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

Release Date: 07/05/2019 11:50
Code(s): REB REA REBC09     PDF:  
 
Wrap Text
Update on lease renewals with Department of Public Works

REBOSIS PROPERTY FUND LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 2010/003468/06)
JSE share codes:
REA ISIN: ZAE000240552
REB ISIN: ZAE000201687
Alpha code: REBI
(Approved as a REIT by the JSE)
(“Rebosis” or the “Company”)

UPDATE ON LEASE RENEWALS WITH DEPARTMENT OF PUBLIC WORKS

The weighted average lease expiry profile of the Company’s office portfolio
has reduced over time as a result of lease agreements that have expired.

Shareholders are advised that following the Company’s renewal process, nine
leases were successfully concluded for a total gross lettable area of 62 354 m².

Eight of these leases were renewed with the Department of Public Works (“DPW”)
in respect of a total gross lettable area of 55 562 m² at an average rental
of R110.25/m² and an average annual contractual escalation rate of 6%.


The properties and tenants are:

Property              Location          Gross Lettable Area   Term    User Department


Medscheme             Johannesburg      6 792m²               6.5     Medscheme
Building                                                      years

Victoria Mxenge       Pretoria          24 720m²              5       Justice and
Building                                                      years   Constitutional
                                                                      Development

Northstate            Braamfontein      5 250m²               5       Justice and
Building                                                      years   Constitutional
                                                                      Development

Arbour Square         Braamfontein      4 678m²               5       Justice and
                                                              years   Constitutional
                                                                      Development

Spectrum House        Bellville         6 151m²               5       Water Affairs
                                                              years

Sigma House           Bellville         3 085m²               5       Water Affairs
                                                              years
  
Prorom Building       Nelspruit         5 473m²               5       Water Affairs
                                                              years


Mishumo House         Braamfontein      4 268m²               3       Labour
                                                              years

Joshua Doore          Pietermaritzburg  1 937m²               3       Rural
Building                                                      years   Development and
(Jabu Ndlovu)                                                         Land Reform


Negotiations in respect of the balance of the lease renewals are ongoing and
are expected to be concluded soon.

Johannesburg
7 May 2019

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

Investor Relations
Articulate Capital Partners, Morne Reinders (morne@articulatepartners.com or
+27(0)82 480 4541)

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