|
ACP
ACP
ACP - Acucap - Audited consolidated results for the year ended 31 March 2008
Acucap Properties Limited
Incorporated in the Republic of South Africa
(Reg No. 2001/021725/06)
Share Code: ACP
ISIN : ZAE 000037651
"Acucap" or "the company"
AUDITED CONSOLIDATED RESULTS FOR THE YEAR ENDED 31 MARCH 2008
Annual distributions up 16.42%
Property portfolio value up from R2.8 billion to R5 billion
Net asset value up 8% from R24.53 to R26.49
BALANCE SHEET
at 31 March 2008
R`000 R`000
Assets
Property assets 5 655 482 2 883 409
Investment properties 4 923 576 2 726 424
Long term receivable 107 434 64 909
Short term receivable 15 680 6 323
Investment properties and related receivables 5 046 690 2 797 656
Investment properties held for sale and related 411 950 -
receivables
Investment properties under development 161 990 85 425
Owner-occupied property 10 404 -
Property development inventory 24 448 -
Other property assets - 328
Other non-current assets 924 314 579 514
Loans in respect of unit purchase scheme 222 694 159 290
Equipment 1 208 540
Listed investments 643 642 412 619
Financial instruments 25 785 7 065
Deferred tax assets 30 985 -
Other current assets 73 839 41 440
Trade and other receivables 60 729 35 665
Cash and cash equivalents 13 110 5 775
Total assets 6 653 635 3 504 363
Equity and liabilities
Shareholders` interest 2 110 213 1 300 725
Share capital and share premium 1 211 285 442 257
Non-distributable reserve 988 146 959 239
Accumulated loss (89 218) (100 771)
Non-current liabilities 3 262 408 2 088 324
Debentures 1 289 200 934 740
Financial liabilities 1 604 149 784 710
BEE instrument 48 256 70 577
Deferred tax liabilities 320 803 298 297
Current liabilities 1 281 014 115 314
Trade and other payables 93 622 23 000
Financial liabilities 1 032 136 -
Tax payable 10 411 -
Debenture interest payable 144 845 92 314
Total equity and liabilities 6 653 635 3 504 363
INCOME STATEMENT
for the year ended 31 March 2008
2008 2007
R`000 R`000
Revenue 427 594 245 107
- Contractual 404 784 237 988
- Straight lining 22 810 7 119
Net operating expenses (57 493) (30 082)
Profit on disposal of investment properties 10 965 3 195
Section 311 expenses (2 287) -
Profit before fair value adjustments, interest and 378 779 218 220
taxation
Fair value adjustment to investment properties 100 515 177 204
Fair value adjustment to BEE instrument 22 322 (70 577)
Profit before interest and taxation 501 616 324 847
Interest received 33 253 28 506
Interest paid
- debentures (259 780) (159 447)
- other (134 114) (80 908)
Profit before taxation 140 975 112 998
Taxation (31 457) (35 550)
Profit for the year 109 518 77 448
Cents Cents
Basic and diluted earnings per share 98.15 97.74
Interest distribution per linked unit
- special 72.04 -
- interim 36.83 91.26
- final 112.24 98.66
Distribution per linked unit 221.11 189.92
2008 2008 2007 2007
Gross Net of Gross Net of
tax tax
Headline earnings/(loss) R`000 R`000 R`000 R`000
The calculation of the headline
earnings per share is based on a
weighted average of 111 584 767
(2007: 79 239 440) shares in issue
during the year and the headline
earnings is calculated as follows:
Profit for the year 109 77 448
518
Fair value adjustment of investment (100 (84 (177 (142
properties 515) 545) 204) 652)
Profit on disposal of investment (10 (430) (3 195) (2 732)
properties 965)
Headline earnings/(loss) - shares 15 543 (67
936)
Interest paid to debenture holders 259 159
780 447
Headline earnings - linked units 275 91 511
323
Cents Cents
Headline earnings/(loss) per share 13.93 (85.73)
