| Mon 23 Feb 2009, 7:05 | | SAC - SA Corporate Real Estate Fund - Reviewed Final Results And Distribution |
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SAC
SAC
SAC - SA Corporate Real Estate Fund - Reviewed Final Results And Distribution
Declaration For The Year Ended 31 December 2008
SA Corporate Real Estate Fund
(Incorporated in the Republic of South Africa)
Share Code: SAC & ISIN Code: ZAE000083614
A Collective Investment Scheme in property registered in terms of the Collective
Investment Schemes Control Act, No. 45 of 2002 and managed by SA Corporate Real
Estate Fund Managers Limited ("SA Corporate Fund Managers")
(Registration number 1994/009895/06)
("SA Corporate" or "the Fund")
REVIEWED FINAL RESULTS AND DISTRIBUTION DECLARATION FOR THE YEAR ENDED 31
DECEMBER 2008
Distribution
- 29,75 cents per unit - 14,5 cents interim & 15,25 cents final
- historic yield 11,4% on 260 cents per unit
Strong occupancy levels
- 3,5% of lettable space vacant
- tenant retention ratio of 87%
Low debt risk
- low gearing of 17%
- earliest maturity in December 2012
Portfolio valuation
- properties independently valued at R8,8 billion
- unit price at 30% discount to net tangible asset value of 369 cents
per unit
INTRODUCTION
SA Corporate Real Estate Fund (SA Corporate) is a JSE listed REIT which owns a
portfolio of retail, industrial and office buildings located primarily in the
major metropolitan areas of South Africa.
At the start of 2008 the signs of a weakening economy and expectations of
tougher trading conditions, especially in the retail sector, were noted. Recent
global financial events have further impacted domestic economic growth. As
expected, these conditions are influencing retail spend, tenants` profitability,
the demand for space, the cost of funding and the pricing of investment
property.
In October last year the Fund announced its intention to dispose of certain
properties with the objectives of reducing the number of properties within the
portfolio and improving the overall quality of the Fund`s property portfolio and
earnings. Progress in terms of the disposal strategy has been satisfactory and
is dealt with later in this results announcement.
FINANCIAL RESULTS AND PORTFOLIO PERFORMANCE
Distributable earnings for the twelve months amounted to R627m (2007: R619m,
which included R44m one off income). This equates to a distribution of 29,75
cents per unit for the 12 months under review. The distribution for the previous
year was 32,0 cents and included a once off amount of 2,4 cents relating to the
SA Retail Properties Limited acquisition.
Due to worse than anticipated market conditions, the distribution for 2008 is
2.7% behind the circular forecast of 30,57 cents per unit.
The net loss attributable to unitholders results from the write off of the R1b
goodwill and a R229m downward revaluation of properties, which do not affect
distributions.
The industrial property portfolio has performed well, as have the Fund`s office
properties, with the retail portfolio coming under pressure.
The Fund`s retail portfolio comprises 56% of the total portfolio value and is
dominated by smaller retail centres which make up more than two thirds of the
retail portfolio by value. Challenging retail conditions have influenced the
demand for space, causing a slower take up of vacancies and curtailing market
rental growth. While the rental levels achieved on renewals were up by 7,0% on
average on closing rentals, the Fund`s retail vacancies have increased to 6,1%
of lettable space (2007: 4,0%). Turnover rental for the year under review
amounts to R13,2m, 1,7% of total rental, down 9% on the previous year`s R14,5m.
The industrial portfolio, which makes up 35% of total portfolio value, comprises
warehousing and distribution facilities. This portfolio has performed well in a
firm industrial market underpinned by low vacancy levels and solid demand for
quality, well located, modern facilities. The portfolio has continued to enjoy
excellent occupancy levels throughout the year under review. The vacancy factor
at year end was less than 1% of lettable space, which is indicative of both
market conditions and the quality of the Fund`s industrial portfolio. Average
rentals of leases renewed during the year were 21,5% higher than the closing
rentals.
The Fund`s office portfolio comprises 9% of the total property portfolio and
hence the impact of this sector on the Fund`s overall performance is limited.
The rentals in leases renewed in this sector grew by an average of 10,7% with
the vacancy factor remaining at approximately 10% of lettable space. These
vacancies are predominantly offices attached to retail centres with the stand
alone prime office buildings within the portfolio being effectively fully let.
The positive rental growth from escalations and lease reversions has been
diluted by the increase in vacancies, the effect of bad debts and an increase in
the impairment of trade receivables.
