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SA CORPORATE REAL ESTATE FUND - CONDENSED UNAUDITED CONSOLIDATED INTERIM FINANCIAL RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2012

Release Date: 20/08/2012 11:05
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CONDENSED UNAUDITED CONSOLIDATED INTERIM FINANCIAL RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2012

SA CORPORATE REAL ESTATE FUND

SA Corporate Real Estate Fund
("SA Corporate" or "the 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)

CONDENSED UNAUDITED CONSOLIDATED INTERIM FINANCIAL RESULTS FOR THE SIX MONTHS
ENDED 30 JUNE 2012

Interim distribution growth
- 5.7% higher than June 2011
- 4.8% higher than December 2011

Gearing
- Low gearing of 17.8%
- 98.5% of debt is fixed

Portfolio activity
- Disposal of 10 properties for R547,0m
- Disposal of investment in associate for R178,2m

Property performance
- Overall retention increased to 84.7%
- Reversions increased to 3.6%

1. INTRODUCTION
SA Corporate Real Estate Fund is a JSE listed Property Unit Trust which owns a
portfolio of retail, industrial and commercial buildings located primarily in
the major metropolitan areas of South Africa.

2. REVIEW FINANCIAL RESULTS AND PORTFOLIO PERFORMANCE
The distribution for the first half of the year to June 2012 (15.17cpu)
increased by 5.7% relative to the comparable period in June 2011 (14.35 cpu)
and increased by 4.8% relative to the second half of 2011 (14.48 cpu). The
premium to net asset value (“NAV”) improved to 3.2% at June 2012 (NAV: 330cpu,
Unit price: 341cpu), compared to a discount of 4.2% at June 2011.

Industrial rental growth (8.3%) was underpinned by solid tenant retentions of
85.0% combined with positive rental reversions. Retail rental income decreased
by 3.8%. The reduction is attributable to a combination of the impact of
disposals and a 1.3% increase in vacancies. Retail rental income on the
standing portfolio has improved from 1.1% dilution as at June 2011 to 4.7%
growth as at June 2012, arising from improved retentions (82.2%) and positive
reversions (1.1%). Commercial rental income increased by 8.5%, this is
underpinned by reduced vacancies (14.5%), retentions of 93.1% and 5.2%
positive reversions.

The total standing portfolio rental (excluding recoveries and turnover rental)
increased by 7.5%, mainly due to improved tenant retention and positive rental
reversions.

SA Corporate's investment in Oryx Properties Limited (“Oryx”) was disposed of
during the period which resulted in the income from the associate for the 6
months ended June 2012, decrease by 83.4% compared to the same period last
year. The proceeds have been used to fund the unit buy-back and settle a
R100m loan with an interest rate of 10.57%. This resulted in an enhanced
distribution.

Property expenses increased by 4.0% compared to June 2011. Municipal costs
representing 59.1% of property expenses increased by 5.3%, due to an increase
in electricity and water cost of 13.3% and 7.0% respectively. Bad debts
decreased by 46.6% (R7.4m) compared to June 2011 (R13.8m).

Net interest paid decreased by 10.0% for the 6 months to June 2012 compared to
the same period in 2011. The reduction is attributable to the injection of
disposal proceeds into flexible debt facilities and early settlement of more
expensive debt.

The breakdown of distributable earnings is set out below:

                                       6 months to   6 months to   12 months to
                                        30.06.2012    30.06.2011     31.12.2011
DISTRIBUTABLE EARNINGS (R000)            Unaudited     Unaudited        Audited

Rent (excluding straight line rental
adjustment)                               448,382       438,792        891,049
Net property expenses                     (56,074)      (57,440)      (116,082)
 Property expenses                       (216,693)     (208,433)      (431,781)
 Recovery of property expenses            160,619       150,993        315,699

Net property income                       392,308       381,352        774,967

Taxation on distributable income              698          (440)           (93)

Interest income from associate
company (Oryx)                               1,402         8,468        16,970

Net funding cost                          (61,589)      (68,431)      (140,564)
 Interest received                         12,115        11,261         23,597
 Interest paid                            (73,704)      (79,692)      (164,161)

