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SAC - SA Corporate Real Estate Fund - Condensed consolidated unaudited interim
financial statements for the 6 months ended 30 June 2011
SA Corporate Real Estate Fund
(Incorporated in the Republic of South Africa)
Share Code: SAC ISIN Code: ZAE000083614
A Collective Investment Scheme in property registered in terms of the Collective
Investment Schemes Control Act, No. 45 of 2002 and managed by SA Corporate Real
Estate Fund Managers Limited ("SA Corporate Fund Managers")
(Registration number 1994/009895/06)
("SA Corporate" or "the Fund")
CONDENSED CONSOLIDATED UNAUDITED INTERIM FINANCIAL STATEMENTS FOR THE 6 MONTHS
ENDED 30 JUNE 2011
Interim distribution
- 1.2 % higher than December 2010
- 0.8% higher than June 2010
Gearing
- Low gearing of 20.3%
- 84% of debt is fixed
Portfolio activity
- Standing portfolio value up 1.9% since December 2010
- Disposal of 6 properties for R181.9m
Property performance
- Industrial vacancies decreased to 1.7%
- Overall vacancies decreased to 6.3%
INTRODUCTION
SA Corporate Real Estate Fund is a JSE listed Property Unit Trust which owns a
portfolio of retail, industrial and office buildings located primarily in the
major metropolitan areas of South Africa.
FINANCIAL RESULTS AND PORTFOLIO PERFORMANCE
The distribution for first half of the year to June 2011 (14.35cpu) increased by
0.8% relative to the comparable period in June 2010 (14.24 cpu) and increased by
1.2% relative to the second half of 2010 (14.18 cpu).
The Fund outperformed the Listed Property sector in the year-to-date June 2011
producing a total return of 9.6% vs. 2.8% and the discount to net asset value
(347cpu) narrowed from 12.6% at June 2010 to 4.2% at June 2011.
Industrial rental growth (14.5%) was underpinned by the take-up of 1.7% vacant
space (3.4% to 1.7%), 85.1% retention ratio on expiries combined with 8.3%
positive rental reversions. Retail rental income decreased by 3% partially
attributable to the sale of retail properties and negative rental reversions.
The office rental income decrease of 7.1% is mainly attributable to disposals.
Rental growth (excluding recoveries) in respect of the standing portfolio
amounted to 1.6% driven by a gradual reduction in vacancies and a marginal
positive rental reversions of 1.1%.
The slow pace of economic recovery was reflected in negative retail rental
reversions and lower turnover rentals. This, coupled with a turnover adjustment
of R7m relating to prior years in respect of one retail tenant, has resulted in
a net R1.1m reversal of rental turnover for the six month period to June 2011
versus turnover rental income of R3.6m reported at June 2010.
Income from the Investment in Oryx Properties Limited ("Oryx") reflects a 44%
reduction compared to the same period last year. The reduction is due to a
difference in accounting treatment this year where only the six months
distribution has been accrued in June 2011 compared to the full twelve months in
June 2010.
Property expenses increased by 10.9% compared to June 2010. Municipal costs
increased by 16% due to an increase in electricity and water of 32% and 21%
respectively. Bad debts increased by 25% (R13.7m) compared to June 2010 (R11.0m)
and were, concentrated mainly in the restaurant and home product related
industries, indicative of pressure on consumer discretionary spend.
Interest paid decreased by 0.3% for the 6 months to June 2011 (R79.7m) vs. June
2010 (R79.9m). Interest received decreased by 28.2% (R4.4m) due to lower overall
rental growth and interest rate environment.
Fund expenses reduced by 17% compared to June 2010 driven by base effects caused
by fees relating to the stepped-rate debt restructuring in the prior year
period.
