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Supplementary Balance Sheet Update
INVESTEC PROPERTY FUND LIMITED
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”)
SUPPLEMENTARY BALANCE SHEET UPDATE
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
auditors.
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%
Notes:
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)
Johannesburg
07 December 2020
Financial Advisor and Sponsor
Investec Bank Limited
Date: 07-12-2020 03:57:00
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