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Reviewed condensed final results and distribution declaration for the year ended 31 December 2012
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")
REVIEWED CONDENSED FINAL RESULTS AND DISTRIBUTION DECLARATION FOR THE
YEAR ENDED 31 DECEMBER 2012
Distribution growth
- Full year 4.6% higher than 2011
- 2nd half 2012 3.5% higher than 2nd half 2011
Capital Structure
- Low gearing of 14.0%
- Interest rate swap restructure
- 42.9m units repurchased
Portfolio activity
- Standing portfolio value up 3.6%
- Disposal of 18 properties for R769.5m
Property performance
- Vacancy as % of rental income decreased to 4.9%
- Tenant retentions increased to 88.1%
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.
FINANCIAL RESULTS AND PORTFOLIO PERFORMANCE
The full year's distribution (30.15cpu) increased by 4.6% (2011:
28.83cpu). The distribution for the second half of the year to December
2012 (14.98cpu) increased by 3.5% relative to the comparable period in
December 2011 (14.48cpu). During the current year the distribution was
impacted by disposals made in 2011 and 2012 with the standing portfolio
distribution increasing by 3.5%. The premium to net asset value increased
to 6.7% (NAV: 342cpu, Unit price: 365cpu) from 3.3% (2011: NAV: 335cpu,
Unit price: 346cpu).
These results include a provision of R5,9m pending the finalisation of a
VAT attribution ruling from SARS, relating to the period 2007 to 2012.
Without this provision the final distribution would have increased by
5.5% and total distribution by 5.6%.
Industrial rental growth (7.3%) was underpinned by solid tenant
retentions of 92.4% combined with positive rental reversions. Retail
rental income decreased by 6.0%. The reduction is attributable to a
combination of the impact of disposals and a 0.9% increase in vacancies.
Retail rental income on the standing portfolio has improved from a 2.9%
dilution as at 31 December 2011 to 5.3% growth as at December 2012,
arising from improved retentions (87.3% and positive reversions 2.5%).
Commercial rental income increased by 3.9%. The total standing portfolio
rental (excluding recoveries) increased by 6.9%, mainly due to improved
tenant retention and positive rental reversions.
SA Corporate disposed of its investment in Oryx Properties Limited
(“Oryx”) in January this year, resulting in a 91.7% decrease in interest
income from associate. The proceeds were utilised to fund unit
repurchases and settle the R100m loan yielding interest of 10.57%
resulting in enhanced distributions.
Property expenses increased by 2.5%. Municipal costs (representing 61.6%
of property expenses) increased by 6.8%, due to an increase in
electricity of 10.2%. Bad debts decreased by 75% (R6,1m) compared to
December 2011 (R24,1m) driven by improved collections and reduced tenant
business failures relative to 2011.
Net interest paid decreased by 22.7%. The reduction is attributable to
the early settlement of expensive debt resulting in a reduction in
interest expense. In December 2012, the Fund restructured its debt swap
profile by cancelling interest-rate swap contracts with high rates and
entered into agreements at more favourable rates. There is an estimated
benefit of R38,8m to the Fund over the next 3 years after taking into
account the funding costs in respect of the cancellation fees paid of
R59,3m. The cancellation fees paid will not affect distributions.
The breakdown of distributable earnings is set out below:
12 months to 12 months to
31.12.2012 31.12.2011
DISTRIBUTABLE EARNINGS (R000) Reviewed Audited
Rent (excluding straight line adjustment) 893,877 891,049
Net property expenses (116,803) (116,082)
Property expenses (442,587) (431,781)
Recovery of property expenses 325,784 315,699
Net property income 777,074 774,967
Taxation on distributable income 699 (93)
Interest income from associate company (Oryx) 1,402 16,970
Net funding cost (108,655) (140,564)
Interest received 30,547 23,597
Interest paid (139,202) (164,161)
Fund expenses (48,782) (50,998)
Other - (80)
VAT provision (5,925) -
Lapsed distribution 795 -
Distributable earnings 616,608 600,202
Units in issue 2,038,989 2,081,869
Weighted units in issue 2,057,569 2,081,869
Distribution (cents per unit) 30.15 28.83
- Interim 15.17 14.35
- Final 14.98 14.48
PROPERTY VALUATIONS
The value of the Fund's independently valued property portfolio decreased
by R0,5bn to R8,1bn as at 31 December 2012 (31 December 2011: R8,6bn).