The overall vacancy factor at year end was 3,5% of lettable space, up from 2,7%
at the beginning of the year. The vacancy amounts to 5,6% of total rental income
(2007: 3,9%) and, as detailed above, this increase is mainly in the retail
portfolio. The total annualised lost rental income attributable to these
vacancies amounts to R45m (2007: R30m) and is a key area of management focus.
During the year under review, bad debts of R1,2m were written off and the
impairment of debtors increased from R7,6m to R16,1m.
This equates to 36% of arrear rentals, whereas in 2007 the impairment equated to
16% of arrear rentals.
During 2008 the Fund completed a number of developments and took transfer of
property in terms of agreements concluded during the course of 2007, the details
of which are set out in this announcement. The cost of funding is higher than
originally anticipated at the time of approving the developments. Accordingly,
this transactional activity is dilutive relative to the property returns from
these investments. In order to manage this impact the interest rates of the debt
funding were stepped.
The breakdown of distributable earnings is set out below:
Year ended Year ended
31/12/2008 31/12/2007*
DISTRIBUTABLE EARNINGS (R000) Reviewed Audited
Rent (excluding straight line adjustment) 798,164 579,946
Net property expenses (63,920) (54,709)
Property expenses (284,498) (190,948)
Recovery of property expenses 220,578 136,239
Net property income 734,244 525,237
Interest income from associate company (Oryx) 12,511 6,310
Net funding cost (75,385) (64,895)
Interest received 39,821 12,725
Interest paid (115,206) (77,620)
Fund expenses (44,516) (38,880)
Distribution contributions 162 191,606
Pre-acquisition dividend received (SA Retail
pre acquisition earnings) - 124,476
Prepaid distribution received in advance on
unit issues 162 67,130
Distributable earnings 627,016 619,378
Units in issue (millions) 2,104 2,089
Distribution (cents per unit) 29,75 32,00
- Interim 14,50 14,60
- Interim SA Retail once off contribution N/A 2,40
- Final 15,25 15,00
* Restated for the reclassification of bad debts from rental to property
expenses
REVALUATION
The value of the Fund`s property portfolio at 31 December was R8,8b (2007:
R8,5b). The portfolio, excluding properties under development, was independently
valued by CBRE on a discounted cash flow basis.
The standing portfolio, representing properties held for the full 12 months in
both 2007 and 2008, saw a decrease in value of 1% since 1 January 2008, with the
industrial portfolio showing capital growth of 2%, the office portfolio an
increase of 5% and the retail portfolio a decline of 3%.
The valuations reflect an increase in capitalisation rates and higher risk
premiums in discount rates.
The forward yields and internal rates of return (IRR`s) of the three property
types in the Fund`s standing portfolio at 31 December 2008, calculated on a
weighted basis, are as follows:
Property type Initial (forward) yield (%) IRR (%)
Retail 9.0 14.7
Industrial 9.3 15.6
Offices 9.7 15.0
Portfolio total 9.2 15.0
The portfolio valuation gives rise to a NTAV (net tangible asset value, which
excludes goodwill and part of the deferred taxation liability) of 369 cents per
unit, inclusive of the distribution to be paid (2007: 377 cents per unit). At
the closing price of 260 cents per unit on 31 December 2008, the units were
trading at a substantial 30% discount to NTAV.
PORTFOLIO INVESTMENT ACTIVITY
The portfolio comprises 190 properties. The sectoral and geographic weightings
by value are set out below:
Sectoral Spread
Offices and Other 9%
R0,85b
32 props
86 803m2
Industrial
35%
R3,06b
105 props
729 661m2
Retail
56%
R4,92b
53 props
606 538m2
Geographic Split
Western Cape
9%
R0,77b
19 props
129 969m2
Other
6%
R0,53b
12 props
68 160m2
KwaZulu Natal
44%
R3,87b
84 props
596 998m2
Gauteng
41%
R3,66b
75 props
627 875m2
In view of the high cost of funding during 2008, acquisition and development
activity has been limited to transactions concluded during the latter part of
2007 or where the capital expenditure was essential to satisfy the requirements
of existing tenancies.
The table below sets out the acquisition and development activity during the
year under review. These investments, although dilutionary at current funding
rates, are quality properties and will enhance the overall portfolio.