Headline earnings per linked unit 246.74 115.49
ABRIDGED CASH FLOW STATEMENT
for the year ended 31 March 2008
2008 2007
R`000 R`000
Cash flows from operating activities
Cash generated from operations 342 472 210 132
Income tax paid (47) (1 678)
Interest received 42 930 21 598
Interest paid (378 677) (208 602)
Net cash inflow from operating activities 6 678 21 450
Net cash outflow from investing activities (1 466 111) (744 213)
Cash flows from financing activities
Proceeds from the issue of shares 768 708 355 545
Proceeds from the issue of debentures 354 460 249 537
Financial liabilities raised 663 580 353 736
Financial liabilities repaid (319 980) (230 962)
Net cash inflow from financing activities 1 466 768 727 856
Net cash inflow for the year 7 335 5 093
Cash and cash equivalents at beginning of year 5 775 682
Cash and cash equivalents at end of year 13 110 5 775
STATEMENT OF CHANGES IN EQUITY
for the year ended 31 March 2008
Share Share Non- Accumulat Total
capita premium distributa ed loss
l ble
reserve
R`000 R`000 R`000 R`000 R`000
Balance at 31 March 69 86 643 742 125 (27 606) 801 231
2006
Issue of 500 000 shares 1 5 335 - - 5 336
in July 2006
Issue of 4 046 000 4 44 927 - - 44 931
shares in August 2006
Issue of 426 440 shares - 5 441 - - 5 441
in August 2006
Issue of 12 455 606 12 181 746 - - 181 758
shares in November 2006
Proceeds 12 182 960 - - 182 972
Share issue costs - (1 214) - - (1 214)
Issue of 5 561 600 6 81 694 - - 81 700
shares in November 2006
Issue of 1 989 000 2 36 377 - - 36 379
shares in February 2007
Income recognised - - 66 501 - 66 501
directly in equity
Net change in fair - - 55 940 - 55 940
value of listed
investments
Net change in fair - - 10 561 - 10 561
value of cash flow
hedge recognised
directly in equity
Profit for the year - - - 77 448 77 448
Transfer to non- - - 150 613 (150 613) -
distributable reserve
Balance at 31 March 94 442 163 959 239 (100 771) 1 300
2007 725
Issue of 15 797 910 16 347 060 - - 347 076
shares in August 2007
Proceeds 16 337 270 - - 337 286
Adjustment of issue - 9 953 - - 9 953
price on effective date
of acquisition of
investment in Atlas
Share issue costs - (163) - - (163)
Issue of 17 603 596 17 378 054 - - 378 071
shares in October 2007
Proceeds 17 387 438 - - 387 455
Adjustment of issue - (9 330) - - (9 330)
price on effective date
of acquisition of
investment in Intaprop
Share issue costs - (54) - - (54)
Issue of 2 080 000 2 43 879 - - 43 881
shares in November 2007
Expenses recognised - - (69 058) - (69 058)
directly in equity
Net change in fair - - (87 779) - (87 779)
value of listed
investments
Net change in fair - - 18 721 - 18 721
value of cash flow
hedge recognised
directly in equity
Profit for the year - - - 109 518 109 518
Transfer to non- - - 97 965 (97 965) -
distributable reserve
Balance at 31 March 129 1 211 988 146 (89 218) 2 110
2008 156 213
* total income for period (including profit or loss for period as well as
income or expenses recognised directly in equity) is R 40 460 000 (2007: R
143 949 000)
BASIS OF PREPARATION AND REVIEW OPINION
The financial statements are prepared in accordance with International
Financial Reporting Standards (IFRS) including IAS 34, as well as the
requirements of the Companies Act in South Africa, and on a basis consistent
with the company`s most recent annual financial statements.
KPMG Inc. has audited the financial information set out in this report. Their
unqualified audit report is available for inspection at the company`s
registered office.