The standing portfolio, representing properties held for the full 12
months (and excluding properties under development in the last 12 months)
in December 2012, increased by 3.6%, from December 2011.
The capitalisation and discount rates in the Fund's standing portfolio at
31 December 2012 was calculated on a weighted basis:
Property type Capitalisation Discount rate (%) Growth in standing
rate (%) portfolio (%)
31.12.2012 31.12.2011 31.12.2012 31.12.2011 31.12.2012
Industrial 9.5 9.9 15.0 15.9 6.8
Retail 9.0 9.5 14.5 15.5 0.8
Commercial 9.9 10.0 15.4 16.0 0.5
Portfolio total 9.3 9.7 14.8 15.7 3.6
The portfolio valuation gives rise to a NAV of 342cpu, a 2.1% increase
over December 2011 (335cpu). The improvement in the capitalisation and
discount rates are attributable to a strengthening in property market
conditions.
PORTFOLIO INVESTMENT ACTIVITY
The portfolio comprised 139 properties (157 as at December 2011). The
sectoral and geographic weightings by value are set out below:
Sectoral Spread
Industrial
44%
R3,7bn
696 867m2
88 properties
Retail
47%
R3,8bn
414 097m2
31 properties
Commercial
9%
R0,6bn
76 248m2
20 properties
Geographic Spread
Gauteng
47%
R3,8bn
612 915m2
67 properties
KwaZulu Natal
44%
R3,5bn
466 998m2
54 properties
Western Cape
7%
R0,6bn
82 828m2
12 properties
Other
2%
R0,2bn
24 471m2
6 properties
The table below sets out the development activity during the year.
Developments Cost (Rm) Completion Yield Sector Region
date forecast 1st
12 months
(%)#
Musgrave Shopping KwaZulu-
Centre, Durban 140.5 07/2012 7.4 Retail Natal
Cnr Rudo Nel & Tudor
Streets - Jet Park,
Boksburg 30.0 06/2013 9.3* Industrial Gauteng
Hayfields Mall, KwaZulu-
Pietermaritzburg 22.0 02/2012 10.3 Retail Natal
Whirlprops P (Pty) KwaZulu-
Ltd, Springfield 19.0 09/2012 9.3 Industrial Natal
8 Paul Smit Street
- Anderbolt, Boksburg 16.0 11/2012 10.0 Industrial Gauteng
Middelburg Pick 'n
Pay, Middelburg 5.0 07/2013 12.5 Retail Mpumalanga
* 9.3% on total cost including land, but 12.5% on new capital
# denotes unreviewed by the Auditors throughout this document
There were no acquisitions during the year.
