INVESTEC PROPERTY FUND LIMITED - INVESTEC PROPERTY FUND LIMITED COMPLIANCE WITH FINANCIAL COVENANTS AS AT 31 MARCH 2019

INVESTEC PROPERTY FUND LIMITED 
COMPLIANCE WITH FINANCIAL COVENANTS – AS AT 31 MARCH 2019

INVESTEC PROPERTY FUND LIMITED  
(Approved as a REIT by the JSE)  
(Incorporated in the Republic of South Africa) 
 (Registration number 2008/011366/06)  
(Bond Code: INV)  
("Investec Property Fund" or "the Fund")  
COMPLIANCE WITH FINANCIAL COVENANTS – AS AT 31 MARCH 2019  

Pursuant to the Domestic Medium Term Note Programme, dated 11 November 2015, and referred to in 
the Applicable Pricing Supplements, the Fund’s auditor, Ernst & Young Inc., have performed the required 
limited assurance procedures in accordance with the International Standard on Assurance Engagements 
3000: Assurance Engagements other than Audits or Reviews of Historical Financial Information. Ernst & 
Young Inc. have concluded that based on the work performed, nothing has come to their attention that 
causes them to believe that the Fund has not complied, in all material respects, with the relevant 
financial loan covenants as at 31 March 2019 in respect of the financial covenants as follows:  

1. Measured at issuer level and applicable to all notes in issue 
         a. The Group issuer interest cover ratio is at least 2 times;  
         b. The Group issuer loan to value does not exceed 50%; and  
         c. The Group encumbered assets to value ratio does not exceed 70%.  
          
2. Measured in respect of secured notes only and pursuant to the mortgage bonds provided as part of 
the security in respect of the secured notes  
         d. The individual tranche loan to value does not exceed 60%.  
          
This Limited Assurance Report (Covenant Report) of Investec Property Fund Limited as at 31 March 2019 
is available from the company secretary, on request.  

For the Fund’s results for the period ended 31 March 2019 (annual results), please follow the following 
link: https://www.investecproperty.com/content/dam/international/invesetec-property/ipf-sens-
announcements/2019/Reviewed-Preliminary-Financial-Results-March-2019.pdf 

 

14 May 2019 

 

Debt Sponsor: Investec Bank Limited (“Investec”)  
For further information contact:  
Investec Bank Limited  
Mr. Louis Dirker  
Tel: (011)286 7799  
Email: Louis.dirker@investec.co.za 

Date: 14/05/2019 11:14:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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