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INVESTEC PROPERTY FUND LIMITED - Supplementary Balance Sheet Update

Release Date: 07/12/2020 15:57
Code(s): IPF     PDF:  
Wrap Text
Supplementary Balance Sheet Update

Approved as a REIT by the JSE
(Incorporated in the Republic of South Africa)
(Registration Number 2008/011366/06)
Share code: IPF      ISIN: ZAE000180915
(“Investec Property Fund” or the “Fund”)


Shareholders are referred to the Fund’s interim results announcement published on 18 November 2020
(the “Interim Results”). In response to requests for additional information regarding the balance sheet
position post the Interim Results, based on significant events thereafter, the below disclosure
supplements the summarised Interim Results balance sheet information. This supplementary update is
for illustrative purposes only, and, because of its nature, may not fairly present the Fund’s financial
position, changes in equity, results of operations or cash flows. The information below is the
responsibility of the directors of the Fund and has not been reviewed or reported on by the Fund’s

                                 Notes       30 September        Subsequent to            Illustrative
                                                     20201      Interim Results              position
 Property related investments                       27,111               (2,752)              24,358
 South Africa                                        16,003                                   16,003
 UK                                                   1,029                                    1,029
 Europe                             2                10,079              (2,752)               7,327
 Other assets                                           620                                      620
 Cash                               3                   430                (430)                  -
 Total assets                                        28,161              (3,182)              24,979
 Total funding                                       26,208              (3,116)              23,340
 Shareholders interest              3                13,901                (240)              13,661
 Long term borrowings               2                12,307              (2,628)               9,678
 Derivative positions                                 1,219                                    1,219
 Other liabilities                  3                   734                (314)                 420
 Total equity and liabilities                        28,161               (3,182)             24,979

 Loan to value                                       43.8%                                     39.7%

    1. Extracted from the reviewed interim condensed consolidated financial report for the six months
       ended 30 September 2020.
    2. Aggregate effect of:
            a. PEL debt refinance – the successful in-country debt refinance enabled approx. €140m
               of the shareholder loan from IPF to be settled, which in-turn enabled IPF to settle a
               portion of the acquisition bridge loans at Group level
            b. Dilution of interest in Belgium assets following transfer into PEL platform – the Fund
               will effectively retain a 65% interest in the Belgium assets through its shareholding in
               the PEL platform
    3. Aggregate of FY20 Tranche 1 dividend paid in October 2020 (R314m) and further top-up
       dividend declared on 18 November 2020 and payable on 14 December 2020 (R240m)

07 December 2020

Financial Advisor and Sponsor
Investec Bank Limited

Date: 07-12-2020 03:57:00
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