Cost of Acquisition/ Yield Sector Region
acquisition/ completion forecast 1st
development (Rm) date 12 months (%)
Nzhelele Shopping 41,7 05/2008 9,4 * Retail Other
Centre, Mikhado
Paarden Eiland, 82,3 12/2008 8,7 # Industrial Western
Cape Town Cape
Philani Shopping 127,3 07/2008 7,0 $ Retail KZN
Centre, Umlazi
37 Yaldwyn Road, 57,0 09/2008 9,25* Industrial Gauteng
Jet Park
Beryl Street, Jet 184,0 12/2008 9,5 * Industrial Gauteng
Park
Unipark, 56,6 03/2009 11,2 Offices Free
Bloemfontein State
1 Holwood, La Lucia 120,1 04/2008 10,9 Offices KZN
3 Wankel Street 8,8 10/2008 10,0 Industrial Gauteng
* Guaranteed yield
# Assuming fully let at a reduced gross rental of R42/m2
$ Assuming 5% vacancy and market rentals
Renbro Shopping Centre, in Hammanskraal near Pretoria, is expected to transfer
to the Fund in March 2009. This R108,6m turnkey development has a 9% guaranteed
yield.
With the exception of Philani and Paarden Eiland, which are dealt with below,
the above investments are performing in line with original viabilities.
Philani Shopping Centre, which opened in July 2008 in Umlazi, Durban, is
currently experiencing difficult trading conditions. Management is proactively
seeking suitable tenancy for the vacant 1 941m2 (15% of the lettable area). The
Fund`s other investments in previously under resourced areas have performed at
or ahead of expectations and management remains confident of the medium to long
term success of this centre.
In December 2008 SA Corporate completed the construction of a 15 900m2 high tech
industrial development in Paarden Eiland, Cape Town. There is currently
favourable tenant interest being shown in a number of the individual units and
management is positive about the leasing of this investment in the short to
medium term.
As mentioned earlier, the Fund has embarked on a disposal strategy to improve
the quality of the portfolio and earnings. As part of this strategy the smaller
properties within the portfolio will be realised with the objective of
maintaining a portfolio of not more than 150 properties in order to improve
management focus. Another objective is to reduce the weighting to smaller retail
centres and a number of these properties together with other non core assets
have been identified for sale. Several sale agreements have already been
concluded, some of which are now unconditional with others pending the
fulfillment of suspensive conditions. The unconditional transactions are set out
in the following table:
Disposals and unconditional sales
Disposal/ Proceeds/ December Exit yield
contract contracted 2008 on sale
date sale price valuations price (%)
(Rm) (Rm)
Disposals 59,8
2 Nereide Street 24/06/2008 18,0 N/A 16,1
Cnr Anvil & Industry
Roads, Isando 28/11/2008 31,0 N/A 8,0
238 Church Street 27/11/2008 10,8 N/A 8,0
Contracted sales 177,1 171,3
20 Commercial Street# 30/01/2009 23,0 19,5 vacant
possession
15 Tedstone Road, Wadeville 15/12/2008 22,0 21,8 8,0
Widah Bird Investments 18/12/2008 1,5 1,5 15,0
Forktailed Drongo
Investments 18/12/2008 3,5 3,5 17,0
16 Nourse Avenue# 06/01/2009 7,8 7,6 10,2
Queensborough Mall 08/12/2008 89,0 87,4 8,6
22 Chancery Lane# 22/01/2009 25,9 25,9 8,5
Cnr Chancery Lane &
Crompton Street# 22/01/2009 4,4 4,1 8,5
# Deals contracted subsequent to the 31 December 2008 year end
There are a further eight properties to the value of R270m which are contracted
but subject to suspensive conditions. In terms of SA Corporate`s ongoing
disposal strategy, a further R1,5b of property has been identified for sale and
the marketing thereof is underway.
The proceeds from this disposal activity will in the first instance be utilised
to fund existing capital commitments and planned retail refurbishments and
extensions. Surplus proceeds from property disposals will be directed towards
the buy back of the Fund`s units, subject to the investment parameters at the
time. The alternatives of repaying debt and holding cash for property investment
will continue to be monitored.
LEASE EXPIRIES AND VACANCIES
The vacant retail space in the Fund`s portfolio is largely attributable to
smaller line shops but also includes vacant space in Northpark Mall which is
under refurbishment and the cinema space in St Georges Mall which is being
converted to big box retail. Vacancies as at 31 December 2008 are set out in the
table below:
Property type % of area % of total rental
Retail 6.1 4.9
Industrial 0.5 0.2
Office 9.8 0.6
Portfolio total 3.5 5.6
The lease expiry profile of the respective components of the property portfolio
by area is as follows:
Property Total Vacant 2009(%) 2010(%) 2011(%) 2012(%) Thereafter
type area or
(m2) expired (%)
(%)
Retail 606 538 12 19 12 15 12 30
Industrial 729 661 5 14 29 15 20 17
Offices 86 803 2 11 30 21 13 23
Portfolio total 1 423 002 7 16 22 15 16 24
By area, 3,4% of the portfolio is subject to leases which have expired. The
terms of approximately two thirds of these leases have been agreed and are
subject to the furnishing of final documentation.
