Transcript Document
NSX Listing 11 July 2007 LISTING Listed on JSE on 24 June 2004 Number of linked units – 205 129 430 Market cap – R1.03 billion Number of properties – 52 Gross lettable area – 676 901 m² Acquisition cost – R1.86 billion Vacancy – 4.5% Sectoral spread (gross rentals): Retail 49% Commercial 38% Industrial 13% VUKILE PROPERTY FUND LIMITED HISTORICAL HIGHLIGHTS Acquisition of 100% of MICC Property Income Fund Limited (± R1 billion) Securitisation of R770 million debt Acquisition by Buhlobo Consortium (BEE Group) of 25% of Vukile from Sanlam R200 million issue of linked units for cash Grow portfolio to R3,86 billion at 31 March 2007 Total income and capital return since listing = 56.7% per annum VUKILE PROPERTY FUND LIMITED DISTRIBUTION HISTORY VUKILE PROPERTY FUND LIMITED LINKED UNIT PRICE HISTORY VUKILE PROPERTY FUND LIMITED STATUS AS AT 31 MARCH 2007 Number of linked units – 295 550 877 Market cap – R3.2 billion (+ 211%) Number of properties – 71 (+ 37%) Gross lettable area – 898 351 m² (+ 33%) Directors’ valuation of portfolio – R3.86 billion (+ 108%) Vacancy – 2.9% ( + 36%) Sectoral spread (gross rentals): Retail 56% Commercial 30% Industrial 14% VUKILE PROPERTY FUND LIMITED HIGHLIGHTS OF YEAR TO 31 MARCH 2007 Distribution for 12 months up 12% compared to previous year Distribution for 6 months up 14% compared to corresponding 6 month period Successful implementation of R200 million issue of linked units for cash NAV per linked unit up 20% to 803 cents 100% of MICC acquired and de-listed Successful turnaround of Randburg Square Reduction of vacancies from 4.4% to 2.9% Improved quality of portfolio through sale of R400 million non-core properties at optimum prices and acquisitions/upgrades of ±R300 million VUKILE PROPERTY FUND LIMITED PROPERTY PORTFOLIO (Largest properties) Durban Phoenix S/C Durban Embassy Randburg Square S/C PineCrest (50%) S/C Bellville Louis Leipoldt Dobsonville S/C Oshakati S/C Bloemfontein Plaza S/C BPI House Windhoek Roodepoort Hillfox S/C Arivia.kom Midrand Germiston Meadowdale S/C Germiston R24 Victoria Pietermaritzburg S/C Daveyton S/C Area (m²) 24 134 32 376 51 370 40 249 20 479 23 124 21 591 38 438 12 826 36 004 15 634 35 350 34 977 10 682 16 983 414 217 Value (R’ m) 355.1 191.6 185.9 165.2 152.0 135.6 119.4 114.7 113.1 107.0 105.2 103.9 94.0 89.8 85.1 2 116.6.5 % of total 8.9 4.8 4.7 4.2 3.8 3.4 3.0 2.9 2.8 2.7 2.6 2.6 2.4 2.3 2.1 53.2 VUKILE PROPERTY FUND LIMITED NAMIBIAN PROPERTIES Oshakati Shopping Centre BPI House Windhoek Katutura Checkers Centre Ondangwa Checkers Centre Oshikango Ellerines Centre Katima Mulilo Pep Stores Rundu Ellerines Oshakati Beares Furnishers Area (m²) 21 591 12 826 10 525 5 709 5 868 2 472 1 283 2 523 62 797 Value (R’ m) 119.4 113.1 58.9 30.4 28.5 8.0 4.4 3.4 366.1 % of total 32.6 30.9 16.1 8.3 7.8 2.2 1.2 0.9 100.0 Namibian portfolio 9.2% of total Vukile portfolio VUKILE PROPERTY FUND LIMITED STRATEGIC PRIORITIES Growth New acquisitions Further expansions/revamps/upgrades (Oshakati, Oshikango, Phoenix, Dobsonville, Daveyton, Eva Park, Meadowdale Mall) Cost cutting Procurement New property management contracts BEE Leverage existing shareholders Further initiatives re Code of Good Practice on Black Economic Empowerment VUKILE PROPERTY FUND LIMITED PROSPECTS Property fundamentals remain strong (low vacancies, good economic growth, record distribution growth, high building costs, huge infrastructure spending, relatively low interest rates) Scope for increase in market rentals Benefits of cost cutting initiatives Budget for growth for next year broadly in line with current year growth VUKILE PROPERTY FUND LIMITED