions), the Fund will
still retain a 9.9% investment in IAPF.
2. Application of Sale proceeds
As part of the Fund’s ongoing capital allocation review process and efficient allocation of capital
across its platforms, the proceeds of the Sale will be utilised to further delever the Fund’s balance
sheet and/or be deployed into the Pan-European strategy, which delivers the Fund attractive risk-
adjusted returns.
3. Financial information
The fair value of the IAPF units, as contained in the Fund’s reviewed preliminary condensed
consolidated financial results for the year ended 31 March 2019 was R571 500 000. For the year
ended 31 March 2019, the Fund received dividends (post withholding tax) of R43 860 095 in respect
of the IAPF units.
4. Categorisation of the Sale
The Sale is classified as a Category 2 transaction in terms of the JSE Listings Requirements.
Accordingly, it is not subject to shareholder approval.
5. Guidance
The dividend guidance for the financial year ending 31 March 2020, provided in the financial results
2019 announcement published on SENS on 14 May 2019, remains unchanged.
Johannesburg
20 May 2019
Financial Advisor and Sponsor
Investec Bank Limited
Date: 20/05/2019 01:35:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