COMMENTS
1. REVIEW OF RESULTS AND OPERATIONS
The dominant feature of the current reporting cycle has been the sharp rise in
South Africa`s rate of inflation, and the resultant increase in interest rates
as the Reserve Bank has sought to stem inflationary pressures. Coupled with
certain infrastructural short-comings and constraints, this has dampened the
outlook for the country`s economic growth rate. In the context of the listed
property sector, the combination of higher interest rates and lower expected
growth has led to a severe correction in unit prices, as investors have seen
over R31bn wiped off the sector`s market capitalisation, which had peaked in
late 2007 at around R116bn. Sentiment was not helped by international events,
where the widespread credit crisis, fears of recession in the United States
and slowing growth in the Eurozone conspired to undermine both listed and
physical property markets internationally.
An important difference between South Africa and many of the overseas markets,
however, is that our physical property fundamentals have generally remained
sound. The office and industrial sectors have been characterised by a shortage
of supply and rapidly rising replacement costs, resulting in firm rentals and
good rental growth prospects in these segments, particularly at the high
quality ends of these markets. The retail sector has started to show definite
signs of a slow-down, although not equally across all retail categories. Worst
affected have been furniture, homeware and durable goods retailers, with the
restaurant and entertainment categories also showing the effects of lower
discretionary spending. Supermarkets and food retailers, on the other hand,
continue to show good turnover growth, albeit with higher levels of inflation
in their numbers.
Within the Acucap retail portfolio, reported turnovers grew by 11.7% in
nominal terms for the full financial year, and by 9.49% for the quarter ended
31 March 2008 compared with the same quarter last year. April`s figures were
also satisfactory, with turnovers up by 9.65% in nominal terms on the same
month last year, and this was after Acucap`s largest retail asset, the
80,000m2 Festival Mall, lost 5 days of trading in April due a power failure
following a sub-station fire in Kempton Park. As a result of the reduced
trading days, Festival experienced a 3% drop in turnover for the month of
April.
Expiring retail leases have generally experienced good upward reversions on
renewal, with average renewal rentals 20.3% higher than expiry rentals.
Acucap`s office portfolio delivered income growth in excess of 8%, largely
driven by contractual escalations, but with a strong sense of sustainability
as underlying market rentals continue to move ahead firmly. Vacancy rates
across Acucap`s entire portfolio have remained consistently low, and bad debt
write-offs have shown no material change over the current reporting cycle.
Together, these factors support the contention that the physical property
market remains fundamentally sound, and although a slowing economy is likely
to dampen longer-term growth prospects, it is still feasible for the listed
property sector as a whole, and for Acucap in particular, to sustain double
digit distribution growth rates over the medium-term.
The Board has approved a final distribution of 112.24 cents per linked unit
for the period from 1 October 2007 to 31 March 2008.
2. SIMPLIFIED FINANCIAL STATEMENTS
SIMPLIFIED DISTRIBUTION INCOME STATEMENT FOR THE YEAR ENDED 31 MARCH
2008
Note R`000
Revenue 1 414,140
Net operating expenses 2 (57,594)
Profit before interest and taxation 356,546
Interest received 7 35,593
Debenture holders interest paid - special and 8 (123,608)
interim
Other interest paid 9 (114,233)
Profit for the period 154,298
Number of linked units in issue 8 137,470,099
Final distribution per unit 112.24
NOTES TO THE SIMPLIFIED DISTRIBUTION INCOME
STATEMENT
1 Revenue as stated 427,594
Less : straight lining revenue reversed (22,810)
Add : Intaprop portfolio income from effective date 9,356
of 1 August 2007 to 17 October 2007
414,140
2 Net operating expenses as stated (57,493)
Add : CShell (BEE company) secretarial fees 54
Add : Intaprop net expenses from effective date of 1 (145)
August 2007 to 17 October 2007
Less : Atlas capital costs now expensed (10)
(57,594)
3 Profit on sale of properties as stated 10,965
Less : Non-distributable capital profit reversed (10,965)
4 Section 311 Atlas acquisition costs as stated (2,287)
Add : Transaction costs capitalised 2,287