Fund expenses                             (22,481)      (22,158)       (50,998)

Other                                            -             -            (80)

Lapsed distribution on units buy-back         795              -              -

Distributable earnings                    311,133       298,791        600,202

Units in issue (000)                    2,050,917     2,081,869      2,081,869

Distribution (cents per unit)               15.17         14.35          28.83
 - Interim                                  15.17         14.35          14.35
 - Final                                        -             -          14.48

3. PROPERTY VALUATIONS
The value of the Fund's independently valued property portfolio decreased by
R548,3m to R8,0bn as at June 2012 (December 2011: R8,6bn). The standing
portfolio, representing properties held for the full 12 months in June 2012,
decreased by R36m (0.5%) from December 2011.

The capitalisation and discount rates used for the valuations in the Fund's
standing portfolio at June 2012 were as follows:
Property type     Capitalisation     Discount rate (%)    Change in standing
                        rate (%)                               portfolio (%)
           30.06.2012 31.12.2011  30.06.2012  31.12.2011  30.06.2012 31.12.2011

Retail           9.4        9.5       15.4       15.5       (2.9)        (2.1)
Industrial       9.8        9.9       15.9       15.9        1.8          4.3
Commercial      10.0       10.0       16.0       16.0        0.3         (0.8)
Portfolio total  9.7        9.7       15.7       15.7       (0.5)         0.7

The portfolio valuation gives rise to a NAV of 330cpu, a 4.9% decrease
compared to June 2011 (347cpu).

4. PORTFOLIO INVESTMENT ACTIVITY
The portfolio comprised 147 properties (159 properties as at June 2011 and 157
properties as at December 2011). The sectoral and geographic weightings by
value are set out below:

Sectoral Spread

Retail
48%
R3,9bn
454 988m2
36 properties

Industrial
43%
R3,4bn
695 220m2
89 properties

Commercial
9%
R0,7bn
94 994m2
22 properties

Geographic Spread

Gauteng
47%
R3,7bn
615 569m2
68 properties

KwaZulu-Natal
42%
R3,4bn
500 717m2
59 properties

Western Cape
9%
R0,7bn
104 423m2
14 properties

Other
2%
R0,2bn
24 494m2
6 properties

Development activity during the period.

Developments         Cost (Rm)    Completion           Yield        Sector      Region
                                        date    forecast 1st
                                                   12 months
                                                         (%)

Musgrave Shopping
Centre, Durban            144        04/2012               7.3      Retail     KwaZulu-
                                                                                  Natal
Hayfields Mall,
Pietermaritzburg           22        07/2012               9.0      Retail     KwaZulu-
                                                                                  Natal
Whirlprops 25 (Pty)
Ltd, Durban                20        07/2012               9.3  Industrial     KwaZulu-
                                                                                 Natal
8 Paul Smith Street,
Anderbolt                  17        10/2012              10.0  Industrial      Gauteng

There were no acquisitions for the 6 months ending 30 June 2012.

Disposals recognised during the period.

Properties                   Transfer          Proceeds      Carrying        Exit yield
                                 date              (Rm)      value at           on sale
                                                              date of         price (%)
                                                            sale (Rm)

Highland Mews Shopping
Centre, Witbank                 06/2012          130,0           136,9            10.1
Renbro Shopping Centre,
Pretoria                        06/2012          107,0           103,5             8.3
Hubyeni Shopping Centre,
Limpopo                         06/2012           80,8            80,8            10.0
The Village Centre,
Richdens                        05/2012           79,6            80,0             9.6
Van Riebeeckshof Shopping
Centre, Belville                06/2012           38,0            37,6             9.8
Nzhelele Valley Shopping
Centre, Makhado                 06/2012            30,6           29,7             7.6
Ermelo Game Centre, Ermelo      06/2012            26,0           26,3             9.2
Dube Village Mall, Inanda       06/2012            25,0           27,9             9.0
6 Lanner Road, Durban           01/2012            22,5           22,5             7.0
94 Intersite Avenue, Durban     01/2012             7,5            7,5             8.1
                                                  547,0          552,7             9.3
Investment in Oryx
Properties Limited               01/2012         178,2           178,2           *10.2
Total Disposals                                  725,2           730,9            9.48

