Wrap Text
Forecast financial information and property specific information in respect of the fortress scheme of arrangement
CAPITAL PROPERTY FUND LIMITED FORTRESS INCOME FUND LIMITED
(previously Friedshelf 1497 Proprietary Limited) (Incorporated in the Republic of South Africa)
(Incorporated in the Republic of South Africa) (Registration number 2009/016487/06)
(Registration number 2013/226575/06) JSE share codes: FFA ISIN: ZAE000192787
JSE share code: CPF ISIN: ZAE000186821 FFB ISIN: ZAE000192795
(Approved as a REIT by the JSE) (Approved as a REIT by the JSE)
(“Capital”) (“Fortress”)
FORECAST FINANCIAL INFORMATION AND PROPERTY SPECIFIC INFORMATION IN RESPECT OF THE FORTRESS SCHEME OF ARRANGEMENT
Shareholders of Capital and Fortress are referred to the joint SENS announcements of 16 July 2015 in respect of, inter alia, the
firm intention by Fortress to make an offer to acquire all of the issued shares of Capital that Fortress does not already own by
scheme of arrangement (the “Fortress scheme”).
Forecast financial information
Set out below are the forecast revenue, net property income, net operating profit and distributable earnings of Capital (“the
forecasts”) for the 10 months ending 30 June 2016 and the year ending 30 June 2017 (“the forecast periods”). The forecasts have
been prepared on the assumption that the Fortress scheme will be implemented on 1 September 2015 and on the basis that the
forecasts include forecast results for the duration of the forecast periods.
The forecasts, including the assumptions on which they are based and the financial information from which they are prepared, are
the responsibility of the directors of Fortress. The forecasts have not been reviewed or reported on by independent reporting
accountants.
The forecasts presented in the table below have been prepared in accordance with Fortress’ accounting policies and in compliance
with IFRS.
Forecast for the Forecast for the
10 months ending year ending
30 June 2016 30 June 2017
R'000 R'000
Net rental and related revenue 891 331 1 142 172
Recoveries and contractual rental revenue 1 339 253 1 773 060
Straight-lining of rental revenue adjustment 17 642 (13 615)
Rental revenue 1 356 895 1 759 445
Property operating expenses (465 564) (617 273)
Income from investments 269 379 373 084
Fair value gain on investment property (17 642) 13 615
Adjustment resulting from straight-lining of rental revenue (17 642) 13 615
Administrative expenses (40 461) (51 603)
Income from associate 160 743 207 769
- distributable 160 743 207 769
Profit before net finance costs 1 263 350 1 685 037
Net finance costs (55 357) (96 410)
Finance income 230 395 251 949
Interest received 230 395 251 949
Finance costs (285 752) (348 359)
Interest paid on borrowings (417 631) (524 633)
Capitalised interest 131 879 176 274
Profit before income tax expense 1 207 993 1 588 627
Income tax - -
Profit for the period attributable to equity holders 1 207 993 1 588 627
Total comprehensive income for the period 1 207 993 1 588 627
Total comprehensive income equals distributable earnings.
Notes and assumptions:
The forecasts incorporate the following material assumptions in respect of revenue and expenses that can be influenced by the
directors:
1. The forecasts are based on an analysis of historical information and information provided by the property manager and
independent valuer.
2. The properties underlying the forecasts comprise only the Capital property portfolio (excluding the Capital office
portfolio).
3. Contracted revenue is based on existing lease agreements including stipulated increases, all of which are valid and
enforceable.
4. Uncontracted revenue comprises 15.2% and 30.7% of revenue for the 10 months ending 30 June 2016 and year ending 30
June 2017 respectively.
5. Current vacant space has been forecast on a property-by-property basis and has been assumed to remain vacant unless it is
deemed probable that such space will be let, in which case rental is forecast at prevailing market rates.
6. Leases expiring during the forecast periods have been forecast on a lease-by-lease basis, and have been assumed to renew
at current market rates unless the lessee has indicated its intention to terminate the lease.
7. Property operating expenditure has been forecast on a line-by-line basis for each property based on management’s review
of historical expenditure, view on inflation and discussion with the property manager.
The forecasts incorporate the following material assumptions in respect of revenue and expenses that cannot be influenced by the
directors:
1. The effective date of the transaction is 1 September 2015.
2. Fortress acquires all of the Capital shares it does not already own in exchange for Fortress shares.
3. There will be no unforeseen economic factors that will affect the lessees’ abilities to meet their commitments in terms of
existing lease agreements.
Material items of expenditure within the property expenses line item include:
1. R98.07 million in rates and taxes, R186.15 million in electricity and R32.09 million in property management fees in
respect of the 10 months ending 30 June 2016; and
2. R127.22 million in rates and taxes, R250.40 million in electricity and R41.34 million in property management fees in
respect of the year ending 30 June 2017.
Material expenditure items are not expected to change by more than 15% between historical and forecast expenditure.
