LIBERTY TWO DEGREES - Update on office leasing and supplementary information on performance of retail portfolio

Release Date: 13/04/2017 14:28
Code(s): L2D
 
Wrap Text
Update on office leasing and supplementary information on performance of retail portfolio

LIBERTY TWO DEGREES
JSE share code: L2D
ISIN: ZAE000230553
(Approved as a REIT by the JSE)
(“Liberty Two Degrees”)
a portfolio established under the Liberty Two Degrees Scheme,
a Collective Investment Scheme in Property established
in terms of the Collective Investment Schemes Control Act, No 45 of 2002, as amended,
and managed by STANLIB REIT Fund Managers Proprietary Limited (RF)
(Registration number: 2007/029492/07)
(“the Manager”)


UPDATE ON OFFICE LEASING AND SUPPLEMENTARY INFORMATION ON PERFORMANCE OF RETAIL PORTFOLIO


Office leasing

Liberty Two Degrees and its co-owners have recently signed a binding offer to lease the Nelson Mandela Square
offices (“lease agreement”). The lease agreement is for 6,350 m2 of office space with an international tenant for a
period of 5 years. The rental obligation date of the lease agreement is from 1 October 2017. The lease agreement will
reduce Nelson Mandela Square’s office vacancy (currently at 4,599 m2 as at the end of February 2017) to zero. As a
consequence hereof certain existing tenants in occupation at Nelson Mandela Square will be relocated into the Atrium
on 5th and Sandton Office Tower thereby reducing vacancies in these offices. This lease agreement should also assist
in underpinning the retail performance of both Nelson Mandela Square and Sandton City which are linked via a
pedestrian bridge. This is a noteworthy deal in the Liberty Two Degrees portfolio, given the level of competition for
office space in Sandton and shows the robust and quality nature of our assets. This, together with other leasing
activities in Atrium on 5th in Sandton, reduces the overall office vacancy in Liberty Two Degrees to 4.5%.

Supplementary information on the retail portfolio

Unitholders of Liberty Two Degrees are advised that supplementary information regarding the performance of the
retail portfolio for the period ended 31 December 2016 can be found on the website of Liberty Two Degrees -
http://www.liberty2degrees.co.za.

13 April 2017


Sponsor
Java Capital

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