Disposals recognised during the year:
Properties Transfer Gross Carrying Exit yield
date selling value at on sale
price date of price (%)#
(Rm) sale (Rm)
Highland Mews Shopping
Centre, Witbank 06/2012 130.0 137.9 10.0
Renbro Shopping Centre,
Pretoria 06/2012 107.0 105.0 8.3
Tokai Junction, Cape Town 12/2012 84.9 82.9 9.4
Hubyeni Shopping Centre,
Limpopo 06/2012 80.8 80.9 10.0
The Village Centre,
Richdens 05/2012 79.6 80.2 9.6
St George's Square, George 12/2012 44.0 44.1 9.6
Van Riebeeckshof Shopping
Centre, Bellville 06/2012 38.0 37.7 9.8
Nzhelele Shopping Centre,
Makhado 06/2012 30.6 29.7 7.6
212 Church Street,
Pietermaritzburg 12/2012 30.0 29.0 10.3
Ermelo Game Centre, Ermelo 06/2012 26.0 26.3 9.2
Dube Village Mall, Inanda 06/2012 25.0 28.0 9.0
6 Lanner Road, Durban 01/2012 22.5 22.5 7.0
Omniplace, Cape Town 12/2012 20.0 20.2 9.0
210 Church Street,
Pietermaritzburg 12/2012 19.6 18.4 9.7
Mkuze Corner, Empangeni 12/2012 15.0 14.8 13.4
94 Intersite Avenue, Durban 01/2012 7.5 7.5 8.1
10 Top Road - Anderbolt,
Boksburg$ 12/2012 5.3 5.5 7.2
24-28 Commercial Road,
Amanzimtoti$ 10/2012 3.7 3.5 1.6
769.5 774.1 9.3&
Investment in Oryx
Properties Limited 01/2012 175.2 175.2 10.2
Total 944.7 949.3 9.5&
Unconditional and contracted disposals:
Property Expected Gross Carrying Exit yield
transfer date selling value at on sale
price 31 December price (%)#
(Rm) 2012 (Rm)
425 West Street, Durban * 01/2013 54.5 54.5 10.1
The Ridge Shopping Centre,
Roodepoort 02/2013 30.0 30.0 8.0
Clubview Corner,
Pretoria * 01/2013 27.0 27.0 9.3
Total 111.5 111.5 9.3&
* Transferred in January 2013
$ Estimated due to vacancies
& weighted on gross selling price
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
31.12.2012 31.12.2011 31.12.2012 31.12.2011
Industrial 1.3 1.4 1.5 1.5
Retail 10.6 9.7 5.8 6.6
Commercial 19.2 13.6 14.1 9.2
Portfolio total 5.9 5.6 4.9 5.0
The Fund's industrial vacancy as at end December 2012 was 1.3% (December
2011: 1.4%). The quality of the portfolio ensured that the industrial
portfolio remains well let and better than the sector average. This is
underpinned by a robust retention strategy while partnering with tenants
to accomodate their operational requirements. There is pressure on rental
levels as tenants strive to balance higher occupancy costs with their
affordability threshholds.
Retail vacancies (10.6%) increased since December 2011 (9.7%) due to
developed areas previously moth balled but now capable of being let and
strategic areas held for expansion for existing and prospective tenants.
The two-tier market trend continues to define the office sector with B
and C-grade properties remaining under significant pressure, where the
lower grade properties are unable to compete in terms of efficiencies
(and densification), while tenants endeavor to lower occupancy costs and
increase headcount per square metre. Stand-alone office vacancies of
total offices are higher at 10.9% (2011: 5.5%) and retail office
vacancies of total offices are marginally better at 8.3% (2011: 8.4%).
The increase in the stand alone office vacancy is attributable to two
lower grade office buildings totaling some 5,000m2 becoming vacant in the
last quarter of 2012.
The lease expiry profile and vacancies (by GLA) are set out below:
Property Vacant (%) Expiring (%)
type GLA Monthly 2013 2014 2015 2016 Thereafter
Industrial 1.3 10.0 21.2 12.7 19.2 6.2 29.4
Retail 10.6 9.1 14.5 14.7 18.8 11.4 20.9
Commercial 19.2 4.2 15.6 21.2 6.7 5.4 27.7
Total 5.9 9.2 18.5 14.1 18.1 8.0 26.2
TENANT RETENTION AND RENTAL REVERSION#
The table below reflects the Fund tenant retention ratio and rental
reversion per sector for year ended December 2012:
Property type Expiries m2 Retention m2 Retention (%) Rental
reversion (%)
Industrial 171,459 158,385 92.4 5.0
Retail 136,618 119,287 87.3 2.5
Commercial 16,925 8,494 50.2 2.0
Total 325,002 286,166 88.1 3.6
BORROWINGS
The debt profile is detailed below as at 31 December 2012 (which was
unhedged as described below):
Type Maturity date Value Interest Rate
(Rm) (%)
Variable 13.08.2013 270 6.79
Variable 13.08.2013 30 6.79
Variable 31.12.2013 220 6.80
Variable 11.09.2014 400 6.80
Variable 29.04.2015 200 7.58
Variable 25.07.2016 21 7.34
Total 1,141 6.94
Gearing remained low with debt amounting to 14.0% of the total portfolio
(31 December 2011: 20.2%). 100.0% of the debt is variable as at 31
December 2012, due to the settlement of all its swaps as at 14 December
2012. The Fund entered into new swap arrangements, effective as at 2
January 2013, hedging R720m of its R900m long-term debt.