5 Fair value adjustment to investment properties 100,515
Less: Fair value adjustment to investment properties (100,515)
reversed
6 Fair value adjustment to BEE instrument 22,322
Less: Fair value adjustment to BEE instrument (22,322)
reversed
7 Interest received as stated 33,253
Add : Interest received from CShell, previously 2,340
eliminated on consolidation
35,593
8 Debenture interest paid as stated (259,780)
Reverse debenture interest as stated 259,780
Special debenture interest to 31 July 2007 (73,473)
Interim debenture interest to 30 September 2007 (50,135)
(123,608)
9 Other interest paid as stated (134,114)
Less : Other interest paid by CShell, previously 16,415
included on consolidation
Less : Net reversal of interest provided from period 3,466
end to distribution payment date
(114,233)
10 NUMBER OF LINKED UNITS IN ISSUE AT 31 MARCH 2008 129,049,105
CShell linked units previously treated as treasury 8,420,994
units on consolidation
Actual units in issue 137,470,099
SIMPLIFIED BALANCE SHEET AT 31 MARCH 2008
R`000
Assets
Property assets 5,243,532
Listed property investments (37.2m Sycom units) 643,642
Other non-current assets 277,380
Other current assets 94,457
Total assets 6,259,011
Equity and liabilities
Shareholder`s interest 3,641,132
Non-current liabilities 2,361,402
Current liabilities 256,477
Total equity and liabilities 6,259,011
Notes to the simplified balance sheet
11 Property assets as stated 5,655,482
Less : Properties held for sale, removed from assets (411,950)
5,243,532
12 Other non-current assets as stated 924,314
Less: Listed property investments disclosed (643,642)
separately
Reversal of CShell financial instrument (3,292)
277,380
13 Other current assets as stated 73,839
Add: CShell intercompany loan eliminated on 20,618
consolidation
94,457
14 Shareholder`s interest as stated 2,110,213
Add Debentures 1,289,200
Debenture portion of linked units issued to 84,126
CShell
Share capital and premium on shares issued to 109,530
CShell
CShell retained income 48,063
3,641,132
15 Non-current liabilities as stated 3,262,408
Add : Re-classification of current financial 1,032,136
liabilities
Less : Proceeds from disposal of assets classified (411,950)
as held for sale
Debentures (1,289,200)
Financial liabilities attributable to CShell (183,736)
Reversal of BEE financial instrument (48,256)
2,361,402
16 Current liabilities as stated 1,281,015
Add: Debenture interest payable to CShell 9,452
Less: Re-classification of current financial (1,032,136)
liabilities
Accrued interest receivable from CShell (1,854)
256,477
3. PORTFOLIO ACTIVITIES
Sycom
On 4 March 2008, Acucap announced the acquisition of a
17.5% interest in Sycom Property Fund (`Sycom`) for
R787.6m, and the simultaneous acquisition of a 50%
interest in Sycom`s management company, Sycom Property
Fund Managers Limited (`SPFM`) for R207m. The
acquisition of the Sycom units became effective on 21
March when the units were transferred to Acucap. The
purchase of the stake in SPFM is subject to the approval
of the Competition Commission, the Financial Services
Board, and the Trustee of the Sycom Property Fund, and
will become effective once these approvals have been
obtained. Applications are currently in progress with
the relevant regulators.
The joint announcement issued by Acucap and Sycom on 4
March clearly stated that the purpose of the respective
boards in approving this transaction was ultimately to
merge the two funds, and this objective remains firmly
in sight. Although the strategies of both Acucap and
Sycom do not expressly refer to fund size, their boards
recognise that scale is likely to have an influence on
long-term performance for reasons that include improved
diversification, reduced asset concentration risk, the
ability to access larger transactions, and enhanced
liquidity in the market for listed units. There are also
substantial strategic and operational benefits to be
gained from the close co-operation of the asset
management teams, particularly at the retail portfolio
level, where the combined retail space under management
exceeds 500,000m2.
Notwithstanding the firm commitment to a merger of the
two portfolios, both parties recognise the volatility of
current market conditions, and intend to wait until
these conditions improve and offer stronger support for
the next steps in the merger process.
The board of Acucap is pleased to note the strong growth
in the net asset value of the Sycom portfolio, from
R15.89 in March 2007 to R20.73 at the end of March 2008.
