| Fri 20 Aug 2010, 9:18 | | SAC - SA Corporate Real Estate Fund - Unaudited interim results and distribution |
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SAC
SAC
SAC - SA Corporate Real Estate Fund - Unaudited interim results and distribution
declaration 30 JUNE 2010
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")
UNAUDITED INTERIM RESULTS AND DISTRIBUTION DECLARATION 30 JUNE 2010
Interim distribution
- 7.6% higher than December 2009
- 1.5% lower than June 2009
Low debt risk
- Low gearing of 22%
- 79% of debt is fixed
Portfolio activity
- Standing portfolio value up 0.75% since December 2009
- Acquisition of R208.5m industrial property
- Disposal of 15 properties for R262m
Property performance
- Vacancies decreased to 6.7%
- Arrears stabilising
INTRODUCTION
SA Corporate Real Estate Fund is a JSE listed Property Unit Trust which owns a
portfolio of retail, industrial and office properties primarily located in the
major metropolitan areas of South Africa.
FINANCIAL RESULTS AND PORTFOLIO PERFORMANCE
Distributions for the six months (14.24 cpu) increased by 7.6% compared with the
previous six months to December 2009 (13.24 cpu), but were 1.5% lower than the
comparable period to June 2009 (14.45 cpu).
The period under review was characterised by a decline in vacancies from 8.0% of
GLA at 31 December 2009 to 6.7% at 30 June 2010, primarily due to a decrease in
industrial vacancies (3.4%). The sale of a large vacant industrial property
after June lowered industrial vacancies to 1.3%. Retail vacancies remained
stable (8.3%), while office vacancies increased by 6% to 19.4%.
Arrears stabilised during the period under review (R79m), and the provision for
bad debts increased by R1.1m to R49m (December 2009: R48m).
Rental income growth (excluding recoveries) of 4% (after property disposals)
reflects tough market conditions resulting in pressure on market rentals.
Property expenses increased by 17.9% compared with June 2009. Electricity costs
increased by 27.7%, but were fully recovered. Driven by higher municipal
property valuations combined with an increase in the municipal charge, rates and
taxes increased by 30.5%, but were not fully recovered as a result of vacancies
and reversion to gross market rentals.
The marginally lower (1.2%) interest paid was achieved due to the removal of the
stepped rate debt structure and favourable market interest rates despite a R230m
increase in interest bearing borrowings between June 2009 and June 2010.
The Fund achieved top quartile performance relative to the Listed Property
Sector in the six months to June 2010. The increase in the unit price together
with greater borrowings contributed towards the 32.2% increase in Fund expenses.
Once-off fees of R2.7m relating to the termination of the stepped rate debt
structure and restructuring fee on the R200m additional borrowings added to Fund
expenses.
The unit price of 290 cpu at 30 June 2010 reflected an 11% discount to net asset
value of 327 cpu, an improvement over the 20% discount as at 31 December 2009.
The breakdown of distributable earnings is set out below:
6 months to 6 months to 12 months to
30.06.2010 30.06.2009 31.12.2009
DISTRIBUTABLE EARNINGS (R000) Unaudited Unaudited Audited
Rent (excluding straight lining
adjustment) 426,537 410,107 845,927
Net property expenses (54,360) (43,676) (113,416)
Property expenses (187,926) (159,449) (351,336)
Recovery of property expenses 133,566 115,773 237,920
Net property income 372,177 366,431 732,511
Interest income from associate
company (Oryx) 7,500 6,930 14,412
Net funding cost (56,581) (55,823) (128,696)
Interest received 23,329 25,028 39,140
Interest paid (79,910) (80,851) (167,836)
Fund expenses (26,665) (20,177) (45,229)
Distribution contributions - 3,447 3,447
Lapsed distribution on units bought back - 3,447 3,447
Distributable earnings 296,431 300,808 576,445
Units in issue 2,081,869 2,081,869 2,081,869
Distribution (cents per unit) 14.24 14.45 27.69
1st Interim 14.24 14.45 14.45
Final N/A N/A 13.24
PROPERTY VALUATIONS
The Fund`s independently valued property portfolio was revalued up by R75m to
R8,53bn as at 30 June 2010. The standing portfolio delivered a 0.75% increase
over December 2009 valuations. The small increase in property values reflects
market conditions with higher risk premiums in discount rates and lower market
rentals being applied to valuations.
