Investec Australia Property Fund has entered into a A$`15.6m (R196m) agreement for an industrial property 23km north of Brisbane's central business district.
The agreement covers the cost of land, and the payment will be made progressively as the site is developed, the fund said.
The agreement would give the fund access to a warehouse and distribution facility which would suit multiple users, as well as the opportunity to partner with a developer, which may lead to further opportunities. The acquisition of the property is still subject to certain conditions, but is expected to occur in October.
The fund’s strategy is to invest in office, industrial and retail properties in major metropolitan cities or established commercial precincts in Australia and New Zealand. As of May the fund had 30 properties worth A$1.08bn.
In morning trade on Tuesday the group’s share was up 0.2% to R14.85, having risen 1.3% so far in 2020.