Investec Australia Property Fund (JSE:IAP) entered into a unit sale agreement to acquire Lot 19 Trust from 151 Property Pty Limited for AUD 85 million on January 16, 2017. Lot 19 Trust owns North Ryde property. In a related transaction, Investec Australia Property Fund also entered into a unit sale agreement to acquire Rodborough Road Trust which owns Frenchs Forest property for AUD 75 million. The acquisitions will be funded through a rights offer of approximately AUD 150 million to be undertaken in February 2017 and making a draw down under existing syndicated debt facility with Westpac and ANZ of approximately AUD 20 million. The acquisition is effectively conditional on completion of the rights offer. The acquisition does not require approval by unit holders. The transaction is expected to close within five business days after the Investec Australia Property Fund provides the vendor with a notice to complete, which is anticipated to be March 6, 2017. Lachlan Graham of Knight Frank Valuations acted as the independent valuer for North Ryde property. Investec Bank Limited acted as financial advisor and sponsor to Investec Australia Property Fund.