The 2009 retail lease expiries of 19% represent 114 000m2 of retail space.
Approximately 25% of this space is in respect of units greater than 500m2 where
there is a high probability of renewal and a reasonable prospect of upliftment
on closing rentals. The balance, being smaller shops, carries greater risk both
in terms of renewal and achievement of asking rentals.
The industrial expiries represent 98 000m2 and 213 000m2 of space in 2009 and
2010 respectively. Renewal terms in respect of a property comprising 35 000m2
have already been concluded with a resultant 25% increase on closing rentals.
Based on current market rental levels there is good probability of positive
reversion on renewals given a current R31/m2 average gross rental in industrial
leases expiring during 2009 and 2010.
BORROWINGS
Debt levels have remained low at 17% of the total investment portfolio value at
31 December 2008. There are no liabilities maturing which would require
refinancing in the short term, with the first maturity being R500m in December
2012. Interest rates on all loans have been fixed. The debt profile is detailed
below:
Type Maturity Step Fix Quantum Current
date escalation expiry (Rm) Rate
%pa (%)
Fixed - straight 31/10/2015 N/A 13/09/2013 100 10.57
Fixed - straight 31/12/2012 N/A 31/12/2012 500 10.82
Fixed - stepped 18/09/2014 6 30/04/2013 300 10.57
Fixed - stepped 18/09/2014 6 05/06/2013 400 10.98
Fixed - stepped 13/08/2013 6 13/08/2013 270 10.88
Total 1,570 10.81
In addition, a R200m variable rate overdraft facility has been secured.
UNITS ISSUED AND LIQUIDITY
During the first quarter 21 590 385 units were issued to fund the last two
property transfers from the Buffcol portfolio acquisition concluded in the
previous year. During October 2008, 6 457 279 units were bought back and
cancelled in terms of a unit buy back program.
SA Corporate continues to have good levels of tradeability with R1,6b or 27% of
the market capitalisation traded during the year under review.
EMPOWERMENT AND TRANSFORMATION
SA Corporate has made positive progress in terms of various BBBEE transformation
initiatives during the year under review, in particular in the category of
preferential procurement. Unfortunately, as a consequence of the lower unit
price and a resultant breach of funding covenants, the ownership of the Wipken
Trust transferred from the BBBEE parties to the funders of the Trust. Mr Musa
Ngcobo and Ms Louisa Mojela have remained on the Board as independent directors.
PROSPECTS
Property investment and rental markets are likely to be challenging during the
course of 2009 and the extent to which the breadth and depth of the global
economic crisis will take hold domestically, is yet unknown. Further aggressive
cutting of local interest rates will be important in terms of both stemming
business failures and improving consumer confidence - two key factors for
commercial property.
A strategy to improve the quality of SA Corporate`s property portfolio and
earnings is in place and is being actively pursued. Core property earnings will
be strongly influenced by leasing activity and the extent to which tenant
failure occurs. Based upon current indications, modest growth in distributions
is expected.
Property as an asset class, with its relatively predictable, high income return
offers investors tangible benefits, especially in uncertain times.
REVIEW BY INDEPENDENT AUDITORS
SA Corporate`s auditors, Deloitte & Touche, have reviewed the financial results
for the year ended 31 December 2008. Their unmodified report is available for
inspection from the Fund`s secretary.