The breakdown of distributable earnings is set out below:
6 months to 6 months to 12 months to
30.06.2011 30.06.2010 31.12.2010
DISTRIBUTABLE EARNINGS (R000) Unaudited Unaudited Audited
Rent (excluding straight lining
adjustment) 438,792 426,537 871,994
Net property expenses (57,440) (54,360) (108,003)
Property expenses (208,433) (187,926) (392,325)
Recovery of property expenses 150,993 133,566 284,322
Net property income 381,352 372,177 763,991
Taxation on distributable income (440) - -
Interest income from associate
company (Oryx) 8,468 15,141 15,620
Net funding cost (68,431) (64,222) (129,665)
Interest received 11,261 15,688 35,893
Interest paid (79,692) (79,910) (165,558)
Fund expenses (22,158) (26,665) (58,218)
Distributable earnings 298,791 296,431 591,728
Units in issue 2,081,869 2,081,869 2,081,869
Distribution (cents per unit) 14.35 14.24 28.42
- Interim 14.35 14.24 14.24
- Final - - 14.18
PROPERTY VALUATIONS
The value of the Fund`s independently valued property portfolio increased by
R10,7m to R8,78bn as at 30 June 2011 (31 December 2010: R8,77bn). The standing
portfolio, representing properties held for the full 12 months in June 2011
increased by R144m (1.9%) from December 2010.
The capitalisation and discount rates in the Fund`s standing portfolio at 30
June 2011 were calculated on a weighted basis:
Property type Capitalisation Discount rate (%) Growth in standing
rate (%) portfolio (%)
30.06.2011 31.12.2010 30.06.2011 31.12.2010 30.06.2011 31.12.2010
Retail 9.5 9.5 15.5 15.5 0.6 1.4
Industrial 9.7 10.0 16.0 16.1 3.5 2.4
Commercial 10.0 10.0 16.0 16.0 1.3 4.7
Portfolio total 9.6 9.8 15.8 15.8 1.9 2.1
The portfolio valuation gives rise to a net asset value ("NAV") of 347cpu, a
4.5% improvement over June 2010 (332cpu).
PORTFOLIO INVESTMENT ACTIVITY
The portfolio comprised 159 properties. The sectorial and geographic weightings
by value are set out below:
Sectoral Spread
Industrial
38%
R3,3bn
703 588m2
92 properties
Retail
53%
R4,7bn
537 076m2
45 properties
Offices
9%
R0,8bn
98 547m2
22 properties
Geographic Spread
Gauteng
45%
R4,0bn
628 949m2
69 properties
KwaZulu Natal
40%
R3,5bn
526 969m2
64 properties
Western Cape
9%
R0,8bn
117 520m2
16 properties
Other
6%
R0,5bn
65 773m2
10 properties
The table below sets out the development activity during the year under review.
Developments Cost (Rm) Completion Yield Sector Region
date forecast 1st
12 months
(%)
Musgrave Shopping
Centre, Durban 144 10/2011 7.3 Retail KwaZulu
Natal
89 Davenport Road,
Glenwood, Durban 22 08/2011 11.0 Retail KwaZulu
Natal
Hayfields Mall,
Pietermaritzburg 22 12/2011 12.0 Retail KwaZulu
Natal
Sarel Baard Crescent,
Centurion 58 04/2011 8.4 Industrial Gauteng
There were no acquisitions for the 6 months ending 30 June 2011.
