Investor Presentaiton
Investec
Australia Property Fund
IAPF's gearing will remain below the target range of 30% - 40%
Summary
.
•
The impact of the Proposal includes the
acquisition of IAPH by IAPF II via the
drawdown of $46.7 million in debt to fund
the Total Consideration of $40.0 million and
transaction costs of $6.7 million
The management rights is recognised as a
$39.5 million adjustment in intangible assets
-
-
As such, IAPF's NTA per Stapled
Security will decrease by 5.7% from
$1.32 to $1.24 but the NAV per Stapled
Security (which ascribes value to the
management rights acquired) is not
expected to be materially impacted; and
The debt drawn to fund the Total
Consideration and Transaction Costs will
increase IAPF's Gearing from 22.2% to
25.8%, albeit remaining below the target
range of 30% - 40%
Assets
Cash and cash equivalents
Investment properties
Intangibles
Other assets
Total assets
Other liabilities
Total liabilities
Net assets
Contributed equity
Retained earnings
Total equity
Pro forma historical balance sheet (31 March 2020, $m)
IAPF I
31 March 2020
Ann Street
disposal
adjustment1
IAPF Group pro
Proposal
adjustment
forma FY20
31 March 2020
17.1
1,179.0
2.6
19.8
(94.0)
1,085.0
39.5
39.5
4.5
4.5
1,200.6
(94.0)
42.1
1,148.7
Liabilities
Borrowings
345.5
(92.7)
46.7
299.5
Employee entitlements
2.1
2.1
46.8
46.8
392.4
(92.7)
48.9
348.6
808.2
(1.3)
(6.7)
800.1
696.4
696.4
111.8
(1.3)
(6.7)
103.7
808.2
(1.3)
(6.7)
800.1
Units on issue ('000)
611,298
611,298
Net tangible asset value per unit ($)
1.32
1.24
Net asset value per unit ($)
Gearing (%)
1.32
27.9
1.31
25.8
1. Gearing on a pro forma basis as at 31 March 2020 post disposal of 757 Ann Street, Fortitude Valley QLD, which was sold effective 1 April 2020.
Investec Australia Property Fund | Internalisation and funds management proposal
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