STRATEGY AND PROSPECTS
The Fund's strategy has four pillars. The first is an investment strategy
that underpins sustainable distribution growth. This requires that
acquisitions of appropriate quality properties are made and the
divestments of properties not compatible to the Fund in the long term are
accompanied with acquisitions that do meet the Fund's long term
objectives. In this regard the Fund has made one acquisition in 2013 and
continues to explore other investment opportunities including development
partnerships.
The second pillar is to procure sector best property management services
to secure optimal performance of the Fund's portfolio and a request for
proposal for these services is to be issued shortly.
The third pillar entails establishing an optimal capital structure, which
includes not only an appropriate level of gearing but also well priced
debt and a managed interest rate policy. Progress has been made with the
latter whilst a project to access the debt capital markets is underway to
support the former.
The final pillar is the alignment of investor and management interests.
Given the regulatory environment, execution of the latter is a complex
matter. Considerable research has been undertaken to formulate a
structure to achieve this objective and management are now appropriately
placed to take this forward.
In the opinion of the Board, having embarked upon the execution of the
aforementioned strategy improved distribution growth is anticipated for
2013.
REVIEW BY INDEPENDENT AUDITORS
The condensed provisional financial information for the year ended 31
December 2012 has been reviewed by the Fund's auditors, Deloitte &
Touche. The review was conducted in accordance with ISRE 2410 'Review of
Interim Financial Information performed by the Independent Auditor of the
Entity'. A copy of their unmodified review report is available for
inspection at the Fund's registered office. Any reference to future
financial performance included in this announcement, as well as related
information which is not based on the International Financial Reporting
Standards, has not been reviewed or reported on by the Fund's auditors.
As at As at
CONSOLIDATED STATEMENT 31.12.2012 31.12.2011
OF FINANCIAL POSITION (R000) Reviewed Audited
Assets
Non-current assets 7,990,017 8,036,164
Investment property 7,733,791 7,812,992
- At valuation 7,903,575 7,178,125
- Straight line rental adjustment (233,084) (210,833)
- Properties under development 63,300 845,700
Letting commission and tenant installation 53,521 41,114
Interest rate swap derivative 2,854 -
Rental receivable - straight line adjustment 199,851 182,058
Current assets 754,215 1,269,891
Properties held for disposal 182,900 527,700
Letting commission and tenant installation 835 -
Investment in associate held for disposal - 175,208
Trade receivables 20,186 26,555
Other receivables and accrued interest 108,956 138,002
Rental receivable - straight line adjustment 33,233 28,775
Capital gains taxation 824 -
Cash resources and short term investments 407,281 373,651
Total assets 8,744,232 9,306,055
Unitholders' funds and liabilities
Unitholders' funds 6,973,355 6,967,767
Non-current liabilities 767,719 1,332,077
Interest bearing borrowings 620,975 1,222,982
Interest rate swap derivative - 13,732
Deferred taxation 146,744 95,363
Current liabilities 1,003,158 1,006,211
Trade and other payables 170,283 179,424
Interest bearing borrowings 520,000 500,000
Capital gains taxation 56 2,415
Unclaimed distributions 1,034 4,148
Distributions payable 305,475 301,411
