Icpf

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Investa Commercial Property Fund, one of Australia’s leading unlisted wholesale office funds, is seeking to raise new equity via a capital raising drive.
According to the fund, they plan to use the new capital to replenish their balance sheet, positioning the fund for future acquisition and development opportunities.
The fund’s existing investors will be given pre-emptive rights to purchase the new securities issued.
They predominantly include a mix of Australian institutions and superannuation funds.
“It is our expectation that existing investors will participate in the offer and any securities not taken up by existing investors will be made available to new investors, where we have strong demand,” said Jason Leong, the ICPF Fund Manager.
Leong further states that institutional investors have been waiting for this opportunity, with interest from potential investors from Asia, the UK, Europe and North America to date.
“Potential investors come from a range of areas including insurance companies, pensions and sovereign wealth funds,” he said.
ICPF’s portfolio currently comprises interest in 15 office buildings, primarily located in Sydney and Melbourne, valued at $5.6 billion.
ICPF recently reached practical completion on the premium grade 60 Martin Place Sydney, achieving record rentals with leasing commitments in excess of 90% delivering the project a 7.5% yield on cost.
It is also planning to commence construction of 360 Queen Street, Brisbane, a 55,000 square metre prime grade commercial office project in 2020.
ICPF has been active recently, selling its interest in 242 Exhibition Street, Melbourne for $830 million, along with its co-owner Oxford Investa Property Partnership (OIPP) at a 20% premium to valuation.
It also recently struck an agreement to acquire a further 50% interest in a central Sydney office building, 135 King Street, from co-owners Stockland for A$335 million and a 1,000 bay cark park adjoining its 567 Collins St Melbourne building.
 “The ICPF management team has been disciplined in its investment execution, divesting assets no longer aligned with its strategy and focussing on building a pipeline to develop new generation buildings,” said Investa’s Chief Investment Officer, Peter Menegazzo.
 “We expect that these factors will result in solid support for the capital raising, and in turn, will set a sound foundation to deliver ongoing investment performance.”
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Investa embarks on capital raising drive

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Investa Commercial Property Fund has recently leased the remaining 7,800 sqm of space at their Kent Street office tower at the Sydney CBD.
It achieved 100% occupancy for the Building at 201 Kent Street, Sydney and a WALE of four years.
Global workforce solutions company Manpower relocated from Darling Park to secure 1,730 sqm for 10 years.
Software company Nutanix, secured 1,730 sqm over a six-year term. 
The Commonwealth of Australia finalised a lease over 1,300 sqm for a ten-year term on level 29, with the remaining 3,000 sqm renewed by an existing tenant.
The building’s CBD location in the western corridor provides direct connectivity between Wynyard and Barangaroo and multiple transport options for staff. 
Leasing agent Frank Sassine of Colliers International said the tenants were also attracted to the amenities and services within the complex, which include a courtyard, a gymnasium, childcare centre, conference facilities, cafes, and onsite property management.
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Investa fully leases 201 Kent Street, Sydney office tower

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Investa Commercial Property Fund (ICPF) announced it has finalised over 95,000 square metres of office leasing over the last year.
ICPF said they achieved a 97% occupancy and a WALE of 5.1 years as of the 30th June.
In Sydney, ICPF leased over 72,800 square metres during the year, including a lease renewal of 8,700 square metres to Deutsche Bank at Deutsche Bank Place, 126 Phillip Street, Sydney (pictured above), 3,500 square metres to a life insurance firm at 40 Mount Street, North Sydney (pictured below) and 4,400 square metres to flexible workspace provider IWG’s Spaces brand at ICPF’s development at 60 Martin Place Sydney.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/8/26/40%20mount%20st%20north%20sydney.jpg" alt="">
In Melbourne, ICPF finalised over 9,600 square metres of leasing, with asset 120 Collins Street, Melbourne the stand-out, with 19 leases transacted.
120 Collins Street has capitalised on historically low vacancy levels and strong demand for prime office accommodation especially in the desirable East End precinct, as the building nears 100% occupancy.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/8/26/120%20collins%20st%20mel.jpg" alt="">
In Brisbane, a new lease was signed at 259 Queen Street (pictured below) over 4,500 square metres.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/8/26/259%20queen%20st%20brisbane.jpg" alt="">
Finally, at QV1 in Perth two existing tenants signed lease renewals totalling circa 6,800 square metres.
Jason Leong, Fund Manager, ICPF said: "Australia’s major capital cities continue to outperform, with vacancy in the Sydney and Melbourne markets near 10-year lows and, specific to Sydney, there is very limited new office supply on the horizon."
David Cannington, Head of Research and Strategy, Investa said: "Looking ahead, we expect that the recent strength in office demand will moderate on softer economic conditions. However, office market vacancy in both Sydney and Melbourne will stay low and high-quality prime office space will remain the preferred option of CBD office market tenants."
"Both pre-commitment of office projects currently under construction and continued prime market rental growth are positive indicators of a strong preference for high quality office."
Ben Christie and Milly Stockdale from Colliers International said: "These new leasing transactions at 120 Collins were a result of the high level of building and surrounding amenity coupled by accommodation quality and building services."
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