Property specific information
The property specific information required in terms of the JSE Listings Requirements in relation to each of the properties
comprising Capital’s property portfolio (excluding Capital’s office portfolio), as at 31 December 2014 is set out below.
Difference
Purchase between
Weighted price paid purchase
Effective average by price and
GLA date of rental Capital Valuation valuation
Property name Address (m2) acquisition (R/m2) (R'000) (R'000) (R'000)
22 Otto Volek Road
Otto Volek Road Pinetown, KwaZulu-
1. Pinetown Natal 18 296 Aug 04 41.20 16 557 77 800 61 243
14 Fitzmaurice Avenue
14 Fitzmaurice Epping 2, Western
2. Avenue Epping 2 Cape 11 873 Nov 10 48.50 25 238 77 600 52 362
5 Bertie Avenue
5 Bertie Avenue Epping 2, Western
3. Epping 2 Cape 5 500 Nov 10 45.00 15 000 27 600 12 600
Essex Street Essex Street Tunney,
4. Tunney Gauteng 12 814 Apr 11 @ 49 100 59 500 10 400
30 Main Street
5. Rutland Mews Eastleigh Edenvale, 4 405 Nov 06 47.79 11 648 19 800 8 152
Gauteng
York Road York Road Wynberg
Wynberg Cape Cape Town, Western
6. Town Cape 2 514 Dec 08 @ 10 500 10 900 400
Old Pretoria Road
Lanzerac Estate Halfway House,
7. Midrand Gauteng 8 848 Apr 11 49.45 43 800 40 000 (3 800)
Anvil Road
8. Anvil Robertville Robertville, Gauteng 25 045 Apr 11 34.99 68 800 56 000 (12 800)
Total industrial 89 295 240 643 369 200 128 557
Lees Street Lees Street Wynberg,
9. Wynberg Gauteng 4 105 Aug 84 52.72 2 382 23 700 21 318
Noursepack Nourse Avenue Epping
10. Epping 2 2, Western Cape 17 768 Aug 84 50.85 6 591 102 000 95 409
11 Fitzmaurice 11 Fitzmaurice Epping,
11. Epping Western Cape 19 381 Aug 04 47.73 23 000 101 500 78 500
Surprise Road
Surprise Park Pinetown, KwaZulu-
12. Pinetown Natal 25 216 Aug 04 51.58 13 000 150 400 137 400
15th Road 15th Road Midrand,
13. Midrand Gauteng 14 308 Aug 04 60.56 24 640 104 600 79 960
Cnr Harries and Sigma
Harries Street Roads Germiston
14. Germiston South, Gauteng 18 342 Aug 04 # 24 000 93 700 69 700
Rigger Road 79 – 83 Rigger Road
15. Spartan Spartan, Gauteng 8 229 Aug 04 # 8 900 51 600 42 700
Cnr Smit Street and
Harris Street Industries
West Germiston,
16. Rutherfords Gauteng 7 800 Aug 04 # 6 670 39 650 32 980
Roan Crescent
Corporate Park Corporate Park North
17. North Midrand, Gauteng 11 402 Mar 06 53.71 33 466 74 000 40 534
Robertville Katrol Avenue
18. Industrial Robertville, Gauteng 9 137 Dec 05 # 10 137 41 600 31 463
38 Reedbuck Crescent
38 Reedbuck Corporate Park
19. Crescent Midrand, Gauteng 6 143 Nov 06 # 18 103 36 000 17 897
Cnr Indianapolis and
Brands Hatch Brands Hatch Close
20. Close Kyalami Park, Gauteng 6 597 Nov 06 63.27 26 890 49 100 22 210
19 Ayshire 19 Ayshire Avenue
21. Avenue Longmeadow, Gauteng 4 912 Mar 07 # 21 604 34 550 12 946
4 Platinum Road 4 Platinum Road
22. Longmeadow Longmeadow, Gauteng 7 386 Jun 07 # 50 519 70 000 19 481
45 Angus 45 Angus Crescent
23. Crescent Longmeadow, Gauteng 8 835 Mar 07 # 40 068 70 200 30 132
Albert Amon
Road Albert Amon Road
24. Meadowdale Meadowdale, Gauteng 4 064 Mar 07 # 7 628 22 300 14 672
Milkyway Road Milkyway Road Crown
25. Crown Mines Mines, Gauteng 3 865 Jun 07 # 19 359 25 300 5 941
33 Angus
Crescent 33 Angus Crescent
26. Longmeadow Longmeadow, Gauteng 7 503 Jun 07 69.76 43 514 61 000 17 486
86 Tsessebe Crescent
86 Tsessebe Corporate Park
27. Crescent Midrand, Gauteng 6 362 Jun 07 53.06 27 661 32 500 4 839
16 Industry Road,
