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GROWTHPOINT PROPERTIES LIMITED - Damage to KZN properties due to the recent unrest in the province

Release Date: 20/07/2021 13:06
Code(s): GRT     PDF:  
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Damage to KZN properties due to the recent unrest in the province

Growthpoint Properties Limited
Approved as a REIT by the JSE
Incorporated in the Republic of South Africa
Registration number 1987/004988/06
ISIN: ZAE000179420
JSE Share code: GRT


Growthpoint stakeholders are advised that 7 of Growthpoint’s Properties in KZN, representing 2.3% of total
South African GLA, have been damaged due to the recent unrest in the province. No Growthpoint
properties in any other provinces suffered damage.

Two retail properties representing 4.64% of total retail GLA, were impacted by extensive looting and
related damage:

    •     Watercrest Mall, which is 50% co-owned, and has a total GLA of 45 318sqm (50% - 22 659sqm).
          All common areas and tenant’s premises were looted with extensive damage to shop fronts and
          air conditioning, with vertical reticulation still to be assessed. Fortunately, at this point there was
          not any structural damage to the building and cleaning has commenced by our staff, cleaners and
          the local community.

    •     City View,100% ownership, and has a total GLA of 40 362sqm.
          All common areas and tenant’s premises were looted. Looters attempted to burn down the
          delivery area and road facing tenants on multiple occasions, but the fires were quickly
          extinguished, they did however cause some damage to the air conditioning system and
          electrical reticulation, which has rendered a portion of the centre without electricity.
          Sprinklers were activated and there is also resultant water damage.

A professional team has been engaged and they are busy quantifying the damage on both sites.

Five industrial properties representing 2.73% of total industrial GLA, were impacted to varying degrees:

    •     The Runway park facility of 12 160sqm was breached and looted. Access to this pharmaceutical
          facility has been restricted and the damage is still to be assessed.
    •     The adjacent Runway Park JV, 50% co-owned measuring a total 28 886sqm (50%-14 443sqm), was
          breached with severe looting and fire damage to offices.
    •     Inanda Road, 5 816sqm multi-tenanted facility, partly looted with minor property damage.
    •     Lanner Place, 14 446sqm multi-tenanted facility severely looted with minor property damage.
    •     Ficus Place, 9 886sqm facility suffered minimal looting with damage to the perimeter fence.
    •     Goodwood Road (previously African Gabions), 5 314sqm facility severely looted with minor
          property damage.

All properties are insured for business interruption and with SASRIA.

The company continues focus on reinstating trading and operations at all these affected facilities but is
monitoring the volatile situation. Ensuring the safety and security of our staff, centre management,
tenants and shoppers, as well as our assets remains paramount. As such additional security has been
deployed to high-risk assets.


20 July 2021
Sponsor: Investec Bank Limited

Date: 20-07-2021 01:06:00
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