Investec Property Fund

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Investec Property Fund Limited (2021-11)
  • Investec Property Fund
  • Year : Nov 2021
3 Tokens
USD 300.00

IPF’s portfolio was written down by an aggregate R899m during the year and together with the disposal of certain properties, this saw the value of investment properties decline to R15.2bn (FY20: R16.0bn like for like). In particular, the REIT sold its minority interests in the UK, Australia and Pan-European Light Industrial investments, remaining with a 65% shareholding of its Pan European Logistics (“PEL”) platform, which made up 44% of the group’s consolidated balance sheet at FY21, with the remainder located in South Africa.

Additional Information

The Stable outlook reflects our expectation that IPF will continue to benefit from the high-quality earnings generated by its offshore investment, while reporting a stable performance on the local front. An upgrade would depend on IPF’s ability to notably improve leverage metrics on a look through basis. Improved profitability, evidenced by core net property income growth, particularly for the South African portfolio will also be positive for the ratings.

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