The capitalisation and discount rates in the Fund`s standing portfolio at 30
June 2010 was calculated on a weighted basis.
Property type Capitalisation Discount Growth in
rate (%) rate (%) standing
30.06.2010 31.12.2009 30.06.2010 31.12.2009 portfolio
(%)
Retail 9.5 9.6 15.5 15.0 0.57
Industrial 10.1 10.1 15.6 15.4 0.85
Offices 10.0 9.8 16.0 15.1 1.24
Portfolio total 9.8 9.8 15.7 15.2 0.75
PORTFOLIO INVESTMENT ACTIVITY
Sectoral Spread
Retail
R4,5bn
49 properties
574 809m2
53%
Industrial
R3,2bn
97 properties
729 708m2
38%
Offices
R0,8bn
28 properties
107 387m2
9%
Geographic Split
Gauteng
46%
R3,9bn
73 properties
657 478m2
KwaZulu Natal
40%
R3,4bn
73 properties
562 116m2
Western Cape
8%
R0,7bn
16 properties
117 520m2
Other
6%
R0,5bn
12 properties
74 790m2
ACQUISITION AND DEVELOPMENT ACTIVITY
Acquisition Cost (Rm) Acquisition Yield Sector Region
date forecast 1st
12 months
(%)
37 Yaldwyn, Jet Park 208,5 04/2010 10.0 Industrial Gauteng
Development Cost (Rm) Completion Yield Sector Region
date forecast 1st
12 months
(%)
Northpark Mall 80,2 11/2010 7.5 Retail Gauteng
Comaro Crossing 12,3 08/2010 10.2 Retail Gauteng
Musgrave Shopping KwaZulu
Centre 144,0 10/2011 7.3 Retail Natal 57
Sarel Baard
Crescent 53,6 02/2011 8.61 Industrial Gauteng
Non-yielding capital expenditure of R18m is forecasted to be spent over the next
six months.
DISPOSALS AND UNCONDITIONAL SALES
The Fund continues with its stated objective of disposing of non-core assets.
Transferred and unconditional sales totaling R262m were effected during the six
months to June 2010, including the disposal of 25% of Umlazi Mega City to the
Sizovuna Trust.
Transferred disposals in the 6 months to 30 June 2010
Property Transfer Proceeds/ Carrying Exit yield
date contracted value at on sale
sale price date of price (%)
(Rm) sale (Rm)
Portion 4 of Erf 12445
Durban 06/2010 5,8 5,8 n/a
Portion 5 of Erf 12445
Durban 06/2010 4,5 4,1 n/a
Umlazi Mega City (25%) 04/2010 50,0 51,8 12.1
The Colonial Development 03/2010 22,9 22,9 10.0
5 Bofors Circle, Cape Town 03/2010 22,5 22,5 4.4
20 Quality Street, Isando 06/2010 8,9 8,5 4.9
343 - 345 West Street,
Durban 04/2010 21,6 21,7 10.4
Total 136,2 137,3 8.3
Unconditional disposals
Property Transfer date/ Proceeds/ Carrying Exit yield
expected contracted value at on sale
transfer date sale price 30.06.2010 price (%)
(Rm) (Rm)
cnr Eagle Avenue and Iris
Road, Mkuze 07/2010 10,5 10,3 11.1
106-109 Bain Street 08/2010 20,2 19,8 5.3
3 Fabriek Street, Strydom
Park 08/2010 11,8 11,6 7.6
Summer Cottage 08/2010 14,8 13,2 10.0
Fountains Centre 08/2010 15,1 14,9 12.5
9 Henwood Road, Pinetown 09/2010 5,6 5,6 12.1
145 - 149 Crompton Street,
Pinetown 09/2010 8,2 8,1 11.9
48 Kings Road, Pinetown 09/2010 8,1 8,0 10.4
Oxford Street, East London 09/2010 29,9 29,9 9.7
Total 124,2 121,4 9.6
LEASE EXPIRIES AND VACANCIES
Vacancies in terms of rentable area and rental income were as follows:
Property type Vacancy as % of GLA Vacancy as % of rental income
30.06.2010 31.12.2009 30.06.2009 30.06.2010 31.12.2009 30.06.2009
Retail 8.3 9.3 8.2 10.5 9.7 10.7
Industrial 3.4 6.1 3.0 2.8 5.6 3.7
Office 19.4 13.1 14.8 20.4 12.3 7.8
Portfolio total 6.7 8.0 6.0 8.9 8.6 8.1
In the retail sector 48% of the vacancies were attributed to Northpark Mall,
Musgrave Centre, St Georges Square, Forest Road Design and Decor and Comaro
Crossing. The increase in vacancies is partly as a result of the redevelopment
at the properties as well as the current retail trading environment. Progress
has been made into these vacancies since half year and vacancy levels are
expected to decrease by year end.