This affirms the quality of underlying property assets
and points to the success achieved over recent years by
both Grapnel and Parkdev in repositioning the portfolio
for higher levels of future income growth.
Rondebosch Village Shopping Centre
The initial upgrade to the centre took place in 2006 and
included the Main Road street facade, the introduction
of Clicks and Nedbank as major tenants and the upgrading
of the internal malls. Having secured the parking area
by means of a re-vesting process from the City Council,
a second phase was planned, aimed primarily at adding
parking to the centre. This phase, R32 million project
with an initial return of 9.5%, commenced in January
2008. The development includes the addition of 105
structured parking bays, the conversion of the old
cinema premises into 1,000m2 of offices, changes to the
internal circulation of the parking area, the creation
of dedicated delivery yards, the introduction of a
pedestrian walkway along the Liesbeek River edge and
finally the expansion and refurbishment of Pick `n Pay.
Construction is progressing well with an anticipated
completion in the first quarter of 2010.
Festival Mall
The R140m introduction of a 5,500m2 Game, a 1,200m2 Mr
Price Sport and a 3,300m2 Ster Kinekor Cinema Complex,
and a major extension to ABSA Bank, were all completed
in 2008. The expansion has added substantially to the
tenant mix and entertainment components of this centre,
taking the total GLA to just under 80,000m2. The
extensions included the introduction of a structured
parking deck, adding a further 730 bays.
Still in progress is the redevelopment of the centre
entrances, as well as external facade treatment and the
re-mixing of the restaurant offering to provide a closer
fit with Festival`s customer profile. A new Boardmans
store is also being introduced into the tenant mix. This
phase is scheduled for completion by August 2008, with
an anticipated first year return of approximately 10% on
the R20m of capital expenditure that will be incurred on
this last phase of the work at Festival Mall.
14th Avenue Precinct Roodepoort
A R37m redevelopment of the 14th Avenue Precinct at
Roodepoort was undertaken in 2007, with a first year
return on investment of approximately 10.5%. The
redevelopment included a complete mall upgrade and the
redevelopment and extension of line shops supporting the
Checkers Hyper. The redevelopment has addressed the
entire facade of the building, added new entrances, and
realigned the main boulevard through the parking area. A
number of new line shops have also been introduced,
including a 1,000m2 First National Bank, Post Office,
Checkers Liquors, Simply Shoes, a new look Wimpy, and a
number of service related tenancies.
Sunward Park
A minor upgrade of R5m was completed at the Sunward Park
Shopping centre in Boksburg. The upgrade included the
introduction of an Ackermans store into the tenant mix,
and in addition, there was a general upgrade of mall
finishes, shopfronts and ablutions.
Key West
A R55m extension and redevelopment has been completed,
comprising the introduction of a 4,600m2 Game store and
a 1,270m2 Mr Price Sports to the retail offering.
Standard and ABSA Banks were expanded, and minor
upgrades to two of the centre entrances were included in
the scope of works. The dam adjacent to the food and
entertainment wing was reduced in size, and the
reclaimed area has been landscaped, with pedestrian
walkways, an open air entertainment area and children`s
play space completing this external upgrade. This has
resulted in a more functional interface between the
cinemas and restaurants, and better integration of the
entertainment element at the mall. The capital
expenditure incurred has provided an estimated return on
investment of 9% in the first year.
Faerie Glen Office Village
The park was successfully rezoned in the early part of
2007 in order to permit the introduction of an
additional 1,000m2 of office space. Construction
commenced in September 2007 based on an initial first
year return of 11%, and work is scheduled for completion
in late 2008. Besides the additional office space, the
R16m redevelopment will provide for the complete
redecoration of the external facades, the introduction
of an additional 70 parking bays, the redevelopment of
the internal landscaped courtyard, and finally the
upgrade to foyers and ablutions.
East Rand Value Mall
The R5m refurbishment of walkways, external facades,
centre signage and ablutions was completed in November
2007. Concurrent with the refurbishment, a number of
long term renewals have been successfully negotiated
with the existing anchor tenants, including Sportsmans
Warehouse, Toy Zone and Baby City.