Disposals recognised in the 6 months to 30 June 2011
Properties Transfer Proceeds Carrying Exit yield
date (Rm) value at on sale
date of price (%)
sale (Rm)
191 Chapel Street, Durban 02/2011 19.0 18.7 12.1
17 Timber Street,
Pietermaritzburg 02/2011 11.0 10.8 11.7
40 Grey Street,
Bloemfontein 03/2011 2.4 2.4 7.8
Quarry, 57 Hilton Ave,
Hilton 03/2011 41.0 40.3 10.1
Montclair Mall, Durban 06/2011 78.5 73.3 10.8
Total Disposals 151.9 145.5 10.8
Unconditional disposals
Property Effective Contracted Carrying Exit yield
transfer date sale price value at 30 on sale
(Rm) June 2011 price (%)
(Rm)
Paradys Park, Brackenfell 07/2011 30.0 29.5 10.6
Total unconditional disposals 30.0 29.5 10.6
LEASE EXPIRIES AND VACANCIES
Vacancies in terms of rentable area and rental income were as follows:
Property type Vacancy as % of GLA Vacancy as % of rental income
30.06.2011 31.12.2010 30.06.2010 30.06.2011 31.12.2010 30.06.2010
Retail 10.2 10.4 8.3 9.6 11.2 10.5
Industrial 1.7 2.9 3.4 1.4 2.2 2.8
Commercial 17.2 19.5 19.4 16.2 12.6 20.4
Portfolio total 6.3 7.3 6.7 7.1 8.0 8.9
Retail vacancies (10.2%) remained largely unchanged since December 2010 (10.4%),
but lettings in developments reflects the positive benefits of capital
investment to improve portfolio quality. Retail occupancy levels in the
convenience and neighbourhood centres are likely to remain under pressure in the
forthcoming year, however new building supply constraints and access to services
should temper increases in sector vacancies.
The Fund`s industrial vacancy as at end June 2011 was 1.7% (December 2010:
2.9%). Minimal speculative industrial development together with the high quality
of the portfolio means that the Fund`s industrial portfolio should remain well
let.
The office vacancy (including offices in retail) as at end June 2011 was 17.2%
(December 2010: 19.5%). A high proportion (44%) of the Fund`s office vacancies
relate to office space in retail centres. Refurbishment work at Musgrave Centre
has seen the vacant office component decrease from 2,512m2 at December 2010 to
1497m2 as at June 2011. Lettings at the end of July 2011 have reduced the office
portfolio vacancies to 14.3%.
The lease expiry profile and vacancies (by GLA) are set out below:
Property Vacant (%) Expiring (%)
type Monthly 2011 2012 2013 2014 Thereafter
Retail 10.2 9.3 6.3 15.3 12.6 11.2 35.1
Industrial 1.7 1.2 9.7 26.3 18.9 7.8 34.4
Commercial 17.2 4.9 5.7 21.0 13.0 16.5 21.7
Total 6.3 4.7 8.1 21.5 16.0 9.8 33.6
TENANT RETENTION AND RENTAL REVERSION
The table below reflects the Fund retention ratio and rental reversion per
sector for a rolling 12 month period ending June 2011:
Property type Expiries (m2) Retention (m2) Retention (%) Retention
reversion (%)
Retail 103,346 76,373 73.9 (3.8)
Industrial 215,072 182,945 85.1 8.3
Commercial 19,264 14,887 77.3 1.1
Total 337,682 274,205 81.2 1.4
BORROWINGS
Gearing remained low with debt amounting to 20.3% of the total portfolio (30
June 2010: 22%). 84% of the debt is fixed, with the earliest fix expiring in
December 2012. The debt profile is detailed below:
Type Maturity Fixed Rm Interest Swap
date expiry Rate
date (%)
Fixed 13.09.2013 13.09.2013 100 10.57 No
Fixed 31.12.2012 31.12.2012 500 10.82 No
Fixed 11.09.2014 05.06.2013 400 9.75 Yes
Variable 31.12.2011 N/A 285 7.24 No
Fixed 13.08.2013 31.07.2014 270 9.07 Yes
Fixed 13.08.2013 31.07.2014 30 9.07 Yes
Fixed 29.04.2015 31.07.2015 200 10.09 Yes
Total 1,785 9.60
The Fund has an additional R200m floating facility, which was unutilised at June
2011.
