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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

(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”)


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

Northstate            Braamfontein      5 250m²               5       Justice and
Building                                                      years   Constitutional

Arbour Square         Braamfontein      4 678m²               5       Justice and
                                                              years   Constitutional

Spectrum House        Bellville         6 151m²               5       Water Affairs

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

Mishumo House         Braamfontein      4 268m²               3       Labour

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.

7 May 2019

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

Investor Relations
Articulate Capital Partners, Morne Reinders ( or
+27(0)82 480 4541)

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