* Historic yield

5. 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
           30.06.2012 31.12.2011 30.06.2011 30.06.2012 31.12.2011 30.06.2011
Retail           11.5        9.7       10.2        5.9        6.6        9.6
Industrial        3.7        1.4        1.7        2.2        1.5        1.4
Commercial       14.5       13.6       17.2        9.5        9.2       16.2
Portfolio total   7.4        5.6        6.3        4.9        5.0        7.1

* GLA=Gross lettable area

Retail vacancies (11.5%) increased since June 2011 (10.2%) predominantly due
to disposals, large box tenant failures and strategic areas held for expansion
for existing and prospective tenants. Refurbishment projects have contributed
positively to the overall occupancy levels.

The Fund's industrial vacancy as at June 2012 was 3.7% (June 2011: 1.7%).
Minimal speculative industrial development together with the quality of the
portfolio ensured that the industrial portfolio remains well let and better
than the sector average. The increase in the vacancy rate is as a result of
space not renewed and reported as vacant as at June 2012. This space has been
largely re-let and vacancy levels should remain constant at around 2.0% to
2.5% of the total industrial portfolio.

The commercial vacancy (including commercial in retail) as at June 2012 was
14.5% marginally up from December 2011 (December 2011: 13.6%) but much
improved from the June 2011 vacancy rate for the commercial portfolio of
17.2%. A high proportion of the Fund's commercial vacancies relate to office
space in retail centres. The over supplied office market remains challenging
particularly with regard to B and C grade office buildings which highlights
the two-tiered market which has developed, with prime space performing much
better than buildings of B and C grade quality.

The lease expiry profile and vacancies (by GLA) are set out below:

Property Vacant (%)                           Expiring (%)
type                    Monthly     2012      2013    2014       2015     Thereafter
Retail        11.5          5.7     13.0      16.6    18.0       16.7           18.4
Industrial     3.7          2.2     12.4      18.8    12.7       17.6           32.6
Commercial    14.5          3.3     15.2      18.0    13.0       13.7           22.2
Total          7.4          3.6     12.8      18.0    14.7       17.0           26.6

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 2012:

Property type     Expiries (m2)    Retention (m2)    Retention (%)           Retention
                                                                        reversion (%)
Retail                   80,600             66,219              82.2              1.1
Industrial              166,670            141,679              85.0              6.1
Commercial               17,471             16,259              93.1              5.2
Total                   264,741            224,157              84.7              3.6

7. BORROWINGS
Gearing remained low with debt amounting to 17.8% of the total portfolio (June
2011: 20.2%). 98.5% 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                31.12.2012    31.12.2012           500           8.53       Yes
Fixed                11.09.2014    05.06.2013           400           9.74       Yes
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
Variable             25.07.2016    25.07.2016            21           7.87        No
Total                                                 1,421           9.20
The Fund has an additional R200m floating facility, of which R21.4m was
partially used to fund capital expenditure.

8. PROSPECTS
Business conditions remain very tight and, even taking into account the
possible positive spin-offs of the reduction in the repo rate announced by the
SA Reserve Bank (“SARB”) recently, are expected to remain tight for the
foreseeable future. This is a result of the fact that the world economy is
barely growing due to, inter alia, the European crisis which seems to be far
from over and, although it appears as if Greece have managed to pull back from
disaster, there is evidence that there are similar problems in Italy and
Spain. In addition, the US economy remains sluggish and SARB has reduced its
forecast for the South African GDP growth.

In spite of this, there are signs that vacancies are coming down and there are
indications that rentals are growing, albeit at a pedestrian pace. This growth
is evident in the industrial portfolio which has been performing well and is
expected to continue to do so. In contrast to this, the retail portfolio in
Gauteng remains under pressure. On the positive side, there are signs that the
retail portfolio in KwaZulu-Natal has turned the corner and it is expected
that it should perform to expectations.