Montague Gardens
The township development comprising 60ha of industrial
land received formal EIA approval in respect of the
first 19ha of building development, township services
and external road upgrades. The first phase of township
services has commenced on site, at an estimated cost of
R25m. A rezoning application permitting the introduction
of general retail uses along the Koeberg Road frontage
has been submitted, together with the complete EIA for
the entire 60ha land portion. The site is being
developed in joint venture with Improvon and Diversified
Property Income Fund, and Acucap has a 25% undivided
share in the property.
N1 Business Park Midrand
The R32m township services have now been completed for
the 32ha N1 Business Park, which is being developed in
joint venture with Improvon and Capital Property Fund.
Acucap`s 20% interest is held as an undivided share in
the property. Ultimately the site will consist of nine
large sites within an enclosed and controlled industrial
park. The first 8,000m2 unit, at a value of R49m, was
completed in late 2007 for BPB Gypsum (a subsidiary of
French multi-national Saint Gobain) at an initial yield
of 10.5%. Lease terms have been finalized with Bihati
Solutions for the second unit of 4,500m2, scheduled for
completion in June 2008 at an initial yield of 10.2%. A
third unit of 2,100m2 is under construction for Elanco,
with an estimated construction cost of R13m and an
estimated first year yield of 10%.
4. HELDERBERG VILLAGE
Included in Acucap`s distribution for the six months to
31 March 2008 is an amount of R6.2m in respect of
profits from the sale of new homes at Helderberg
Village. A construction program has been set in place to
complete the development of the remaining 22 sites by
March 2010. Eleven of these units are currently under
construction. The board`s objective is to ensure that
there is no further non-annuity income in Acucap`s
distributions after the March 2010 year end, by which
time it is anticipated that the new REIT framework will
be in place.
5. BORROWINGS
Excluding the loan relating to the BEE transaction, the
group achieved an average borrowing cost of 11.15%
(2007: 10.2%) for the year. At 31 March 2008, 60.4%
(2007: 92.4%) of borrowings were subject to fixed
interest rates, with a weighted average fixed interest
rate expiry of approximately 3.2 years (2007: 3.6
years). The group`s borrowing capacity amounts to R3.44
billion (2007: R1.53 billion), being 55% of the
valuation of properties and listed property investments.
As at 31 March 2008, group facilities amount to R2.65
billion (2007: R1.05 billion), and facilities utilised
at year end amounted to R1 665 million (2007: R601
million). Acucap`s gearing ratio, including the full
effects of the Sycom transaction is 39% (2007: 22%)
excluding BEE effects.
6. VACANCIES
Vacancies amount to 1.9% of the portfolio by gross
rental income, and 1.7 % by GLA. None of this vacancy is
`hard core` in nature, and given Acucap`s generally high
level of development activity with the portfolio,
reported vacancies have typically resulted from
redevelopment or refurbishment activities on specific
properties. No material change in the vacancy rate is
expected in the forthcoming financial year, particularly
in view of the significant national tenant
representation in the portfolio.
7. LEASE EXPIRY PROFILE
The lease expiry profile reflected below shows an
average expiry of 31/2 years, with more than 48% of all
leases expiring in the March 2012 year and beyond.
Lease expiry profile by tenant groups and rental income
to Mar- Mar- Mar- Mar-12 to Mar-13
9 10 11 and
thereafter
Large 6.88% 8.42% 5.73% 10.94% 23.88%
national
Other 3.48% 2.01% 1.50% 1.74% 3.65%
national
Other 9.89% 6.21% 7.05% 3.70% 4.90%
COST TO INCOME
Cost to income
ratios
Gross Net
2008 32.1% 14.2%
2007 27.4% 12.6%
2006 27.2% 12.0%
2005 28.4% 12.7%
There has been a slight deterioration in the cost to
income ratio from 12.6% to 14.2%. Most of the extra
expense emanates from the direct operating costs and
administration fees in respect of the 38 non-core Atlas
properties that have been sold to the Blend Property
Group. Acucap has had to continue the management and
administration of these assets pending transfer, but
with 45% of these buildings either transferred or in the
final process of transfer, the cost to income ratio is
expected to return to a level below 13% for the 2009
financial year.