28. 16 Industry Road Gauteng 11 245 Jun 07 # 12 497 67 200 54 703
Citrus Street Laser
29. Citrus Street Park, Gauteng 6 833 Jun 07 45.01 24 193 32 500 8 307
Cranberry Street Laser
30. Cranberry Street Park, Gauteng 5 651 Jun 07 50.98 18 856 30 500 11 644
Cnr Director and
Director and Megawatt Road
31. Megawatt Road Spartan, Gauteng 5 216 Jun 07 # 29 278 36 700 7 422
Outspan Road City
32. City Deep Hi-tech Deep, Gauteng 18 125 Sep 07 45.62 46 000 89 000 43 000
N1 Business Park N1 Highway Midrand,
33. * Gauteng 87 216 Aug 06 58.76 147 172 161 600 14 428
87 - 91 Goodwood
Road Mahogany Ridge
87 - 91 Pinetown, KwaZulu-
34. Goodwood Road Natal 6 447 Oct 10 56.51 33 600 41 550 7 950
31 Jeffels Road
31 Jeffels Road Prospecton, KwaZulu-
35. Prospecton Natal 20 088 Dec 10 49.95 94 000 120 600 26 600
Undoni Crescent
Mahogany Ridge
Pinetown, KwaZulu-
36. Mahogany Road Natal 16 209 May 09 54.06 65 000 100 200 35 200
Cnr Andre
Greyvenstein Avenue
and Hulley Road and
Vanacht Street and 14
Skietlood Street
Isando Business Kempton Park,
37. Park Gauteng 56 517 Aug 09 51.86 256 000 318 000 62 000
Cnr Outspan Road and
City Deep Fortune Street
38. Industrial Park Johannesburg, Gauteng 56 816 Aug 09 40.42 191 000 264 700 73 700
146 Serenade 146 Serenade Road
39. Road Rustivia Rustivia, Gauteng 4 400 Apr 10 # 30 519 43 000 12 481
9 Ayshire Avenue 9 Ayshire Avenue
40. Longmeadow Longmeadow, Gauteng 7 090 Mar 10 # 41 169 58 500 17 331
5 - 7 Ayshire
Avenue 5 - 7 Ayshire Avenue
41. Longmeadow Longmeadow, Gauteng 3 710 Mar 10 # 21 538 24 800 3 262
3 - 4 Drakensberg 3 - 4 Drakensberg
Drive Drive Longmeadow,
42. Longmeadow Gauteng 15 614 Mar 10 # 107 666 141 000 33 334
10 Drakensberg
Drive 10 Drakensberg Drive
43. Longmeadow Longmeadow, Gauteng 2 999 Mar 10 # 18 196 25 450 7 254
20 Radnor Road
Radnor Road Tygerberg, Western
44. Tygerberg Cape 12 880 Apr 11 # 52 000 76 600 24 600
79 Reedbuck 79 Reedbuck Crescent
Crescent Corporate Park,
45. Corporate Park Gauteng 4 194 Apr 11 # 18 700 24 300 5 600
Maple Road Maple Road Pomona,
46. Pomona Gauteng 19 594 Apr 11 51.11 72 300 117 000 44 700
40 Brakfontein 40 Brakfontein Road
47. Century Park Louwlardia, Gauteng 13 412 Apr 11 # 77 200 84 000 6 800
20 Loper Avenue 20 Loper Avenue
48. Spartan Spartan, Gauteng 3 827 Apr 11 53.99 19 600 21 700 2 100
49. 38 Milkyway Ave 38 Milkyway Avenue 5 790 Apr 11 # 51 400 43 800 (7 600)
Linbro Park Linbro Park, Gauteng
Yaldwyn Road Jet Yaldwyn Road Jet
50. Park Park, Gauteng 3 829 Apr 11 77.41 19 400 32 000 12 600
Merinda 71 – 73 Rudo Nel
Industrial Park Jet Street Jet Park,
51. Park Gauteng 8 130 Apr 11 41.58 27 500 33 200 5 700
Catalunya Crescent
Catalunya Raceway Industrial
52. Crescent Raceway Park, Gauteng 21 491 Jul 13 # 98 020 162 300 64 280
2 Monte Carlo Road
Nurburg Road Raceway Industrial
53. Raceway Park, Gauteng 11 267 Sep 12 # 54 784 84 000 29 216
Cnr Platterkloof and
Koeberg Road
Montague Milnerton Cape Town,
54. Business Park** Western Cape 63 113 Aug 09 63.43 119 751 123 000 3 249
Imvubu Park Close
Imvubu Park Riverhorse Industrial
Close Riverhorse Park Durban,
55. **** KwaZulu-Natal 18 226 Apr 11 # 67 500 61 100 (6 400)
1415 North Coast Road
Constantia Park Redhill, KwaZulu-
56. Durban Natal 9 783 Apr 11 62.64 49 900 57 500 7 600
20 Ebonyfield 20 Ebonyfield Avenue
Avenue Springfield Park,
57. Springfield KwaZulu-Natal 5 305 Apr 11 # 29 700 27 950 (1 750)
