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