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DELTA PROPERTY FUND LIMITED - Update on lease renewals with Department of Public Works

Release Date: 26/03/2019 14:00
Code(s): DLT     PDF:  
 
Wrap Text
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”)

FURTHER UPDATE ON LEASE RENEWALS WITH DEPARTMENT OF PUBLIC WORKS

Further to the announcement released on SENS on 20 March 2019 wherein Delta
advised Shareholders that the Company had renewed 4 lease agreements,
shareholders are advised that Delta concluded an additional 7 leases with
the Department of Public Works (“DPW”) for a total gross lettable area of
23,167sqm at an average rental of R109 per sqm. The lease tenure is five
years at an annual contractual escalation of 6.5%.

The properties are located at:

   -   2 Devonshire Place, Durban (2 leases);
   -   Commissioner House, Cape Town;
   -   Southern Life House 88 Field Street, Durban;
   -   Hollard House, Johannesburg;
   -   WB Building, Kimberley; and
   -   The Marine, Durban.

In Delta’s view, the above leases demonstrate the level of commitment from
DPW to fast-track the renewal process. Based on Delta’s ongoing engagement
with DPW and traction gained as a result of recent lease renewals, the Company
believes that the DPW process is on track. Delta 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 a sizeable portion of the leases by 31
March 2019.


Johannesburg
26 March 2019

Sponsor
Nedbank Corporate and Investment Banking, a division of Nedbank Limited

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