Interest rate swap derivative 6,310 18,813
Total unitholders' funds and liabilities 8,744,232 9,306,055
NAV cpu 342 335
Year ended Year ended
CONSOLIDATED STATEMENT 31.12.2012 31.12.2011
OF COMPREHENSIVE INCOME (R000) Reviewed Audited
Revenue 1,227,838 1,235,323
Income 1,259,787 1,300,061
Rent 893,877 891,049
Straight line rental adjustment 8,177 28,575
Recovery of property expenses 325,784 315,699
Income from associate company 1,402 41,141
- Interest income 1,402 16,970
- Share of post-acquisition reserves - 24,171
Interest 30,547 23,597
Expenses (636,496) (646,940)
Accounting and secretarial fees (5,893) (10,205)
Audit fees (1,661) (1,517)
Administrative fees (11,594) (7,737)
Interest paid (139,202) (164,161)
Property expenses (442,587) (431,781)
Service fees (35,559) (31,539)
Operating income 623,291 653,121
Revaluation of interest rate swap (30,141) (1,004)
Debt restructure costs (32,739) (27,473)
Capital (loss)/profit on disposal of investment
properties (20,075) 3,276
Revaluation of investment properties 245,611 (28,892)
- Revaluations 253,788 (317)
- Straight line rental adjustment (8,177) (28,575)
Revaluation of investment property under
development 625 (206,875)
Impairment of investment in associate - (4,855)
Income before taxation 786,572 387,298
Taxation (49,939) 27,463
Secondary taxation on companies - (864)
Current capital gains and normal income taxation 1,441 3,916
Deferred taxation on property transactions (51,380) 24,411
Deferred taxation on straight line valuation
adjustment 846 1,547
Deferred taxation on straight line rental adjustment (846) (1,547)
Net profit attributable to unitholders 736,633 414,761
Other comprehensive income
Amortisation of debt restructure 27,473 27,473
Total comprehensive income attributable to
unitholders 764,106 442,234
Units in issue (000) 2,038,989 2,081,869
Weighted units in issue (000) 2,057,569 2,081,869
Cents Cents
Distribution per unit 30.15 28.83
Interim 15.17 14.35
Final 14.98 14.48
Weighted net profit per unit 35.80 19.92
Weighted headline earnings per unit 27.20 30.08
Year ended Year ended
CONDENSED CONSOLIDATED STATEMENT OF CHANGES 31.12.2012 31.12.2011
IN UNITHOLDERS’ FUNDS (R000) Reviewed Audited
Unitholders' funds at the beginning of the year 6,967,767 7,125,735
Total comprehensive income for the year 764,106 442,234
Net profit for the year 736,633 414,761
Amortisation of debt restructure 27,473 27,473
Repurchase of units (142,489) -
Unit repurchase cost (216) -
Lapsed distribution on units repurchased 795 -
7,589,963 7,567,969
Distribution attributable to unitholders (616,608) (600,202)
Unitholders' funds at the end of the year 6,973,355 6,967,767
Year ended Year ended
ABRIDGED STATEMENT OF 31.12.2012 31.12.2011
CONSOLIDATED CASH FLOWS (R000) Reviewed Audited
Operating profit before working capital changes 738,627 736,426
Working capital changes 37,588 17,674
Cash generated from operations 776,215 754,100
Operating activities changes (721,539) (731,009)
Net cash flows from operating activities 54,676 23,091
Net cash flows from investing activities 708,137 1,430
Net cash flows from financing activities (729,183) 38,652
Net increase in cash 33,630 63,173
Cash resources at beginning of year 373,651 310,478
Cash resources at end of year 407,281 373,651
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 SAICA Financial Reporting Guides as issued by the Accounting
Practices Committee and Financial Reporting Pronouncements as issued by
Financial Reporting Standards Council, 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.