PROSPECTS
The Board believes that the Fund could deliver distribution growth of between 1%
and 3% in financial year 2011. Rental growth in the retail portfolio is expected
to be muted while tough trading conditions persist compounded by large increases
in tenants` electricity expenses. The Fund`s quality industrial portfolio is
expected to continue to produce pleasing results. Capital expenditure and
prudent repairs and maintenance will improve asset quality and income
sustainability but comes at the cost of short-term distribution growth. Disposal
proceeds from higher yielding but volatile assets will also be directed towards
high quality less risky, but initially lower yielding assets. The investment
strategy coupled with additional appropriately structured gearing should place
the Fund on a path to sustainably produce distribution growth in line with the
sector over the medium term. This information has not been reviewed or reported
on by SA Corporate`s auditors.
6 months to 6 months to 12 months to
CONDENSED CONSOLIDATED STATEMENT 30.06.2011 30.06.2010 31.12.2010
OF FINANCIAL POSITION (R000) Unaudited Unaudited Audited
Assets
Non-current assets 8,658,407 8,508,320 8,493,622
Investment property 8,330,417 8,225,497 8,171,109
- At valuation 7,603,000 8,050,275 7,347,450
- Straight line rental adjustment (208,783) (183,726) (198,641)
- Properties under development 936,200 358,948 1,022,300
Investment in associate 157,154 133,041 155,892
Rental receivable - straight line
adjustment 170,836 149,782 166,621
Current assets 986,009 852,482 908,384
Properties classified as held for
disposal 243,788 121,602 402,518
Trade receivables 19,900 30,732 8,761
Other receivables and accrued interest 163,483 112,477 154,607
Rental receivable - straight line
adjustment 37,947 33,944 32,020
Cash resources and short term
investments 520,891 553,727 310,478
Total assets 9,644,416 9,360,802 9,402,006
Unitholders` funds and liabilities
Unitholders` funds 7,217,128 6,904,075 7,125,735
Non-current liabilities 1,641,588 1,911,352 1,835,645
Interest bearing borrowings 1,499,842 1,800,000 1,684,330
Interest rate swap derivative 17,699 10,351 31,541
Deferred taxation 124,047 101,001 119,774
Current liabilities 785,700 545,375 440,626
Interest bearing borrowings 285,196 90,000 -
Trade and other payables 180,161 138,686 124,946
Capital gains taxation and secondary
taxation on companies 19,810 18,795 18,795
Unclaimed distributions 1,742 1,463 1,589
Distributions payable 298,791 296,431 295,296
Total unitholders` funds and
liabilities 9,644,416 9,360,802 9,402,006
NAV cpu 347 332 342
6 months to 6 months to 12 months to
CONDENSED CONSOLIDATED STATEMENT 30.06.2011 30.06.2010 31.12.2010
OF COMPREHENSIVE INCOME (R000) Unaudited Unaudited Audited
Revenue 605,832 573,538 1,182,374
Income 632,692 609,517 1,257,105
Rent 438,792 426,537 871,994
Straight line rental adjustment 16,047 13,435 26,058
Recovery of property expenses 150,993 133,566 284,322
Income from associate company
- Interest income 8,468 15,141 15,620
- Share of post-acquisition reserves 7,131 5,150 23,219
Interest 11,261 15,688 35,892
Expenses (310,283) (294,501) (616,100)
Accounting and secretarial fees (5,184) (5,733) (10,369)
Audit fees (799) (738) (1,427)
Administrative fees (2,122) (5,053) (11,696)
Interest paid (79,692) (79,910) (165,558)
Property expenses (208,433) (187,926) (392,325)
Service fees (14,053) (15,141) (34,725)
Operating income 322,409 315,016 641,005
Interest rate swap mark to market 13,842 - (31,540)
Debt restructure costs (13,737) (9,158) (22,894)
Capital profit / (loss) on disposal
of investment properties 3,767 (987) 359
Revaluation of investment properties 108,115 35,192 148,766
- Revaluations 124,162 48,627 174,824
- Straight line rental adjustment (16,047) (13,435) (26,058)
Revaluation of investment property
under development (36,750) 26,768 139,994
Impairment of investment in associate (5,869) (5,430) (649)