Although we are expecting an improved performance from the property portfolio,
it is anticipated that the relatively high volume of sales out of the
portfolio which have not yet been countered by acquisitions, will continue to
have a negative effect on distribution growth. In spite of this, the Board is
of the opinion that the Fund should be able to deliver positive growth in
distributions for the full year.

9. CONDENSED CONSOLIDATED STATEMENT   30.06.2012    30.06.2011   31.12.2011
OF FINANCIAL POSITION (R000)           Unaudited     Unaudited      Audited

Assets

 Non-current assets                    7,645,819    8,681,765     8,036,164
 Investment property                   7,418,385    8,330,417     7,812,992
 - At valuation                        6,757,925    7,603,000     7,178,125
 - Straight line rental adjustment      (214,440)    (208,783)     (210,833)
 - Under development                     874,900      936,200       845,700
 Letting commission                       26,404      *23,358        41,114
 Investment in associate                       -      157,154             -
 Rental receivable straight line
 adjustment                              190,199       170,836      182,058
 Interest rate swap derivative            10,831             -            -

 Current assets                        1,209,116      962,651     1,269,891
 Properties held for disposal            370,400      243,788       527,700
 Investment in associate held for
 disposal                                      -            -       175,208
 Trade receivables                        18,042       19,900        26,555
 Other receivables and accrued interest 130,626      *140,125       138,002
 Rental receivable straight line
 adjustment                               24,240       37,947        28,775
 Capital gains taxation                      824            -             -
 Cash and cash equivalents               664,984      520,891       373,651

Total assets                           8,854,935    9,644,416     9,306,055

Unitholders' funds and liabilities
 Unitholders' funds                      6,777,333     7,217,128      6,967,767

 Non-current liabilities                 1,062,767     1,625,029      1,332,077
 Interest bearing borrowings               920,976     1,499,842      1,222,982
 Interest rate swap derivative              29,227        *1,140         13,732
 Deferred taxation                         112,564       124,047         95,363

 Current liabilities                     1,014,835       802,259      1,006,211
 Interest bearing borrowings               500,000       285,196        500,000
 Trade and other payables                  172,258       180,161        179,424
 Capital gains taxation and secondary
 taxation on companies                          56        19,810          2,415
 Unclaimed distributions                       879         1,742          4,148
 Distributions payable                     311,133       298,791        301,411
 Interest rate swap derivative              30,509       *16,559         18,813

Total unitholders' funds and
liabilities                              8,854,935     9,644,416      9,306,055

NAV cpu                                        330           347            335

* Adjusted to disclose non-current letting commissions and interest rate swap
derivative in non-current assets and liabilities respectively.

                                        6 months to   6 months to   12 months to
10. CONDENSED CONSOLIDATED STATEMENT     30.06.2012    30.06.2011     31.12.2011
OF COMPREHENSIVE INCOME (R000)            Unaudited     Unaudited        Audited

Revenue                                    604,666       605,832      1,235,323

Income                                     618,183       632,692       1,300,061
 Rent                                      448,382       438,792         891,049
 Straight line rental adjustment            (4,335)       16,047          28,575
 Recovery of property expenses             160,619       150,993         315,699
 Income from associate company               1,402        15,599          41,141
 - Interest income                           1,402         8,468          16,970
 - Share of post-acquisition reserves            -         7,131          24,171
 Interest                                   12,115        11,261          23,597

Expenses                                  (312,878)     (310,283)      (646,940)
 Accounting and secretarial fees            (2,943)       (5,184)       (10,205)
 Audit fees                                    (28)         (799)        (1,517)
 Administrative fees                        (2,095)       (2,122)        (7,737)
 Interest expense                          (73,704)      (79,692)      (164,161)
 Property expenses                        (216,693)     (208,433)      (431,781)
 Service fees                              (17,415)      (14,053)       (31,539)