The upgrade of Musgrave Centre (14% of office vacancies) includes a
refurbishment of the common areas and external facade of the office tower and
will support efforts to reduce vacancies.
About 43% of the office sector`s 19% vacancy at 30 June 2010 represents office
space in retail centres, notably Northpark Mall and Musgrave Centre. The letting
of 6,400m2 at 1 Holwood Park from September 2010, together with other lettings
would see vacancies decrease to 13%, 64% of which is in retail centres.
The industrial sector had a vacancy of 3%, an improvement of 3% when compared to
year end. 61% of the June 2010 vacancies related to 106-109 Bain Street, that
has been sold and is awaiting transfer.
VACANCIES AND LEASE EXPIRY PROFILE
Property Vacant (%) Expiring (%)
type Rental GLA Monthly 2010 2011 2012 2013 2014 Thereafter
Retail 10.5 8.3 9.6 12.9 14.5 15.2 10.5 8.2 20.8
Industrial 2.8 3.4 1.1 31.9 15.4 21.3 10.7 6.1 10.1
Office 20.4 19.4 3.0 28.4 18.4 12.8 4.0 14.0 0.0
Portfolio
total 8.9 6.7 4.7 24.0 15.2 18.2 10.0 7.6 13.6
TENANT RETENTIONS AND RENTAL REVERSIONS
The table below reflects the Fund`s retention ratio and rental reversions per
sector for a rolling 12 month period ending 30 June 2010:
Property type Expiries m2 Retention m2 Retention % Retention
reversion %
Retail 111,425 81,635 73.2 2.3
Industrial 146,018 110,665 75.8 5.9
Commercial 20,692 14,601 70.6 8.0
Total 278,135 206,901 74.4 4.2
A significant number of industrial leases expire during the course of 2010 (232
818m2). 148 614 m2 have already been successfully renewed, and management`s view
is that 80% of the total industrial expiries will be successfully retained for
2010. About a third of the balance (16 151m2) has already been sold or relet.
BORROWINGS
Debt levels remain low at 22% of the total property portfolio (2009: 18%).
During July 2010, the Fund took advantage of the low interest rate environment
and entered into additional swaps to fix the interest rate. 79% of the debt is
fixed, with the earliest fix expiring in December 2012.
The current debt profile is reflected in the table below:
Type Maturity Expiry of Quantum Current Rate
fixes (Rm) (%)
Fixed 31.10.2015 13.09.2013 100 10.57
Fixed 31.12.2012 31.12.2012 500 10.82
Fixed 18.09.2014 05.06.2013 400 9.67
Variable 18.09.2014 n/a 300 8.96
Fixed 13.08.2013 31.07.2014 270 8.94
Fixed 13.08.2013 31.07.2014 30 10.09
Fixed 29.04.2015 31.07.2015 200 10.04
Variable 31.12.2010 n/a 90 8.93
Total 1,890 9.82
The Fund is in final negotiations for an additional R200m facility.
PROSPECTS
Management expects a recovery of the economy, lower vacancies underpinned by
refurbishments, stable arrears and the lower interest rate environment will
result in the Fund displaying positive distribution growth for the full 2010
year and thereafter.
The above information has not been reviewed or reported on by the Fund`s
auditors.
