Investa Property Group (Investa) today announces that it has acquired 59.3 million securities in Investa Office Fund (IOF), representing 9.89% of IOF’s issued securities, from Cromwell Property Group (Cromwell) for $4.65 per security. The stake was acquired as part of a full sell down by Cromwell of its 60.4 million holding in IOF.
The $276 million purchase increases Investa Property Group’s co-investment stake in IOF to 19.95% and reflects Investa’s ongoing belief in the quality of IOF’s portfolio.
Jonathan Callaghan, CEO of Investa, said “The acquisition further re-enforces the alignment between Investa and IOF securityholders. This acquisition is a demonstration of Investa’s commitment to IOF and its ongoing strong performance. Investa is proud of the performance of IOF under its management, where IOF has consistently outperformed the S&P/ASX200 A-REIT Index and its peers, and we look forward to continuing to deliver strong performance for IOF securityholders”.
“IOF owns a high quality commercial office portfolio with very high exposure to the outperforming Sydney and Melbourne markets, as well as exposure to the improving Brisbane market. We consider IOF an attractive investment opportunity for ICPF unitholders” said Mr Callaghan.
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