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August 30, 2015 2:08 AM ET

Real Estate Investment Trusts (REITs)

Company Overview of Investec Property Fund Limited

Company Overview

Investec Property Fund Ltd. specializes in real estate investments.

100 Grayston Drive

Johannesburg,  2196

South Africa

Key Executives for Investec Property Fund Limited

Chief Executive Officer and Member of Social & Ethics Committee
Age: 35
Executive Chairman and Chairman of Investment Committee
Age: 59
Chief Financial Officer, Executive Director and Member of Audit & Risk Committee
Age: 64
Compensation as of Fiscal Year 2015.

Investec Property Fund Limited Key Developments

Investec Property Fund Limited Announces Executive Changes

Investec Property Fund Limited's shareholders are advised that David Alexander Jon Donald, having served as Financial Director of the fund since its listing, has retired with effective from August 17, 2015. With the retirement of David, the board announced the appointment of Andrew Robert Wooler to the board as Financial Director with effective from August 17, 2015. Andrew has been part of the fund's executive management team since joining Investec in August 2012.

Investec Property Fund Acquires Iconic Zenprop Portfolio for ZAR 7.1 Billion

Investec Property Fund (IPF) has agreed the acquisition of a portfolio of 26 properties for an aggregate acquisition value of ZAR 7.1 billion from best-of-breed developer Zenprop. The portfolio contains properties with strong underlying property fundamentals consisting of 12 office properties, 11 industrial properties and three retail properties at a blended yield of 7.5%. With a GLA of 397,273m2, the portfolio acquisition increases the Fund's total lettable area by 42%. The portfolio includes several iconic office buildings, including 1 Protea Place, Sandton which is majority tenanted by DLA Cliffe Dekker Hofmeyr and 3 and 4 Sandown Valley Crescent, tenanted by the likes of TBWA, Standard Chartered and Boston Consulting Group. These three properties are located in the heart of Sandton's commercial node within close proximity of the Gautrain station. The Sandton offices enjoy an average WALE of 4.7 years and are therefore well positioned to absorb the new supply coming through in the short term. The acquisition also brings in an industrial portfolio that includes several properties located within the highly sought after Riverhorse area and tenanted by Discovery, Adcock Ingram and RTT, amongst others. The Zenprop portfolio also includes 101,332m2 of high quality industrial properties in Elandsfontein, with close proximity to OR Tambo international airport as well as other major national arterials. The three retail centres acquired as part of the portfolio include the Newcastle mall, a regional shopping centre in Kwazulu Natal's third most populous city and Zevenwacht Village centre, situated between Stellenbosch and Cape Town comprising 39,956m of prominent retail trading space. Both centres derive north of 80% of income from national retailers and have less than 2.5% vacancy. Vacancies have not been paid for upfront, but rather by way of a deferred payment in the event the vacancies are filled on terms acceptable to The Fund. The third retail property acquired is Design Quarter, a niche design and dining destination centre located off Leslie Avenue in Fourways, one of the fastest growing commercial and residential hubs in northern Johannesburg. The Fund intends to undertake a fully committed rights offer of ZAR 2.6 billion to part fund the Zenprop acquisition at a clean rights offer price of ZAR 15.00, which represents a 9.1% discount to the 30 day VWAP up to and including 6 August 2015. Zenprop has agreed that if the rights offer is not fully subscribed, then any shortfall will be underwritten by Zenprop through the increase in the share consideration of the purchase price by the issue of Investec Property Fund shares at the Rights Offer price of ZAR 15.00.

Investec Property Fund Limited Announces Board Appointments

Investec Property Fund Limited announced that at its AGM held on July 29, 2015, shareholders approved the election of Mr. NP Riley and Mr. KL Shuenyane as directors of the company. The company also appointed Mr.CM Mashaba, Mr. MM Ngoasheng, Mr.GR Rosenthal and Mr. KL Shuenyane as members of audit and risk committee.

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