CONDENSED CONSOLIDATED BALANCE SHEET (R000)
31/12/2008 31/12/2007
(Reviewed) (Audited)
Assets
Non-current assets
Investment property 6,797,155 8,241,267
As per valuation 6,932,003 8,401,198
Straight line rental adjustment (134,848) (159,931)
Property under development 38,570 50,067
Investment in associate 173,150 168,954
Goodwill - 1,009,094
Rental receivable - straight line adjustment 112,123 121,853
Current assets 2,502,697 244,573
Properties classified as held for disposal 1,861,110 18,000
Trade and other receivables 175,882 123,615
Rental receivable - straight line adjustment 22,726 38,078
Cash resources and short term investments 442,979 64,880
Total assets 9,623,695 9,835,808
Unitholders` funds and liabilities
Unitholders` funds 7,260,893 8,433,253
Non-current liabilities
Interest bearing borrowings 1,571,283 667,960
- At nominal value 1,570,000 667,960
- Effective interest rate adjustment 1,283 -
Interest rate swap derivative 93,652 -
Deferred taxation 238,201 314,545
Current liabilities 459,666 420,050
Trade and other payables 123,026 90,945
Capital gains taxation and secondary
taxation on companies 14,529 15,033
Unclaimed distributions 1,179 767
Distributions payable 320,932 313,305
Total unitholders` funds and liabilities 9,623,695 9,835,808
CONDENSED CONSOLIDATED INCOME STATEMENT (R000)
Year ended Year ended
31/12/2008 31/12/2007
(Reviewed) (Audited)
Revenue 1,024,261 738,485
Income 1,080,789 757,520
Rent 798,164 579,946
Straight line rental adjustment 5,519 22,300
Recovery of property expenses 220,578 136,239
Income from associate company
- Interest Income 12,511 6,310
- Share of post acquisition reserves 4,196 -
Interest 39,821 12,725
Expenses (445,503) (307,448)
Accounting and secretarial fees (9,227) (7,934)
Audit fees (1,116) (1,109)
Administrative fees (4,675) (2,958)
Interest paid (115,206) (77,620)
Effective interest rate adjustment (1,283) -
Property expenses (284,498) (190,948)
Service fees (29,498) (26,879)
Deferred taxation of straight line rental
adjustment (668) (17,006)
Headline earnings 634,618 433,066
Capital profit/(loss) on disposal of
investment property 3,589 (5,388)
Revaluation of investment properties (229,401) 721,624
Revaluations (223,882) 743,924
Straight line rental adjustment (5,519) (22,300)
Goodwill impairment (1,009,094) -
Taxation 77,517 (60,659)
Secondary tax on companies (1,137) -
On capital transactions and revaluations 77,986 (77,665)
Straight line rental adjustment 668 17,006
Net (loss)/profit attributable to unitholders (522,771) 1,088,643
Units in issue (000) 2,104,469 2,089,336
Weighted units in issue (000) 2,108,051 1,457,525
Cents Cents
Distribution per unit 29.75 32.00
Net (loss)/profit per unit (24.84) 52.10
Weighted net (loss)/profit per unit (24.80) 74.69
Headline earnings per unit 30.16 20.73
Weighted headline earnings per unit 30.10 29.71
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN UNITHOLDERS` FUNDS (R000)
Unitholders` funds at beginning of year 8,433,253 2,375,610
Capital movements
Revaluation of investment properties (229,401) 721,624
Goodwill impairment (1,009,094) -
Capital profit/(loss) on disposal of
investment properties/investments 3,589 (5,388)
Taxation on property revaluation, disposals
and dividends 77,517 (60,659)
Straight line rental adjustment net of
taxation 4,851 5,294
Share of associate company`s post acquisition
reserves 4,196 -
Effective interest rate adjustment (1,283) -
Transfers to revenue below (1,149,625) 660,871
Revaluation of interest rate swap derivative (93,652) -
21 590 385 units issued at prices ranging
between 409,26cpu and 414,06cpu 85,444
(2007: 1 364 151 734 units issued at prices
ranging between 304,50 cpu and 427,80 cpu) 5,593,725
Unit issue costs (63) (5,347)
6 457 279 units bought back at prices ranging
between 195,37 cpu and 240,94 cpu (14,246) -
Unit buy back costs (56) -
Transfer to revenue of pre-acquisition
distribution received - (124,476)
Transfer to revenue of distribution prepaid
received in advance (162) (67,130)
(1,172,360) 6,057,643
Revenue movements
Net (loss)/profit for the year (522,771) 1,088,643
Transfers to capital 1,149,625 (660,871)
Pre-acquisition dividend received - 124,476
Transfer to revenue of distribution prepaid
received in advance 162 67,130
Available for distribution 627,016 619,378
Distribution attributable to unitholders (627,016) (619,378)
Unitholders` funds at end of year 7,260,893 8,433,253
CONDENSED CONSOLIDATED CASH FLOW STATEMENT (R000)
Net cash flows from operating activities (8,114) 17,264
Net cash flows from investing activities (501,687) (2,173,642)
Net cash flows from financing activities 887,900 2,199,162
Net increase in cash resources 378,099 42,784
Cash resources at beginning of year 64,880 22,096
Cash resources at end of year 442,979 64,880
OTHER INFORMATION (R000)
Capital commitments 251,752 732,365
Capitalised interest 17,293 16,384
NOTES TO THE FINANCIAL STATEMENTS
These condensed financial statements have been prepared in accordance with IAS
34 and the JSE requirements. The policies and methods of computation applied are
consistent with those used in the prior period. All new and effective accounting
standards and guidelines have been adopted and have not had an impact on these
results.