1. Headline earnings and distribution attributable to unitholders
Year ended Year ended
31.12.2012 31.12.2011
Reviewed Audited
R 000 CPU R 000 CPU
Net profit for the year 736,633 35.80* 414,761 19.92
Adjustments for:
Capital loss/(profit) on disposal of
investment properties 20,075 (3,276)
Revaluation of investment properties (245,611) 28,892
Revaluation of investment property
under development (625) 206,875
Impairment of investment in associate - 4,855
Taxation on adjustments 49,093 (25,916)
Headline earnings 559,565 27.20* 626,191 30.08
Straight line rental adjustment (8,177) (28,575)
Taxation on straight line rental
adjustment 846 (1,547)
Share of associate company's after
taxation profit - (24,171)
Debt restructure costs 32,739 27,473
Other 699 (173)
Lapsed distribution on units repurchased 795 -
Revaluation of interest rate swap 30,141 1,004
Distributable income 616,608 600,202
Distributable income attributable to
unitholders 616,608 30.15 600,202 28.83
Interim 311,133 15.17 298,791 14.35
Final 305,475 14.98 301,411 14.48
Weighted headline earnings per unit 27.20 30.08
* Calculated on weighted units in issue
2. Reviewed primary operational segments (R000)
Business segment Industrial Retail Commercial Group
Extract from statement of
comprehensive income statement
Revenue 473,486 654,095 100,257 1,227,838
Rental income (excluding
straight line rental
adjustment) 389,648 421,518 82,711 893,877
Net property expenditure (34,092) (64,945) (17,766) (116,803)
Property expenses (90,441) (315,667) (36,479) (442,587)
Recovery of property expenses 56,349 250,722 18,713 325,784
Net property income 355,556 356,573 64,945 777,074
Straight line rental adjustment 27,489 (18,145) (1,167) 8,177
Interest income from associate - - - 1,402
Net interest paid - - - (108,655)
Debt restructure costs - - - (32,739)
Fund expenses - - - (48,782)
VAT dispute provision - - - (5,925)
Deferred taxation on straight
line rental adjustment (919) 32 41 (846)
Revaluation of interest rate swap - - - (30,141)
Headline earnings 382,126 338,460 63,819 559,565
Other information
Properties 3,495,654 3,747,343 671,385 7,914,382
At valuation 3,556,400 3,688,075 659,100 7,903,575
Classified as held for
disposal 5,400 142,500 35,000 182,900
Property under development 63,300 - - 63,300
Straight line rental
adjustment (129,446) (83,232) (22,715) (235,393)
Revaluation of investment
properties excluding
straight line adjustment,
net of taxation 200,644 3,584 (1,195) 203,033
Segment growth rates Industrial Retail Commercial Group
% % % %
Rental income (excluding
straight line rental adjustment) 7.3 (6.0) 3.9 0.3
Property expenses 6.8 (0.7) 24.9 2.5
Recovery of property expenses 4.7 2.2 13.0 3.2
Net property income 7.0 (5.1) (3.0) 0.3
3. Contingent Liability
As noted in the commentary on the financial results, a provision of R5,9m
has been raised in respect of a VAT attribution dispute with SARS for the
period 2007 to 2012, against a SARS indication to raise an assessment of
R10,4m. The Fund disputes the calculation and considers the provision to
be adequate.
4. Unit repurchase and subsequent events
The Board previously approved the implementation of a unit repurchase
programme for which prior approval had been given by the unitholders at
the respective annual general meetings in May 2011 and 2012. In terms of
the programme, a portion of the proceeds from the sale of the properties
can be used to repurchase units in the open market which would then be
cancelled. In March to April 2012 30,952,100 units were repurchased in
the open market at an average price of 323.08c and in December 2012
11,927,435 where repurchased at an average price of 356.24c. Subsequent
to year end, another 58,896,063 units were repurchased in the open market
at an average price of 378.61c.
DISTRIBUTION DECLARATION AND IMPORTANT DATES
Notice is hereby given of the declaration of distribution no.36 in
respect of the income distribution period 1 July 2012 to 31 December
2012. The distribution amounts to 14.98cpu. The source of the
distribution comprises net income from property rentals, income earned
from the Fund’s listed property investment and interest earned on cash
on deposit. Please refer to the statement of comprehensive income for
further details. The distribution is not regarded as a dividend and
therefore no dividend withholding tax is payable on the distribution
amount.
Last date to trade cum distribution Thursday, 14 March 2013
Units will trade ex-distribution Friday, 15 March 2013
Record date to participate in the distribution Friday, 22 March 2013
Payment of distribution Monday, 25 March 2013
Unit certificates may not be dematerialised or re-materialised between
Friday, 15 March and Friday, 22 March 2013 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), TR Mackey (Managing)*,
AM Basson (Finance)*, G van Zyl, GP Dingaan, KJ Forbes, P Levett, SH Mia,
R Morar, ES Seedat
*Executive
This report has been prepared under the supervision of AM Basson, CA(SA).
OLD MUTUAL PROPERTY (PTY) LTD
SECRETARIES
22 February 2013
Date: 22/02/2013 12:50:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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