Commenting on the sale, IPF joint-CEO, Andrew Wooler said, “IPF has been seeking to consolidate our portfolio over the last 24 months, recycling capital to pursue value accretive opportunities. Our stake in Argo represented an investment in a UK platform that was underpinned by good quality real estate but lacked the relevant scale in a very competitive market. Exiting our minority position will allow us to continue to de-lever the Fund’s balance sheet and create capacity to support the growth of the Pan-European logistics business.”

The sale, which is subject to the completion of a due diligence but not subject to shareholder approval, is expected to be completed before the end of March 2021. Post disposal of the UK investment, the Fund’s loan-to-value is expected to be c.39%.

“Following on from the sale of our stake in the Investec Australia Property Fund in June 2020, the sale of Argo further consolidates the Fund’s investment portfolio, enabling us to focus on our core South African and Pan-European strategies,” concluded Wooler.