6 months to 6 months to 12 months to
CONSOLIDATED STATEMENT OF 30.06.2010 30.06.2009 31.12.2009
FINANCIAL POSITION (R000) Unaudited Unaudited Audited
Assets
Non-current assets
Investment property 8,225,497 7,161,605 7,009,779
At valuation 8,050,275 7,156,850 7,001,900
Straight line rental adjustment (183,726) (141,780) (147,121)
Under construction 358,948 146,535 155,000
Investment in associate 133,041 175,238 133,321
Rental receivable straight line
adjustment 149,782 115,171 117,594
8,508,320 7,452,014 7,260,694
Current assets 852,482 2,196,897 1,745,435
Properties classified as held for
disposal 121,602 1,678,716 1,166,516
Trade receivables 30,732 18,775 13,596
Other receivables and accrued interest 112,477 121,333 107,745
Rent receivable - straight line rental
adjustment 33,944 26,609 29,527
Cash resources and short term
investments 553,727 351,464 428,051
Total assets 9,360,802 9,648,911 9,006,129
Unitholders` funds and liabilities
Unitholders` funds 6,815,206 7,347,989 6,788,128
Non-current liabilities
Interest bearing borrowings 1,800,000 1,573,018 1,600,000
At nominal value 1,800,000 1,570,000 1,600,000
Effective interest rate adjustment
on stepped debt - 3,018 -
Interest rate swap derivative 10,351 77,503 79,396
Deferred taxation 189,870 231,568 162,131
2,000,221 1,882,089 1,841,527
Current liabilities 545,375 418,833 376,474
Interest bearing borrowings 90,000 - -
Trade and other payables 138,686 103,468 80,724
Capital gains tax and secondary
taxation on companies 18,795 13,391 18,795
Unclaimed distributions 1,463 1,166 1,319
Distributions payable 296,431 300,808 275,636
Total unitholders` funds and
liabilities 9,360,802 9,648,911 9,006,129
NAV cpu 327 353 326
6 months to 6 months to 12 months to
CONSOLIDATED STATEMENT OF 30.06.2010 30.06.2009 31.12.2009
COMPREHENSIVE INCOME (R000) Unaudited Unaudited Audited
Revenue 573,537 535,988 1,091,201
Income 609,517 574,192 1,151,566
Rent 426,537 410,107 845,927
Straight line rental adjustment 13,435 10,108 7,354
Recovery of property expenses 133,566 115,773 237,920
Income received from associate company
Interest income 7,500 6,930 14,412
Share of post acquisition reserves 5,150 6,246 6,813
Interest 23,329 25,028 39,140
Expenses (303,659) (262,212) (596,607)
Accounting and secretarial fees (5,733) (4,983) (9,966)
Audit fees (738) (724) (1,465)
Administrative fees (5,053) (2,865) (5,761)
Service fees (15,141) (11,605) (28,037)
Property administration fees (17,091) (13,054) (28,276)
Property expenses (170,835) (146,395) (323,060)
Interest paid (79,910) (80,851) (167,836)
Effective interest rate adjustment
on stepped debt - (1,735) 1,283
Debt restructure costs (9,158) - (33,489)
Deferred tax on straight line rental
adjustment (2,417) (3,919) (3,595)
Headline earnings 303,441 308,061 551,364
Capital (loss)/profit on disposal of
investment properties (987) 4,479 2,554
Revaluations of investment properties 35,192 109,317 (420,030)
Revaluations 48,627 119,425 (412,676)
Straight line rental adjustment (13,435) (10,108) (7,354)
Revaluation of investment property
under construction 26,768 - (15,587)
Impairment of investment in associate (5,430) (4,158) (46,642)
Taxation (25,322) 10,552 74,261
CGT and deferred tax on property
transactions (27,739) 6,633 70,666
Deferred tax on straight line rental
adjustment 2,417 3,919 3,595
Net profit attributable to unitholders 333,662 428,251 145,920
Other comprehensive income, net of tax (19,311) 16,149 14,256
Deficit/(surplus) on revaluation of
interest rate swap derivative (19,311) 16,149 14,256
Total comprehensive income
attributable to unitholders` 314,351 444,400 160,176
Cpu Cpu Cpu
Distribution per unit 14.24 14.45 27.69
Interim 14.24 14.45 14.45
Final n/a n/a 13.24
Net profit per unit 16.03 20.43 6.99
Interim 16.03 20.43 20.43
Final n/a n/a -27.42
CONDENSED CONSOLIDATED STATEMENT Total Share NDR DR
OF CHANGES IN UNITHOLDERS` FUNDS (R000) Capital