12 Platinum Road 12 Platinum Road
58. Longmeadow Longmeadow, Gauteng 17 456 Apr 11 # 138 400 168 200 29 800
6 Prospecton Road
6 Prospecton Prospecton, KwaZulu-
59. Road Prospecton Natal 24 370 Apr 11 53.02 121 800 139 100 17 300
Mirabel Road Mirabel Road Pomona,
60. Pomona Gauteng 31 856 Apr 11 53.73 147 200 194 000 46 800
Tradeport City Merino Avenue City
61. Deep Deep, Gauteng 43 613 Apr 11 48.18 153 000 139 100 (13 900)
Fortune Street Fortune Street City
62. City Deep Deep, Gauteng 8 558 Apr 11 # 34 300 42 500 8 200
2 Drakensberg
Drive 2 Drakensberg Drive
63. Longmeadow Longmeadow, Gauteng 6 906 Apr 11 58.27 24 800 40 600 15 800
Old Cape Road Port
Elizabeth, Eastern
64. Greenbushes Cape 6 016 Apr 11 31.09 16 300 19 550 3 250
3 & 6 Cedarfield 3 & 6 Cedarfield Close
Close Springfield Springfield Park,
65. Park KwaZulu-Natal 11 689 Apr 11 52.37 67 060 84 300 17 240
Silverstone Street,
Silverstone Raceway Industrial
66. Raceway Park, Gauteng 40 796 Jul 14 # 179 322 275 000 95 678
12 - 18 Elliot Avenue,
12 - 18 Elliot Epping 2, Western
67. Avenue, Epping 2 Cape 20 725 Mar 13 38.83 66 500 97 200 30 700
9 – 13 Olympia 9 – 13 Olympia Street
68. Street Eastgate Eastgate, Gauteng 8 210 Apr 11 50.82 35 600 37 400 1 800
Eastborough 15 – 21 Olympia Street
69. Business Park Eastgate, Gauteng 9 053 Apr 11 55.44 44 400 46 800 2 400
17 Kramer Road 17 Kramer Road
70. Kramerville Kramerville, Gauteng 6 222 Apr 11 70.03 27 900 48 800 20 900
1105 Anvil Road 1105 Anvil Road
71. Robertville Robertville, Gauteng 10 800 Apr 11 # 30 700 48 100 17 400
12 and 14 Olympia
12 Olympia Street Street Eastgate,
72. Eastgate Gauteng 4 433 Apr 11 50.30 19 000 17 400 (1 600)
64 Kelly Road Jet 64 Kelly Road Jet Park,
73. Park Gauteng 1 784 Apr 11 50.32 8 000 9 800 1 800
56 Kelly Road Jet 56 Kelly Road Jet Park,
74. Park Gauteng 3 821 Apr 11 44.30 18 500 18 100 (400)
2 Joyner Road
2 Joyner Road Prospecton, KwaZulu-
75. Prospecton Natal 17 354 Apr 11 # 70 000 91 200 21 200
Lakeview Yaldwyn Road Jet
76. Business Park Park, Gauteng 17 182 Apr 11 55.80 87 530 99 820 12 290
1 Setchel Road 1 Setchel Road
77. Roodekop Roodekop, Gauteng 33 925 Apr 11 # 98 000 141 000 43 000
ACA House Press
Avenue Crown Press Avenue Crown
78. City City, Gauteng 8 338 Apr 11 # 47 500 65 200 17 700
24 Rudo Nell 24 Rudo Nell Street Jet
79. Street Jet Park Park, Gauteng 3 754 Apr 11 41.28 21 200 18 000 (3 200)
Sunnyrock Close 25 Sunnyrock Close
80. Germiston Sunnyrock, Gauteng 15 038 Apr 11 53.44 82 600 85 200 2 600
Indianapolis Road
Indianapolis Raceway Industrial
Boulevard Park Germiston,
81. Raceway Gauteng 5 965 Apr 11 # 27 000 37 500 10 500
118 Brakpan 118 Brakpan Road
82. Road Boksburg, Gauteng 37 027 Apr 11 # 215 800 239 800 24 000
4 Chloorkring 4 Chloorkring Richards
83. Richards Bay Bay, KwaZulu-Natal 3 260 Apr 11 # 15 000 24 700 9 700
7 Wilcox Road
7 Wilcox Road Prospecton, KwaZulu-
84. Prospecton Natal 8 070 Apr 11 # 31 300 41 000 9 700
Cambridge 22 Witkoppen Road
85. Commercial Park Paulshof, Gauteng 13 412 Apr 11 66.58 86 200 93 000 6 800
64 Lechwe Street
64 Lechwe Street Corporate Park,
86. Corporate Park Gauteng 5 447 Apr 11 # 20 300 21 950 1 650
70 Lechwe Street
70 Lechwe Street Corporate Park,
87. Corporate Park Gauteng 4 835 Apr 11 52.96 24 600 24 000 (600)
142 Lechwe 142 Lechwe Street
Street Corporate Corporate Park,
88. Park Gauteng 2 714 Apr 11 42.00 15 200 12 400 (2 800)
