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NSX Listing 11 July 2007

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%

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NSX Listing 11 July 2007

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  1. NSX Listing11 July 2007

  2. 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

  3. 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

  4. DISTRIBUTION HISTORY VUKILE PROPERTY FUND LIMITED

  5. LINKED UNIT PRICE HISTORY VUKILE PROPERTY FUND LIMITED

  6. 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

  7. 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

  8. PROPERTY PORTFOLIO (Largest properties) Area Value % of (m²)(R’ m)total Durban Phoenix S/C 24 134 355.1 8.9 Durban Embassy 32 376 191.6 4.8 Randburg Square S/C 51 370 185.9 4.7 PineCrest (50%) S/C 40 249 165.2 4.2 Bellville Louis Leipoldt 20 479 152.0 3.8 Dobsonville S/C 23 124 135.6 3.4 Oshakati S/C 21 591 119.4 3.0 Bloemfontein Plaza S/C 38 438 114.7 2.9 BPI House Windhoek 12 826 113.1 2.8 Roodepoort Hillfox S/C 36 004 107.0 2.7 Arivia.kom Midrand 15 634 105.2 2.6 Germiston Meadowdale S/C 35 350 103.9 2.6 Germiston R24 34 977 94.0 2.4 Victoria Pietermaritzburg S/C 10 682 89.8 2.3 Daveyton S/C 16 98385.12.1 414 217 2 116.6.5 53.2 VUKILE PROPERTY FUND LIMITED

  9. NAMIBIAN PROPERTIES Area Value % of (m²)(R’ m)total Oshakati Shopping Centre 21 591 119.4 32.6 BPI House Windhoek 12 826 113.1 30.9 Katutura Checkers Centre 10 525 58.9 16.1 Ondangwa Checkers Centre 5 709 30.4 8.3 Oshikango Ellerines Centre 5 868 28.5 7.8 Katima Mulilo Pep Stores 2 472 8.0 2.2 Rundu Ellerines 1 283 4.4 1.2 Oshakati Beares Furnishers 2 5233.40.9 62 797 366.1 100.0 Namibian portfolio 9.2% of total Vukile portfolio VUKILE PROPERTY FUND LIMITED

  10. 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

  11. 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

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