Investec Australia Acquires Metro Properties

Investec Australia Property Fund has acquired two significant New South Wales properties totalling $AUD160 million, flagging the international company's interest in the state.

2 Richardson Road, North Ryde along with 20 and 24 Rodborough Road, Frenchs Forest, were purchased by the company with cost details below:

• AUD 85 million (excluding transaction costs) for the North Ryde Property, which equates to an initial passing yield of 7.0% (pre transaction costs)

• AUD 75 million (excluding transaction costs) for the Frenchs Forest Property, equating to an initial passing yield of 7.5% (pre transaction costs) and a fully leased yield of 8.0% (pre transaction costs)

Header image: CBRE