144 Lechwe 144 Lechwe Street
Street Corporate Corporate Park,
89. Park Gauteng 2 876 Apr 11 # 13 000 15 650 2 650
60 North Reef 60 North Reef Road
Road Elandsfontein
90. Elandsfontein Germiston, Gauteng 24 686 Apr 11 # 84 400 133 500 49 100
Jonas Road
Jonas Road Elandsfontein
91. Germiston Germiston, Gauteng 36 924 Apr 11 41.14 169 500 182 000 12 500
1 Keerom Road 1 Keerom Road
92. Heriotdale Heriotdale, Gauteng 18 834 Apr 11 # 76 800 105 200 28 400
154 Monteer 154 Monteer Road
93. Road Isando Isando, Gauteng 22 445 Apr 11 # 60 600 100 000 39 400
Palisades
Business Park Jet 39 Kelly Road Jet Park,
94. Park Gauteng 18 465 Apr 11 49.35 83 000 100 000 17 000
95. 9 Milkyway 9 Milkyway Avenue 1 796 Apr 11 # 12 000 13 200 1 200
Avenue Linbro Linbro Park, Gauteng
Park
8 Milkyway
Avenue Linbro 8 Milkyway Avenue
96. Park Linbro Park, Gauteng 3 645 Apr 11 # 26 070 25 700 (370)
4 Neutron Street 4 Neutron Street
97. Linbro Park Linbro Park, Gauteng 2 000 Apr 11 # 13 200 16 450 3 250
45 Richard Carte Road
45 Richard Carte Mobeni, KwaZulu-
98. Road Mobeni Natal 11 653 Apr 11 # 46 100 84 100 38 000
Sandton
Commercial 15th Street Eastgate,
99. Village Eastgate Gauteng 7 993 Apr 11 54.51 35 400 43 250 7 850
Tillbury Business 1030 Sixteenth Road
100. Park Midrand Randjespark, Gauteng 26 610 Apr 11 47.61 112 600 128 000 15 400
7 Nywerheid 7 Nywerheid Street
101. Street Tunney Tunney, Gauteng 4 183 Apr 11 # 21 000 29 400 8 400
28 Milkyway
Avenue Linbro 28 Milkyway Avenue
102. Park Linbro Park, Gauteng 5 776 Apr 11 64.75 32 000 33 800 1 800
12 Stockwell Road
12 Stockwell Pinetown, KwaZulu-
103. Road Pinetown Natal 4 294 Apr 11 46.44 24 700 22 700 (2 000)
49 Galaxy
Avenue Linbro 49 Galaxy Avenue
104. Park Linbro Park, Gauteng 4 665 Apr 11 # 26 000 28 600 2 600
53 Angus
Crescent 53 Angus Crescent
105. Longmeadow Longmeadow, Gauteng 6 850 Apr 11 # 39 500 52 600 13 100
51 Galaxy
Avenue Linbro 51 Galaxy Avenue
106. Park Linbro Park, Gauteng 5 778 Apr 11 # 44 500 50 600 6 100
93 Goodwood Road
93 Goodwood Pinetown, KwaZulu-
107. Road Pinetown Natal 3 134 Apr 11 52.97 16 500 18 000 1 500
49 Ayshire Road 49 Ayshire Road
108. Longmeadow Longmeadow, Gauteng 7 263 Apr 11 # 39 700 48 000 8 300
47 Jeffels Road
47 Jeffels Road Prospecton, KwaZulu-
109. Prospecton Natal 6 307 Apr 11 # 42 400 41 100 (1 300)
39 Galaxy
Avenue Linbro 39 Galaxy Avenue
110. Park Linbro Park, Gauteng 7 461 Apr 11 # 66 000 55 900 (10 100)
68 Galaxy 68 and 71 Galaxy
Avenue Linbro Avenue Linbro Park,
111. Park Gauteng 2 900 Apr 11 # 16 300 25 100 8 800
122 Koornhof
Road 122 Koornhof Road
112. Meadowdale Meadowdale, Gauteng 3 192 Apr 11 69.55 19 500 16 550 (2 950)
Essex Street Essex Street
113. Meadowdale Meadowdale, Gauteng 7 259 Apr 11 # 35 800 35 900 100
50 Electron 50 Electron Avenue
114. Avenue Isando Isando, Gauteng 11 000 Apr 11 # 36 400 55 450 19 050
Malcolm Moodie
Pelican Park Jet Crescent Jet Park,
115. Park Gauteng 11 191 Apr 11 50.26 51 200 58 000 6 800
Strijdom 123 Malibongwe Drive
116. Commercial Park Strijdompark, Gauteng 15 496 Apr 11 61.06 89 300 92 800 3 500
9 Galaxy Avenue 9 Galaxy Avenue
117. Linbro Park Linbro Park, Gauteng 13 499 Apr 11 # 73 800 96 200 22 400
4th Street 4th Street Wynberg,
118. Wynberg Gauteng 13 248 Aug 04 36.97 7 943 53 500 45 557
Cnr Tiger Moth and
Tiger Moth Road Guy Gibson Road
119. Aeroton Aeroton, Gauteng 15 893 Jun 93 # 13 887 66 800 52 913