9. PROPERTY PORTFOLIO
Acucap`s investment property portfolio was revalued by
its independent valuers at 31 March 2008, using either
the capitalization of net income method, or the
discounted cash flow method, or a combination of these
where appropriate. The investment portfolio increased in
value from R2.8 billion at the end of March 2007 to R5
billion at the end of the current year. Net Asset Value
increased from R24.53 in March last year to R26.49 at
the current year end.
Schedule of Independe Cap. rate Valuation GLA Average Average
investment nt at per 31/03/200 rental/m2 escalatio
properties valuation 31/03/200 square 8 at n rate at
31/03/200 8 meter at 31/03/200 31/03/200
8 31/03/200 8 8
8 (includin
g
parking)
R`000 R m2 R
Retail 3 477 112 11 354 306 255 81.50 8.1%
Festival 996 700 7.75% 12 513 79 656 81.89 8.1%
Mall,
Kempton
Park
Keywest, 655 300 7.75% 12 449 52 637 76.53 7.8%
Krugersdorp
Gardens 335 000 8.30% 23 283 14 388 146.73 8.3%
Centre,
Cape Town
50% of 250 000 8.50% 13 456 18 579 105.63 8.6%
Bayside
Centre,
Table View
The Village 161 500 9.00% 8 686 18 594 70.87 8.0%
Square,
Randfontein
Howard 159 200 9.40% 10 564 15 070 90.17 8.4%
Centre,
Pinelands
East Rand 158 100 8.50% 11 714 13 497 87.82 8.0%
Value Mall,
Boksburg
59% 154 150 9.00% 12 969 11 886 110.48 7.6%
Hillcrest
Corner,
Durban
Westville 129 300 8.50% 10 135 12 758 74.14 8.1%
Mall,
Durban
27.5% of 102 812 8.25% 8 479 12 126 64.22 8.3%
The Bridge,
Port
Elizabeth
Sunward 88 500 9.25% 7 356 12 031 60.84 8.4%
Centre,
Boksburg
Roodepoort 86 600 8.75% 4 169 20 771 43.57 7.0%
Hyperama
N1 55 000 9.50% 7 650 7 190 64.17 8.7%
Motorcity,
Goodwood
Watermeyer 52 350 9.50% 8 800 5 949 76.18 7.9%
Park,
Pretoria
Rondebosch 48 000 9.00% 7 973 6 020 72.67 8.5%
Village,
Cape Town
Warwick 36 300 9.33% 7 881 4 606 75.67 7.8%
Centre,
Claremont
Boulevard 8 300 8.25% 16 700 497 110.52 8.7%
Piazzas,
Illovo
Offices 1 490 700 12 312 121 076 94.34 9.0%
Golf Park, 165 700 10.75% 10 193 16 257 92.24 9.1%
Mowbray
Microsoft, 134 400 8.00% 14 222 9 450 94.99 8.0%
Bryanston
Aon House, 116 000 9.50% 18 942 6 124 147.56 11.0%
Illovo
82 Grayston 114 750 8.00% 18 174 6 314 118.78 8.4%
Drive,
Sandown
Tiger 96 350 8.00% 14 226 6 773 90.73 7.0%
Brands,
Bryanston
Bogare, 81 300 8.75% 12 903 6 301 89.35 8.0%
Menlyn,
Pretoria
4 Fricker 70 900 8.25% 15 002 4 726 97.87 7.5%
Road,
Illovo
Nautica, 70 000 9.00% 13 500 5 185 129.48 9.0%
Granger
Bay, Cape
Town
The 69 000 9.75% 13 970 4 939 93.65 10.9%
Village,
Faerie
Glen,
Pretoria
Kagiso 64 600 8.25% 16 964 3 808 113.57 10.0%
House,
Illovo
SA Weather 62 900 9.00% 14 731 4 270 97.72 10.0%
Services,
Pretoria
Colliers, 54 500 9.25% 12 878 4 232 100.05 9.0%
Illovo
Pharos 48 500 8.50% 8 355 5 805 70.73 9.4%
House,
Westville
Mall,
Durban
Goldfields 44 300 10.25% 6 216 7 127 60.34 cpi
Building,
Parktown
Neotel, 43 100 9.25% 9 331 4 619 72.31 9.1%
Woodmead
135 West 40 600 8.25% 9 807 4 140 61.62 9.1%
Street,
Sandton
Mutual 39 400 9.95% 8 769 4 493 73.12 8.0%
Terraces,
Pinelands
Bremerton 36 500 13.00% 10 019 3 643 113.83 10.6%
Office
Park, Port
Elizabeth
Albion 34 500 9.20% 10 265 3 361 89.04 9.1%
