Investec Property Re-Enters the Listed Property Sector

06 April 2011 Investec Property

Investec Property, a division of Investec Bank Limited and one of South Africa’s best recognised property operations, today announced its re-entry into the listed property sector through its intention to list the Investec Property Fund Limited on the “Real Estate Holdings and Development” sector of the JSE on Thursday 14 April 2011.

Sam Leon, Investec Property Fund Limited chief executive officer, said: “We look forward to our return to the listed property sector through the listing of the Investec Property Fund. As big trees grow from small seeds, so too do we see this fund as a platform from which we can grow and expand our asset base and optimise returns in the medium to long term as we have done before.”

“It has been gratifying to see the broad based investor support we have received, particularly from major property investors in South Africa. We are pleased to have them on board and look forward to continuing to nurture these relationships into long term partnerships” continued Leon.

Salient features of the Investec Property Fund Limited include:

· The fund is a limited liability, variable loan stock company formed with the purpose of investing in direct real estate, where the manager and directors believe there is potential for income generation and capital growth.

· The fund will include sectoral spread of property assets in office, retail and industrial investment properties underpinned by strong rental income.

· The fund comprises quality portfolio of 29 initial properties independently valued at R1.77billion, primarily in Gauteng with good representation in the Western Cape and KwaZulu Natal.

· The intention is to grow the fund by acquiring income producing properties that will enhance the overall capital and income returns in the medium to long term.

· Opportunity for future access to Investec Property developments and project pipelines.

· The capital structure of the fund comprises a linked unit being one share linked to one variable rate, unsecured, subordinated debenture.

· The fund is ungeared at listing providing funding capacity for future acquisitions.

· The fund will invest in a well diversified property portfolio that provides good growth opportunities to optimise and secure long-term distribution and capital growth.

· The fund will allow linked unit holders to participate in the net income (after providing for related expenditure) by distributing significantly all the net income to linked unit holders.

Sam Hackner, executive chairman of the Investec Property Fund Limited, said: “We are property people. We understand this business and I believe that the attractiveness of this fund is reflected in both the nature and quality of our property portfolio, as well as the experience and entrepreneurial property skills of the executive management team and the Board.”

The board comprises Sam Hackner (executive chairman), Sam Leon (chief executive officer) and David Donald (executive financial director), with the following independent non-executive directors: Michael Crawford (lead independent non-executive director), Brian Molefe and Moss Ngoasheng.

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