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

Release Date: 18/04/2019 07:05
Code(s): DLT     PDF:  
 
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Further 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

Shareholders are referred to earlier SENS updates on Delta’s lease
renewals with the Department of Public Works (“DPW”) and are advised
that the Company has concluded an additional six leases with DPW for
a total gross lettable area of 9,033 sqm, at an average office rental
of R96 per sqm.

The properties are located at:

  -   Tivoli Building, Klerksdorp
  -   WB Centre, Kimberley
  -   174 Mayors Walk, Pietermaritzburg
  -   Military Hospital, Nelspruit
  -   Defence Transport, Nelspruit
  -   Defence Headquarters, Nelspruit

The aggregate number of leases renewed with DPW in terms of Delta’s
bulk lease renewal submission now totals 17 for a combined lettable
area of 38,600 sqm at an average office rental of R100 per sqm. The
combined average lease tenure is five years at an average contractual
escalation rate of 6.5%.

The Company believes that the DPW lease renewal process is on track
and anticipates additional leases to be concluded in the short term.
Delta will continue to update the market in this regard.

Johannesburg
18 April 2019

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

Date: 18/04/2019 07:05:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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