Operating income                           305,305       322,409        653,121
 Revaluation of interest rate swap         (16,360)       13,842         (1,004)
 Debt restructure costs                    (19,002)      (13,737)       (27,473)
 Capital (loss)/profit on disposal of
 investment properties                     (13,422)        3,767          3,276
 Revaluation of investment properties      (46,379)      108,115        (28,892)
 - Investment properties                   (50,714)      124,162           (317)
 - Straight line rental adjustment           4,335       (16,047)       (28,575)
 Revaluation of investment property
 under development                          11,905       (36,750)      (206,875)
 Impairment of investment in associate           -        (5,869)        (4,855)

Taxation
 Taxation credit/(charge)                  (15,762)      (15,330)        27,463
Net profit attributable to unitholders     206,285       376,447         414,761

Amortisation of debt restructure            13,737         13,737          27,473

Total comprehensive income attributable
to unitholders'                            220,022       390,184         442,234

Headline earnings                          270,388       323,102         626,191

Units in issue (000)                     2,050,917      2,081,869       2,081,869
Weighted units in issue (000)            2,069,385      2,081,869       2,081,869

                                             Cents         Cents           Cents
Distribution per unit                        15.17         14.35           28.83
- Interim                                    15.17         14.35           14.35
- Final                                          -             -           14.48
Net profit per unit                          10.06         18.08           19.92
- Interim                                    10.06         18.08           18.08
- Final                                          -             -            1.84
Headline earnings per unit                   13.18         15.52           30.08

                                       6 months to 6 months to 12 months to
11. CONDENSED CONSOLIDATED STATEMENT    30.06.2012 30.06.2011    31.12.2011
OF CHANGES IN UNITHOLDERS’ FUNDS (R000) Unaudited    Unaudited      Audited

Unitholders' funds at the beginning
of the 6 months                            6,967,767    7,217,128       7,125,735

Unitholders' funds at the beginning
of the period                              6,967,767    7,125,735       7,125,735
Total comprehensive income for the
period                                        220,022      390,184        442,234

 Net profit for the period                   206,285      376,447        414,761
 Amortisation of debt restructure costs       13,737       13,737         27,473

Buy-back of units                           (100,000)               -           -
Unit buy-back cost                              (118)               -           -
Lapsed distribution on units buy-back            795                -           -
Distribution attributable to
unitholders                                 (311,133)     (298,791)      (600,202)

Unitholders' funds at the end of
the period                                 6,777,333    7,217,128       6,967,767

                                          6 months to 6 months to 12 months to
12. CONDENSED CONSOLIDATED STATEMENT       30.06.2012 30.06.2011    31.12.2011
OF CASH FLOW (R000)                         Unaudited   Unaudited      Audited

Net cash flows from operating activities      32,386      *26,493         23,091
Net cash flows from investing activities     665,542      *83,212          1,430
Net cash flows from financing activities    (406,595)     100,708         38,652
Net increase in cash                         291,333      210,413         63,173
Cash resources at beginning of period        373,651      310,478        310,478
Cash resources at end of period              664,984      520,891        373,651

* Letting commission reflected in investing activities to align with
reclassification.
13. NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

The condensed consolidated financial information has been prepared in
accordance with the framework concepts and the measurement and recognition
requirements of International Financial Reporting Standards (IFRS), the AC 500
standards as issued by the Accounting Practices Board, the requirements of the
Collective Investment Schemes Control Act and the information as required by
IAS 34: Interim Financial Reporting. The results have been prepared using
accounting policies that are consistent with those applied in the financial
statements for the prior year.

13.1 Headline earnings and distribution attributable to unitholders

                            6 months to          6 months to         12 months to
                             30.06.2012           30.06.2011           31.12.2011
                             Unaudited            Unaudited             Audited
                            R 000    CPU         R 000    CPU       R 000     CPU

Net profit for the year   206,285     10.06   376,447     18.08   414,761    19.92

Adjustments for:
 Capital loss/(profit) on
 disposal of investment
 properties                 13,422             (3,767)             (3,276)
 Taxation on capital
 profit on disposal of
 investment properties      (1,439)            11,057              (3,052)
 Revaluation of investment
 properties                 46,379            (108,115)            28,892
 Revaluation of investment
 property under
 development               (11,905)            36,750             206,875
 Taxation on revaluations   17,646              4,861             (22,864)
 Impairment of investment
 in associate                   -                5,869              4,855

