Investec Property Fund | Eurotrip
IPF reported FY'18 DPS of 138.53 (+8.5% y/y). A once-off antecedent dividend received from IPF's investment in Investec Australia of R22m (3.1c per IPF share) supported the distribution. Core DPS growth, which excludes the antecedent dividend, grew 6.1% y/y. The core DPS growth rate is at the lower end of IPF's revised guidance of 6% to 6.5% (previously 7% to 8%), which was communicated in a pre-close update in March 2018.After period-end, IPF made a EUR 74m (R1.1bn) equity investment into a portfolio of 22 European logistics properties, comprising an estimated 5.5% of IPF's total assets. The portfolio has a disclosed running yield of 6% on an ungeared basis.
In this report, we assess IPF's recent results and analyse the post period-end acquisition in the context of property market conditions. We update our distribution forecasts and rating accordingly.
Investec Property Fund Limited (the Fund) is a real estate investment trust. The Fund's objective is to create value for its shareholders, who in turn provide capital to the Fund. The Fund focuses on delivering sustainable returns to shareholders by investing in a diverse portfolio of properties in the office, industrial and retail property sectors. The Fund has three segments: Retail properties, Office properties and Industrial properties. The Fund's portfolio consists of a diverse base of approximately 120 properties in South Africa with a total gross lettable area (GLA) of approximately 1,300,280 square meters. The Fund is managed by Investec Property (Pty) Ltd.
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