This article is from the Australian Property Journal archive
AFTER pulling the plug on Australia less than three years ago, South African giant Investec Property Fund (IPF) is set to return after buying Irongate’s fund management operations from Charter Hall, as the two enter a 50/50 joint venture.
IPF with enter the JV with the Australian-based real estate manager, including the Irongate Australia Fund Management team, led by Graeme Katz.
Katz previously spent 15-years as IPD’s chief executive of Australian and head of Property, having led the acquisition of management rights of the Investec Australia Property Fund from Investec Group, before rebranding it to Irongate Group.
Before the rebranding Investec Australia Property, while listed in both South Africa and Australia, delivered a total return of 211%.
“We have always been a strong supporter of the Australian real estate market,” said Andrew Wooler, CEO at IPF.
“ We are incredibly excited to be partnering up with Graeme Katz again, having worked so closely and successfully together since 2013. We look forward to building a scalable platform together and providing meaningful balance sheet support.”
Charter Hall bought Irongate’s funds management business in 2022 for $5 million, with associated co-investment stakes for $22.5 million, after multiple prior rejections, including from Tony Pitt’s 360 Capital.
IPF will also acquire an 18.67% stake in Templewater Australia property fund, which is managed by Irongate Australia Fund Management.
The transaction includes a real estate funds management business with $450 million equity under management in assets and a gross realisable value of $2.75 billion
“We look forward to this exciting next step in our journey. At its culmination, we will become a standalone fully integrated international real estate company, delivering attractive returns for our investors and sustainable outcomes for the communities in which we invest,” concluded Wooler.