Bofors Circle Bofors Circle Park
120. Park Epping Epping, Western Cape 2 828 Jan 96 46.04 12 226 15 300 3 074
4 – 10 Westmead Road
Westmead Road Westmead Pinetown,
121. Pinetown KwaZulu-Natal 8 921 May 88 48.62 3 186 41 000 37 814
Le Roux and Cnr Le Roux and West
West Street Street Midrand,
122. Midrand Gauteng 5 036 Oct 96 47.46 11 150 23 000 11 850
112 Roan Crescent
112 Roan Corporate Park
123. Crescent Midrand, Gauteng 2 177 Nov 06 # 5 925 15 600 9 675
108 Roan Crescent
108 Roan Corporate Park
124. Crescent Midrand, Gauteng 2 683 Nov 06 # 5 920 13 500 7 580
109 Roan Crescent
109 Roan Corporate Park
125. Crescent Midrand, Gauteng 1 723 Nov 06 # 6 845 11 700 4 855
71 Tsessebe Crescent
71 Tsessebe Corporate Park
126. Crescent Midrand, Gauteng 1 809 Nov 06 # 5 945 8 250 2 305
50 Tsessebe Crescent
50 Tsessebe Corporate Park
127. Crescent Midrand, Gauteng 1 849 Nov 06 # 6 765 9 650 2 885
9 Reedbuck Crescent
9 Reedbuck Corporate Park
128. Crescent Midrand, Gauteng 1 950 Nov 06 # 4 007 10 050 6 043
62 Gazelle Avenue
62 Gazelle Corporate Park
129. Avenue Midrand, Gauteng 1 318 Nov 06 # 4 606 7 900 3 294
35 Reedbuck Crescent
35 Reedbuck Corporate Park
130. Crescent Midrand, Gauteng 3 202 Nov 06 # 8 079 14 800 6 721
3 Capital Hill 3 Capital Hill Business
131. Business Park Park Midrand, Gauteng 1 825 Nov 06 # 3 898 9 150 5 252
75 Kyalami 75 Kyalami Boulevard
132. Boulevard Kyalami Park, Gauteng 1 665 Nov 06 71.23 6 784 13 600 6 816
39 Loper Street 39 Loper Street Spartan
133. Spartan Aeroport, Gauteng 953 Nov 06 # 1 944 6 400 4 456
Cnr Heidelberg and
City Deep Mini Vickers Roads City
134. Units Deep, Gauteng 1 350 Nov 06 62.80 3 356 6 700 3 344
Director Road Director Road Spartan,
135. Spartan Gauteng 1 600 Jun 07 # 8 600 10 300 1 700
Megawatt Road
136. Megawatt Road Spartan, Gauteng 2 710 Jun 07 51.00 14 243 16 700 2 457
48 Koornhof 48 Koornhof Road
137. Road Meadowdale, Gauteng 3 397 Jun 07 # 16 511 21 200 4 689
10 Covora Road Jet
138. 10 Covora Road Park, Gauteng 9 197 Jun 07 44.40 28 700 38 700 10 000
36 Houer Road 36 Houer Road City
139. City Deep Deep, Gauteng 5 057 Oct 07 # 14 300 25 000 10 700
Watt Road Watt Road Uitenhage,
140. Uitenhage Eastern Cape 23 370 Dec 08 # 45 300 57 000 11 700
368 Sifon Street 368 Sifon Street
141. Robertville Robertville, Gauteng 4 550 Dec 08 # 12 300 18 000 5 700
555 Malcolm 555 Malcolm Moodie
Moodie Crescent Crescent Jet Park,
142. Jet Park Gauteng 2 454 Apr 11 # 12 200 16 400 4 200
560 Malcolm 560 Malcolm Moodie
Moodie Crescent Crescent Jet Park,
143. Jet Park Gauteng 2 288 Apr 11 # 11 400 13 850 2 450
Louis Trichard Louis Trichard Street
144. Street Nelspruit Nelspruit, Mpumalanga 3 297 Apr 11 50.01 19 120 24 500 5 380
8 Fortune Street City
145. City Deep Rittel Deep, Gauteng 4 053 Sep 11 37.80 10 000 17 800 7 800
68 – 72 Gazelle
70 Gazelle Ave Avenue Corporate
146. Corporate Park Park, Gauteng 2 372 Apr 11 # 14 800 15 400 600
11 Covora Road 11 Covora Road Jet
147. Jet Park Park, Gauteng 3 831 Apr 11 40.82 10 100 17 350 7 250
19 Ebonyfield 19 Ebonyfield Avenue
Avenue Springfield Park,
148. Springfield Park KwaZulu-Natal 2 729 Apr 11 46.85 9 900 13 200 3 300
18 – 22 Alexander
20 Alexander Road Westmead,
149. Road Westmead KwaZulu-Natal 3 992 Apr 11 48.22 15 100 19 600 4 500
79 Willowfield
79 Willowfield Crescent Springfield
150. Crescent Park, KwaZulu-Natal 2 983 Apr 11 55.53 12 800 18 950 6 150
4 Electron Street 4 Electron Street