Springs,
Rondebosch
Selborne 32 400 9.50% 9 546 3 394 91.52 8.7%
Fourways
Golf Park,
Gauteng
Multichoice 27 200 10.65% 9 067 3 000 77.37 8.4%
, N1 City,
Cape Town
Chaplain 24 300 8.25% 15 046 1 615 101.25 9.3%
Corner,
Illovo
Wellness 19 500 8.25% 13 000 1 500 87.99 8.1%
Centre,
Bryanston
Industrial 57 184 4 766 11 998 37.94 7.0%
Kargo, 47 400 8.75% 4 550 10 417 36.00 7.0%
Denver
N1 Business 9 784 8.50% 6 188 1 581 50.74 7.0%
Park,
Midrand
Investment 5 024 996 11 438 439 329 83.83 8.4%
properties
Office and industrial rentals are considered to be in
line with current market rentals for comparable
properties, but retail rentals are considered to be
lagging the market, with strong upward reversion
potential as leases are re-negotiated on expiry.
Contractual escalation rates are generally considered to
be in line with current market escalation rates for
comparable properties, and therefore should not
materially affect the existing relationship between
Acucap`s actual through rentals and market rentals going
forward.
The average valuation per square metre is significantly
below replacement cost across all sectors, and this
strengthens the expectation that Acucap`s portfolio has
the potential for meaningful upward rental reversions as
the cost of new developments drives up competing
rentals. Planning bureaucracy and electricity supply
constraints are also contributing to firmer rentals by
restricting the supply of new space.
10. PROSPECTS
Acucap has focused on building a defensive portfolio
which is positioned to weather adverse economic
conditions. Although the general economic outlook has
certainly deteriorated, the board remains comfortable
that Acucap will again be able to deliver growth in
excess of 10% for the March 2009 financial year.
11. PAYMENT OF DEBENTURE INTEREST
Notice is hereby given that a final interest payment of
112.24 (one hundred and twelve comma two four) cents per
linked unit has been approved in respect of the six
month period ended 31 March 2008. The last date to trade
the linked units cum interest is Friday, 20 June 2008
and the record date will be Friday, 27 June 2008. The
linked units will start trading ex-interest from 23 June
2008. Interest payments will be made to unit holders on
Monday, 30 June 2008.
Linked unit certificates may not be dematerialised or
rematerialised between Monday 23 June and Friday 27 June
2008 both days inclusive.
On behalf of the Board
BS KANTOR PA
THEODOSIOU
(Chairman) (Managing
Director)
5 June 2008
Registered Office
Suite A11 Westlake Square
Westlake Drive
Westlake
CAPE TOWN
Transfer secretaries:
Computershare Investor Services 2004 (Proprietary)
Limited
70 Marshall Street
JOHANNESBURG
http://www.acucap.co.za
info@acucap.co.za
Share Code: ACP
ISIN : ZAE 000037651
Directors: Prof BS Kantor (Chairman), PA Theodosiou*
(Managing Director), FM Berkeley, RC Frolich, MJ
Lindeque, M S Moloko, JH Rens*, FL Sekha, B Stevens, NDC
Whale
* Executive
Company secretary: CB Marlow
Sponsor
Java Capital (Proprietary) Limited
Date: 05/06/2008 12:17:01 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