Unitholders` funds at
1 January 2009 7,260,893 7,136,592 124,301 -
Total comprehensive income for
the period 444,400 - 16,149 428,251
Net profit for the period 428,251 - - 428,251
Interest rate swap valuation
adjustment 16,149 - 16,149 -
Revaluation of investment properties - - 109,317 (109,317)
Impairment of investment in associate - - (4,158) 4,158
Capital profit on disposal of fixed
properties transferred to NDR - - 4,479 (4,479)
Taxation on property revaluation,
disposals and dividends - - 10,552 (10,552)
Straight line rental adjustment net
of taxation - - 6,189 (6,189)
Share of associate company`s
post-acquisition reserves - - 6,246 (6,246)
Effective interest rate adjustment - - (1,735) 1,735
22 600 000 units bought back
at 264,97 cpu (59,883) (59,883) - -
Unit buy back costs (60) (60) - -
Lapsed distribution on units
bought back 3,447 - - 3,447
7,648,797 7,076,649 271,340 300,808
Distribution attributable to
unitholders (300,808) - - (300,808)
Unitholders` funds at 30 June 2009 7,347,989 7,076,649 271,340 -
Total comprehensive income for
the period (284,224) - (1,893) (282,331)
Net profit for the period (282,331) - - (282,331)
Interest rate swap valuation
adjustment (1,893) - (1,893) -
Revaluation of investment properties - - (529,347) 529,347
Impairment of investment property
under construction - - (15,587) 15,587
Impairment of investment in associate - - (42,484) 42,484
Capital profit on disposal of fixed
properties transferred to NDR - - (1,925) 1,925
Taxation on property revaluation,
disposals and dividends - - 63,709 (63,709)
Straight line rental adjustment net
of taxation - - (2,430) 2,430
Share of associate company`s
post-acquisition reserves - - 567 (567)
Debt restructure costs - - (33,489) 33,489
Effective interest rate adjustment - - 3,018 (3,018)
7,063,765 7,076,649 (288,521) 275,637
Distribution attributable
to unitholders (275,637) - - (275,637)
Unitholders` funds at
31 December 2009 6,788,128 7,076,649 (288,521) -
Total comprehensive income
for the period 314,351 - (19,311) 333,662
Net profit for the period 333,662 - - 333,662
Interest rate swap valuation
adjustment (19,311) - (19,311) -
Revaluation of investment properties - - 35,192 (35,192)
Revaluation of investment properties
under construction - - 26,768 (26,768)
Impairment of investment in associate - - (5,430) 5,430
Capital profit on disposal of fixed
properties transferred to NDR - - (987) 987
Taxation on property revaluation,
disposals and dividends - - (25,321) 25,321
Straight line rental adjustment
net of taxation - - 11,017 (11,017)
Share of associate company`s
post-acquisition reserves - - 5,150 (5,150)
Amortisation of breakage costs
recognised in reserves 9,158 - 9,158 -
Debt restructure costs - - (9,158) 9,158
7,111,637 7,076,649 (261,443) 296,431
Distribution attributable
to unitholders (296,431) - - (296,431)
Unitholders` funds at
30 June 2010 6,815,206 7,076,649 (261,443) -
6 months to 6 months to 12 months to
ABRIDGED CONSOLIDATED 30.06.2010 30.06.2009 31.12.2009
CASH FLOW STATEMENT (R000)) Unaudited Unaudited Audited
Net cash flows from operating activities 47,875 (2,260) (70,991)
Net cash flows from investing activities (133,001) (32,759) 82,559
Net cash flows from financing activities 210,802 (56,496) (26,496)
Net increase/(decrease) in cash 125,676 (91,515) (14,928)
Cash resources at beginning of period 428,051 442,979 442,979
Cash resources at end of period 553,727 351,464 428,051
NOTES TO THE FINANCIAL STATEMENTS
The unaudited interim results have been prepared in accordance with IAS 34 -
Interim Financial Reporting, the requirements of the Collective Investment
Schemes Control Act as well as the JSE requirements. The accounting policies
and methods of computation are consistent in all respects with those applied in
the prior year and the recognition and measurement criteria in accordance with
International Financial Reporting Standards "IFRS".