Taxation
Capital gains taxation ("CGT") and
deferred tax on property transactions (15,330) (2,131) (22,901)
Net profit attributable to unitholders 376,447 359,270 852,140
Interest rate swap mark to market - (19,311) (8,960)
Debt restructure costs 13,737 9,158 22,894
Total comprehensive income attributable
to unitholders` 390,184 349,117 866,074
Units in issue (000) 2,081,869 2,081,869 2,081,869
Weighted units in issue (000) 2,081,869 2,081,869 2,081,869
Cents Cents Cents
Distribution per unit 14.35 14.24 28.42
- Interim 14.35 14.24 14.24
- Final - - 14.18
Net profit per unit 18.08 17.26 40.93
- Interim 18.08 17.26 17.26
- Final - - 23.67
Headline earnings per unit 15.52 14.58 27.98
Total Share Non Distri-
capital Distri- butable
CONDENSED CONSOLIDATED STATEMENT butable reserves
OF CHANGES IN UNITHOLDERS` FUNDS (R000) reserves
Unitholders` funds at 1 January
2010 6,851,389 7,076,649 (225,260) -
Total comprehensive income for
the period 349,117 - (10,153) 359,270
Net profit for the period * 359,270 - - 359,270
Interest rate swap valuation
adjustment (19,311) - (19,311) -
Amortisation of debt restructure 9,158 - 9,158 -
Revaluation of investment properties - - 35,192 (35,192)
Revaluation of investment properties
under development - - 26,768 (26,768)
Impairment of investment in associate - - (5,430) 5,430
Capital loss on disposal of fixed
properties transferred to non
distributable reserves - - (987) 987
Taxation on property revaluation
and disposals * - - 287 (287)
Straight line rental adjustment net
of taxation - - 11,017 (11,017)
Share of associate company`s
post-acquisition reserves - - 5,150 (5,150)
Debt restructure costs - - (9,158) 9,158
7,200,506 7,076,649 (172,574) 296,431
Distribution attributable to
unitholders (296,431) - - (296,431)
Unitholders` funds at 30 June
2010 6,904,075 7,076,649 (172,574) -
Total comprehensive income for
the period 516,957 - 24,087 492,870
Net profit for the period 492,870 - - 492,870
Interest rate swap valuation
adjustment 10,351 - 10,351 -
Amortisation of hedge reserve 13,736 - 13,736 -
Impairment of interest rate swap - - (31,540) 31,540
Revaluation of investment properties - - 113,574 (113,574)
Revaluation of investment properties
under development - - 113,226 (113,226)
Revaluation of investment in associate - - 4,781 (4,781)
Capital profit on disposal of fixed
properties transferred to non
distributable reserves - - 1,346 (1,346)
Taxation on property revaluation and
disposals - - (19,146) 19,146
Straight line rental adjustment net
of taxation - - 10,999 (10,999)
Share of associate company`s
post-acquisition reserves - - 18,069 (18,069)
Debt restructure costs - - (13,736) 13,736
7,421,032 7,076,649 49,086 295,297
Distribution attributable to
unitholders (295,297) - - (295,297)
Unitholders` funds at 31 December
2010 7,125,735 7,076,649 49,086 -
Total comprehensive income for
the period 390,184 - 13,737 376,447
Net profit for the period 376,447 - - 376,447
Amortisation of hedge reserve 13,737 - 13,737 -
Revaluation of interest rate swap - - 13,842 (13,842)
Revaluation of investment properties - - 108,115 (108,115)
Impairment of investment properties
under development - - (36,750) 36,750
Impairment of investment in associate - - (5,869) 5,869
Capital profit on disposal of fixed
properties transferred to non
distributable reserves - - 3,767 (3,767)
Taxation on property revaluation,
disposals and dividends - - (15,478) 15,478
Straight line rental adjustment net
of taxation - - 16,635 (16,635)
Share of associate company`s
post-acquisition reserves - - 7,131 (7,131)
Debt restructure costs - - (13,737) 13,737
7,515,919 7,076,649 140,479 298,791
Distribution attributable to
unitholders (298,791) - - (298,791)
Unitholders` funds at 30 June 2011 7,217,128 7,076,649 140,479 -
* Adjusted for the change in accounting policy. Refer to the notes to the
condensed consolidated financial statements for further detail.