1 Headline earnings and distribution attributable to unitholders
31/12/2008 31/12/2007
(Reviewed) (Audited)
R 000 CPU R 000 CPU
Net (loss)/profit (522,771) (24.84) 1,088,643 52.10
Adjustments for:
Capital (profit)/loss on disposal
of investment properties (3,589) 5,388
Revaluation of investment
properties 229,401 (721,624)
Goodwill 1,009,094 -
Taxation thereon (77,517) 60,659
Headline earnings 634,618 30.16 433,066 20.73
Straight line rental adjustment (5,519) (22,300)
Taxation thereon 668 17,006
Share of associate company`s
after tax profit (4,196) -
Pre-acquisition distribution
received - 124,476
Effective interest rate adjustment 1,283 -
Distribution prepaid received in
advance 162 67,130
Distributable income 627,016 619,378
Distribution attributable to
unitholders 627,016 29.75 619,378 32.00
Interim 306,084 14.50 262,863 14.60
Interim SA Retail once off
contribution - - 43,210 2.40
Final 320,932 15.25 313,305 15.00
Weighted headline earnings per unit 30.10 29.71
2 Primary operational segments (R000)
Business segment Industrial Office Retail Group
Extract from income statement
Rental Income 258,158 77,283 462,723 798,164
Straight line rental adjustment 7,242 7,446 (9,169) 5,519
265,400 84,729 453,554 803,683
Net property expenditure (17,450) (10,053) (36,417) (63,920)
Segment result 247,950 74,676 417,137 739,763
Interest income from associate 12,511
Net interest paid (75,385)
Effective interest rate adjustment (1,283)
Group expenses (44,516)
Share of associate company`s
after tax profit 4,196
Deferred taxation on straight line
rental adjustment (668)
Headline earnings 634,618
Revaluation of investment
properties net of taxation 71,986 (9,685) (209,838) (147,537)
Other information
Properties 2,997,852 834,108 4,834,273 8,666,233
At valuation 2,704,302 595,601 3,632,100 6,932,003
Classified as held for disposal 353,818 218,928 1,288,364 1,861,110
Property under development - 38,570 - 38 570
Straight line rental adjustment (60,268) (18,991) (86,191) (165,450)
DISTRIBUTION DECLARATION AND IMPORTANT DATES
Notice is hereby given of the declaration of distribution no. 28 in respect of
the income distribution period 1 July 2008 to 31 December 2008. The distribution
amounts to 15.25 cents per unit.
Last date to trade cum distribution Friday, 20 March 2009
Units will trade ex-distribution Monday, 23 March 2009
Record date to participate in the distribution Friday, 27 March 2009
Payment of distribution Monday, 30 March 2009
Unit certificates may not be dematerialised or re-materialised between Monday,
23 March and Friday, 27 March 2009 both days inclusive.
OLD MUTUAL INVESTMENT GROUP PROPERTY INVESTMENTS (PTY) LTD
SECRETARIES
20 February 2009
SA Corporate Real Estate Fund Managers Limited
Registered office Transfer secretaries
Marriott at Kingsmead Computershare Investor Services
Kingsmead Office Park 2004 (Pty) Ltd
Durban Ground Floor, 70 Marshall Street
4001 Johannesburg 2001
PO Box 207 PO Box 61051
Durban 4000 Marshalltown 2107
Tel: (031) 366 - 1111
Auditors Sponsor
Deloitte & Touche Nedbank Capital
2 Pencarrow Crescent A division of Nedbank Limited
Pencarrow Park 135 Rivonia Road
La Lucia Ridge Office Estate Sandton
La Lucia 4051 2196
Directors: BM Kodisang (Chairman), CJ Ewin*, KJ Forbes, IM Groves, IN Mkhari,
LM Mojela, MM Ngcobo, RR Perkin*, ES Seedat, APW Sparks*, WJ Swain, LC Tapping*,
WC van der Vent *Executive
Alternates: A Beattie, N Corbishley, GP Dingaan, P Zagaretos
Date: 23/02/2009 07:05:03 Produced by the JSE SENS Department.
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