151. Linbro Park Linbro Park, Gauteng 1 944 Apr 11 # 11 180 15 150 3 970
Clovelly Business 342 Old Pretoria Road
152. Park Midrand Midrand, Gauteng 12 515 Apr 11 44.32 41 600 60 400 18 800
Le Roux Avenue Le Roux Avenue
153. Midrand Midrand, Gauteng 1 658 Apr 11 48.96 4 640 7 450 2 810
Bevan Road Bevan Road Roodekop,
154. Roodekop Gauteng 20 255 Apr 11 # 45 000 69 800 24 800
78 Loper Avenue 78 Loper Avenue
155. Aeroport Aeroport, Gauteng 2 722 Apr 11 50.35 13 000 14 000 1 000
Coventry Park 675 Old Pretoria Road
156. Midrand Midrand, Gauteng 6 293 Apr 11 49.88 24 500 31 000 6 500
James Crescent James Crescent
157. Midrand Midrand, Gauteng 7 170 Apr 11 46.56 26 900 32 500 5 600
37 Diesel Road 37 Diesel Road Isando,
158. Isando Gauteng 21 824 Apr 11 38.26 80 900 82 000 1 100
Brunton Circle Brunton Circle
Founders View Founders View South,
159. South Gauteng 3 428 Apr 11 # 20 600 20 000 (600)
38 Isando Road 38 Isando Road Isando,
160. Isando Gauteng 19 298 Apr 11 43.68 67 800 87 500 19 700
30 Bell Street 30 Bell Street
161. Hennopspark Hennopspark, Gauteng 10 512 Apr 11 # 35 500 49 300 13 800
Latei Street Cnr Latei and Hulley
162. Isando Streets Isando, Gauteng 4 443 Apr 11 38.89 15 200 17 700 2 500
778 Richards 778 Richards Drive
163. Drive Midrand Midrand, Gauteng 3 300 Apr 11 48.78 14 300 14 600 300
9 Linbro Village 12 Village Crescent
164. Linbro Park Linbro Park, Gauteng 593 Apr 11 # 3 500 4 100 600
28 Linbro Village 22 Village Crescent
165. Linbro Park Linbro Park, Gauteng 612 Apr 11 # 4 500 5 100 600
Jan Smuts Park Jones Road Jet Park,
166. Jet Park Gauteng 25 416 Apr 11 46.73 110 500 125 400 14 900
7 Old Pretoria 7 Old Pretoria Road
167. Road Nelspruit Nelspruit, Mpumalanga 9 983 Apr 11 # 37 400 50 200 12 800
168. Eastside Richards Drive 9 395 Apr 11 49.53 34 600 42 600 8 000
Corporate Park Midrand, Gauteng
Midrand
35 Intersite Avenue
35 Intersite Umgeni Business Park,
169. Avenue Umgeni KwaZulu-Natal 10 000 Apr 11 90.56 74 900 77 500 2 600
19 and 21 Spartan
170. 19 Spartan Road Road Spartan, Gauteng 2 238 Apr 11 59.90 14 600 14 600 -
3 Johann Birkart Road
Chemserve Kempton Park,
171. Spartan Gauteng 14 905 Aug 09 51.90 67 500 88 400 20 900
Waterpas Street Waterpas Street Isando,
172. Isando Gauteng 14 717 Apr 11 54.56 63 300 88 400 25 100
Total logistics 1 796 707 6 864 613 9 484 470 2 619 857
Cnr Malibongwe Drive
Imperial Motors and Tungsten Road
173. Strijdom Park Randburg, Gauteng 2 104 Aug 04 ^ 12 350 36 700 24 350
Cambridge Motor 22 Witkoppen Road
174. Paulshof Paulshof, Gauteng 3 483 Apr 11 ^ 33 600 49 400 15 800
243 JG Strydom 243 JG Strydom Drive
Drive Constantia Constantia Kloof,
175. Kloof Gauteng 2 212 Apr 11 ^ 22 467 35 300 12 833
Midrand Protea 14th Street Noordwyk,
176. Hotel Gauteng 10 524 Apr 11 ^ 97 400 92 500 (4 900)
Modderfontein
Road Modderfontein Road
177. Longmeadow Longmeadow, Gauteng 2 420 Apr 11 ^ 28 800 38 700 9 900
Total other 20 743 194 617 252 600 57 983
Homeworld Malibongwe Drive
178. Centre Randburg, Gauteng 6 582 Aug 04 98.17 27 000 47 000 20 000
Malibongwe Drive
179. Appleton’s Randburg, Gauteng 3 753 Dec 08 137.87 45 700 58 800 13 100
cnr William Nicol and
Leslie Road Leslie Roads
180. Retail Park Fourways, Gauteng 13 676 Apr 11 114.43 142 500 173 700 31 200
St Francis Street
Jeffreys Bay, Eastern
181. Jeffreys Bay Cape 14 519 Apr 11 63.97 67 000 53 500 (13 500)
1 – 3 Sunset Crescent