6 months to 6 months to 12 months to
ABRIDGED CONSOLIDATED STATEMENT OF 30.06.2011 30.06.2010 31.12.2010
CASH FLOW (R000) Unaudited Unaudited Audited
Net cash flows from operating activities 29,247 47,875 (68,228)
Net cash flows from investing activities 80,458 (133,001) (133,675)
Net cash flows from financing activities 100,708 210,802 84,330
Net increase /(decrease) in cash 210,413 125,676 (117,573)
Cash resources at beginning of period 310,478 428,051 428,051
Cash resources at end of period 520,891 553,727 310,478
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
The results have been prepared in accordance with IAS 34 - Interim Financial
Reporting, the AC 500 standards as issued by the Accounting Practices Board, the
requirements of the Collective Investment Schemes Control Act as well as the JSE
requirements. The accounting policies and methods of computation are consistent
in all respects with those applied in the prior year and the recognition and
measurement criteria in accordance with International Financial Reporting
Standards "IFRS", except for the following change in accounting policy relating
to the treatment of income taxes.
1 Changes in accounting policy:
Changes to IAS 12 (Income taxes). The carrying amount of investment property,
using the fair value model, will be recovered entirely through sale. The
amendment requires entities to apply the CGT rate to their entire investment
property revaluations (where tax is applicable), and no longer require a split
of the property with a portion (land) attracting the CGT rate and a portion (the
building) attracting the full income tax rate. Further, where investment
property moves in or out of the "held for disposal" category, there will be no
adjustment to the tax rate applied to the building portion of the revaluation.
Although only effective in 2012, SA Corporate has exercised the early adoption
option in 2010 resulting in a retrospective restatement of the comparative
information. This has the effect of a lower deferred tax charge on upward
revaluations in profit and loss; no release of any deferred tax when properties
are moved into "held for disposal" and similarly no increase when they are
removed from that category; and a net increase in NAV per unit.
6 months to 6 months to
30.06.2010 30.06.2010
Previously New (based
reported on IAS 12
amendments)
Unaudited Unaudited Difference
Effect on the condensed consolidated
statement of financial position
Deferred tax 189,870 101,001 88,869
Non distributable reserves 261,443 172,574 88,869
Effect on the condensed consolidated
statement of comprehensive income
CGT and deferred tax on property
transactions (27,739) (2,131) 25,608
2 Headline earnings and distribution attributable to unitholders
6 months to 6 months to 12 months to
30.06.2011 30.06.2010 31.12.2010
Unaudited Unaudited Audited
R 000 CPU R 000 CPU R 000 CPU
Net profit for the year 376,447 18.08 359,270 17.26 852,140 40.93
Adjustments for:
Capital (profit)/ loss
on disposal of investment
properties (3,767) 987 (359)
Revaluation of
investment properties (108,115) (35,192) (148,766)
Impairment of
investment property
under development 36,750 (26,768) (139,994)
Impairment of investment
in associate 5,869 5,430 649
Taxation thereon 15,918 286 18,859
Headline earnings 323,102 15.52 303,441 14.58 582,529 27,98
Straight line rental
adjustment (16,047) (13,435) (26,058)
Taxation thereon (588) 2,417 4,042
Taxation on distributable
income (440) - -
Share of associate
company`s after tax
profit (7,131) (5,150) (23,219)
Debt restructure costs 13,737 9,158 22,894
