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DELTA PROPERTY FUND LIMITED - Update on lease renewals with department of public works

Release Date: 20/03/2019 14:45
Code(s): DLT     PDF:  
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Update on lease renewals with department of public works

Delta Property Fund Limited
(Incorporated in the Republic of South Africa)
(Registration number 2002/005129/06)
Share code: DLT
ISIN: ZAE000194049
REIT status approved
(“Delta” or the “Company”)


Shareholders are advised that Delta concluded four leases with the
Department of Public Works (“DPW”) for a total gross lettable area of 6,400
sqm at an average rental of R105/sqm. The lease tenure is five years at an
annual contractual escalation of 6.5%.

The properties are located at:
   - Vintonia stand 5 and 6 in Nelspruit
   - Stand 1770, Nelspruit
   - 174 Mayors Walk, Pietermaritzburg
   - Japco Building (SAPS Flying Squad), Nelspruit

Although the quantum of renewed space is relatively low in relation to
Delta’s bulk lease renewal proposal of 227 000 sqm, the Company anticipates
additional and larger renewals to be concluded in the short-term and will
continue to update the market in this regard.

DPW’s stated intention is to renew all expired leases by 31st March 2019.

20 March 2019

Nedbank Corporate and Investment Banking, a division of Nedbank Limited

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