Headline earnings         270,388 13.18       323,102     15.52   626,191    30.08
Straight line rental
adjustment                   4,335            (16,047)            (28,575)
Taxation on straight line
rental adjustment             (445)              (588)             (1,547)
Share of associate company's
after tax profit                 -             (7,131)            (24,171)
Debt restructure costs     19,002              13,737              27,473
Other                          698               (440)               (173)
Lapsed distribution on
units buy-back                 795                   -                  -
Revaluation of interest
rate swap                  16,360             (13,842)              1,004

Distributable income      311,133             298,791             600,202
Distributable income
attributable to
unitholders               311,133     15.17   298,791     14.35   600,202    28.83

Interim                   311,133     15.17   298,791     14.35   298,791    14.35
Final                           -         -         -         -   301,411    14.48

13.2 Segmental analysis (R000)

Business segment              Industrial Commercial            Retail        Group
Extract from statement of
comprehensive income
Revenue                           230,875     51,964      321,827      604,666

Rental income (excluding
straight line rental adjustment) 190,283      44,206      213,893      448,382
Net property expenses            (14,889)     (8,060)     (33,125)     (56,074)
 Property expenses               (40,404)    (17,033)    (159,256)    (216,693)
 Recovery of property expenses    25,515       8,973      126,131      160,619

Net property income               175,394     36,146      180,768     392,308
Straight line rental adjustment    15,077     (1,215)     (18,197)     (4,335)
Income from associate company           -          -            -       1,402
Net interest paid                       -          -            -     (61,589)
Debt restructure costs                  -          -            -     (19,002)
Group expenses                          -          -            -     (22,481)
Deferred taxation on straight
line rental adjustment               (346)       (12)         803          445
Revaluation of interest rate swap       -          -            -      (16,360)

Headline earnings                                                     270,388

Properties                      3,281,310    723,188    3,775,846    7,780,344
 At valuation                   3,283,200    729,000    2,745,725    6,757,925
 Classified as held for
 disposal                          12,000     20,200      338,200      370,400
 Under development                 99,800          -      775,100      874,900
 Straight line rental
 adjustment                      (113,690)   (26,012)     (83,179)   (222,881)
Revaluation of investment
properties excluding straight
line adjustment, net of
taxation                           41,281     (2,168)     (95,123)    (56,010)

Segment growth rates          Industrial Commercial        Retail       Group
                                       %          %             %           %
 Rental income (excluding straight
 line rental adjustment)             8.3        8.5          (3.8)        2.2
 Property expenses                   2.1       24.9           2.6         4.0
 Recovery of property expenses      (5.2)      32.7           5.1         6.4
 Net property income                 9.4        6.7          (3.4)        2.9

14. DISTRIBUTION DECLARATION AND IMPORTANT DATES

Notice is hereby given of the declaration of distribution no. 35 in respect of
the income distribution for the period 1 January 2012 to 30 June 2012. The
distribution amounts to 15.17 cpu and has been declared out of earnings. No
dividend withholding tax has been withheld.

Last date to trade cum distribution                Thursday, 20 September 2012
Units will trade ex-distribution                   Friday, 21 September 2012
Record date to participate in the distribution     Friday, 28 September 2012
Payment of distribution                            Monday, 01 October 2012

Unit certificates may not be dematerialised or re-materialised between Friday,
21 September and Friday, 28 September 2012 both days inclusive.

SA Corporate Real Estate Fund Managers Limited

Registered office
5th Floor
Mutual Park
Jan Smuts Drive
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: RJ Biesman-Simons (Acting Chairman), G van Zyl (Managing)*,
AM Basson (Finance)*, GP Dingaan, KJ Forbes, P Levett, SH Mia, R Morar,
ES Seedat
* Executive

OLD MUTUAL PROPERTY (PTY) LTD
SECRETARIES
20 August 2012

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