Interest rate swap mark
to market (13,842) - 31,540
Distributable income 298,791 296,431 591,728
Distributable income
attributable to
unitholders 298,791 14.35 296,431 14.24 591,728 28.42
Interim 298,791 14.35 296,431 14.24 296,431 14.24
Final - - - - 295,297 14.18
Weighted headline
earnings per unit 15.52 14.58 27.98
3 Primary operational segments (R000)
Business segment Industrial Commercial Retail Group
Extract from statement of
comprehensive income
Total Revenue 208,311 63,345 334,176 605,832
Rental income (excluding
straight line rental adjustment) 175,654 40,748 222,390 438,792
Net property expenditure (15,304) (6,875) (35,261) (57,440)
Property expenses (39,560) (13,637) (155,236) (208,433)
Recovery of property expenses 24,256 6,762 119,975 150,993
Net property income 160,350 33,873 187,129 381,352
Straight line rental adjustment 8,401 15,835 (8,189) 16,047
Interest income from associate - - - 8,468
Net interest paid - - - (68,431)
Debt restructure costs - - - (13,737)
Group expenses - - - (22,158)
Share of associate company`s
after tax profit - - - 7,131
Interest rate swap mark to market - - - 13,842
Headline earnings 322,514
Other information
Properties 3,255,815 732,417 4,585,973 8,574,205
At valuation 3,324,700 766,900 3,511,400 7,603,000
Classified as held for
disposal 20,633 - 223,155 243,788
Property under development - - 936,200 936,200
Straight line rental
adjustment (89,518) (34,483) (84,782) (208,783)
Revaluation / (impairment) of
investment properties excluding
straight line adjustment,
net of taxation 92,499 8,626 (46,347) 54,778
Comparable period growth Industrial Commercial Retail Group
rates % % % %
Rental income (excluding straight
line rental adjustment) 14.5 (7.1) (3.0) 2.9
Property expenses 13.3 (4.7) 11.9 10.9
Recovery of property expenses (0.5) (18.8) 18.9 13.0
Net property income 12.2 (10.6) (2.2) 2.5
DISTRIBUTION DECLARATION AND IMPORTANT DATES
Notice is hereby given of the declaration of distribution no. 33 in respect of
the income distribution period 1 January 2011 to 30 June 2011. The distribution
amounts to 14.35 cpu and has been declared out of earnings.
Last date to trade cum distribution Friday, 16 September 2011
Units will trade ex-distribution Monday, 19 September 2011
Record date to participate in the distribution Friday, 23 September 2011
Payment of distribution Monday, 26 September 2011
Unit certificates may not be dematerialised or re-materialised between Monday,
19 September and Friday, 23 September 2011 both days inclusive.
SA Corporate Real Estate Fund Managers Limited
Registered office
Mutual Park
Jan Smuts Drive
5th Floor Pinelands
7405
PO Box 333
Mutual Park 7451
Tel: (021) 530-4500
Registered auditors
Deloitte & Touche
1st Floor
The Square
Cape Quarter
27 Somerset Road
Cape Town
8005
Transfer secretaries
Computershare Investor Services
(Pty) Ltd
Ground Floor, 70 Marshall Street
Johannesburg 2001
PO Box 61051
Marshalltown 2107
Sponsor
Nedbank Capital
A division of Nedbank
Limited
135 Rivonia Road
Sandton
2196
Managed by Old Mutual Property
A licenced financial services provider
Directors: KM Roman (Chairman), LB van Niekerk (Managing)*, AM Basson*, RJ
Biesman-Simons, GP Dingaan, KJ Forbes, BM Kodisang, SH Mia, IN Mkhari, MM
Ngcobo, ES Seedat, WC van der Vent
*Executive
Alternates: A Beattie, N Corbishley, P Zagaretos
OLD MUTUAL PROPERTY (PTY) LTD
SECRETARIES
19 August 2011
Date: 19/08/2011 12:04:00 Supplied by www.sharenet.co.za
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implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
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