The Crescent Umhlanga Ridge,
182. Umhlanga KwaZulu-Natal 27 717 Apr 11 119.59 339 300 455 000 115 700
409 – 423 West Street
Edgars West Durban, KwaZulu-
183. Street Natal 14 200 Apr 11 59.65 121 400 140 200 18 800
81 – 89 Vereeniging
Bloemfontein Road Fleurdal, Free
184. Value Mart State 12 385 Apr 11 92.15 85 800 140 000 54 200
Palm Springs R155 and Falcon Road
185. Mall Orange Farm, Gauteng 19 902 Apr 11 113.62 210 000 288 000 78 000
Fourways Value Forest Drive Fourways,
186. Mart Gauteng 7 938 Apr 11 117.93 80 500 105 600 25 100
Thrupps Illovo 204 Oxford Road
187. Centre Illovo, Gauteng 13 376 Apr 11 151.98 183 500 257 600 74 100
Pineslopes Witkoppen Road
188. Shopping Centre Fourways, Gauteng 21 167 Apr 11 129.94 207 500 316 000 108 500
Total retail 155 215 1 510 200 2 035 400 525 200
89 Barrier Lane
Clairwood Mobeni East,
189. Logistics Park KwaZulu-Natal N/a Aug 12 N/a 542 707 542 707 -
Cnr Plattekloof and
Koeberg Road
Montague Milnerton, Western
190. Business Park ** Cape N/a Aug 09 N/a 131 836 131 836 -
N1 Business N1 Highway Midrand,
191. Park* Gauteng N/a Aug 06 N/a 16 854 16 854 -
Raceway Raceway Industrial
192. Industrial Park Park, Gauteng N/a Apr 11 N/a 8 851 8 851 -
Old Cape Road Port
Elizabeth, Eastern
193. Greenbushes Cape N/a Apr 11 N/a 87 699 87 699 -
Merino Avenue City
194. Tradeport Deep, Gauteng N/a Apr 11 N/a 60 696 60 696 -
Maple Road Pomona,
195. Pomona Gauteng N/a Dec 13 N/a 44 440 44 440 -
Sandton Rivonia Road,
196. offices*** Sandton, Gauteng N/a Mar 14 N/a 146 963 146 963 -
1st Avenue, Longlake
197. Linbro Park Extension 1, Gauteng N/a Feb 14 N/a 78 210 78 210 -
1st Avenue, Longlake
198. Linbro Park Extension 1, Gauteng N/a Feb 14 N/a 144 365 144 365 -
London Road,
Westlake Extension 15,
199. Westlake Western Cape N/a Jan 14 N/a 81 474 81 474 -
Corner of Tlokwa
Street and Samrand
Link Road,
200. Louwlardia Louwlardia, Gauteng N/a Oct 14 N/a 17 034 17 034 -
60 Electron 60 Electron Avenue
201. Avenue Isando# Isando, Gauteng 27 312 Apr 11 N/a 89 257 89 257 -
Total
developments 27 312 1 450 386 1 450 386 -
Total portfolio 2 089 272 10 260 459 13 592 056 3 331 597
Notes
1. @ means single tenanted property. The average gross rental of single tenanted industrial properties is R44.03/m2.
1. # means single tenanted property. The average gross rental of single tenanted logistics properties is R54.48/m 2.
2. ^ means single tenanted property. The average gross rental of single tenanted other properties is R115.80/m 2.
3. * means Capital has a 20% interest in this development.
4. ** means Capital has a 25% interest in this development.
5. *** means Capital has an 80% interest in this development.
6. The difference between the valuation amounts and the purchase prices paid by Capital is due to the fact that the
values attributed by the independent property valuer are open market values, while the purchase prices paid by
Capital are historic negotiated values.
7. The properties were valued at 31 December 2014 by Peter Parfitt of Quadrant Properties Proprietary Limited an
external independent registered professional associated valuer.
16 July 2015
Corporate advisor, sponsor and tax advisor to Capital and Fortress
Java Capital
Legal advisor to the transaction
Cliffe Dekker Hofmeyr Inc
Date: 16/07/2015 05:02:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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