1 Headline earnings and distribution attributable to unitholders
6 months to 6 months to 12 months to
30.06.2010 30.06.2009 31.12.2009
Unaudited Unaudited Audited
R 000 CPU R 000 CPU R 000 CPU
Net profit for the year 333,663 16.03 428,251 20.57 145,920 7.01
Adjustments for:
Capital loss/(profit) on
disposal of investment
properties 987 (4,479) (2,554)
Revaluation of
investment properties (35,192) (109,317) 420,030
Revaluation of
investment property
under construction (26,768) - 15,587
Impairment of investment
in associate 5,430 4,158 46,642
Taxation thereon 25,321 (10,552) (74,261)
Headline earnings 303,441 14.58 308,061 14.80 551,364 26.48
Straight line rental
adjustment (13,435) (10,108) (7,354)
Taxation thereon 2,417 3,919 3,595
Share of associate
company`s after tax
profit (5,150) (6,246) (6,813)
Debt restructure costs 9,158 - 33,489
Effective interest rate
adjustment on stepped debt - 1,735 (1,283)
Lapsed distribution on
units bought back - 3,447 3,447
Distributable income 296,431 300,808 576,445
Distributable income
attributable to
unitholders 296,431 14.24 300,808 14.45 576,445 27.69
Interim 296,431 14.24 300,808 14.45 300,808 14.45
Final - - - - 275,637 13.24
Weighted headline
earnings per unit 14.58 14.72 26.41
2 Primary operational segments (R000)
Business segment Industrial Office Retail Group
Extract from statement of
comprehensive income
Total Revenue 180,454 52,670 340,413 573,537
Rental income (excluding
straight line rental adjustment) 153,424 43,858 229,255 426,537
Net property expenditure (10,548) (5,986) (37,826) (54,360)
Property expenses (34,924) (14,309) (138,693) (187,926)
Recovery of property expenses 24,376 8,323 100,867 133,566
Net Property Income 142,876 37,872 191,429 372,177
Straight line rental adjustment 2,654 489 10,291 13,435
Interest income from associate 7,500
Net interest paid (56,581)
Debt restructure costs (9,158)
Group expenses (26,665)
Share of associate company`s
after tax profit 5,150
Deferred tax on straight line
rental adjustment 158 66 (2,642) (2,417)
Headline earnings 303,441
Other information
Properties 3,189,679 798,357 4,542,789 8,530,825
At valuation 2,949,500 777,100 4,323,675 8,050,275
Classified as held for
disposal 55,479 21,257 44,866 121,602
Property under construction 184,700 - 174,248 358,948
Properties previously classified as held for sale no longer meet the IFRS 5
criteria, with the result that the held for disposal properties have reduced to
R121,6m (Dec 2009: R1.1bn).
Segment growth rates
Rental income (excluding straight
line rental adjustments) 7.6% 12.0% 5.1% 6.5%
Property expenses 24.7% 53.8% 13.5% 17.9%
Cost to income ratio 19.6% 27.4% 42.0% 33.6%
Net property income 4.1% 1.6% -0.2% 1.6%
DISTRIBUTION DECLARATION AND IMPORTANT DATES
Notice is hereby given of the declaration of distribution no. 31 in respect of
the income distribution period 1 January 2010 to 30 June 2010. The distribution
amounts to 14.24 cpu.
Last date to trade cum distribution Thursday, 16 September 2010
Units will trade ex-distribution Friday, 17 September 2010
Record date to participate in the distribution Thursday, 23 September 2010
Payment of distribution Monday, 27 September 2010
Unit certificates may not be dematerialised or re-materialised between Friday,
17 September and Thursday, 23 September 2010 both days inclusive.
BY ORDER OF THE BOARD
SA Corporate Real Estate Fund Management Limited
20 August 2010
SA Corporate Real Estate Fund Managers Limited
Registered office
Mutual Park,
Jan Smuts Drive
5th Floor Pinelands
7405
PO Box 333
Mutual Park 7451
Tel: (021) 530-4500
Registered auditors
Deloitte & Touche
2 Pencarrow Crescent
Pencarrow Park
La Lucia Ridge Office Estate
La Lucia 4051
Transfer secretaries
Computershare Investor Services
2004 (Pty) Ltd
Ground Floor, 70 Marshall Street
Johannesburg 2001
PO Box 61051
Marshalltown 2107
Sponsor
Nedbank Capital
A division of Nedbank
Limited
135 Rivonia Road
Sandton
2196
Managed By Old Mutual Investment Group Property Investments
Directors: KM Roman (Chairman), LB van Niekerk (Managing)*, Z Adams*,
RJ Biesman-Simons, GP Dingaan, KJ Forbes, BM Kodisang, SH Mia, IN Mkhari, MM
Ngcobo , ES Seedat, WC van der Vent
*Executive
Alternates: A Beattie, N Corbishley, P Zagaretos
Date: 20/08/2010 09:18:56 Produced by the JSE SENS Department.
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