Double-digit growth for property fund

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A funds manager has touted double-digit growth for its property fund.

Investec said its Investec Australia Property Fund (IAPF) has reported its half year results for the six months to 30 September, and saw an interim distribution of of 4.54 cents per unit, representing distribution growth of 12.7%.

“These results are underpinned by the accretive acquisitions made during the period, fixed rental escalations built into property leases, cost containment and the Fund’s efficient capital and interest rate management," IAPF CEO Graeme Katz said.

Katz said property remained an attractive proposition for domestic and offshore investors.

"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.”