NSX Listing 11 July 2007. VUKILE PROPERTY FUND LIMITED LISTING  Listed on JSE on 24 June 2004  Number of linked units – 205 129 430  Market cap – R1.03

Download NSX Listing 11 July 2007. VUKILE PROPERTY FUND LIMITED LISTING  Listed on JSE on 24 June 2004  Number of linked units – 205 129 430  Market cap – R1.03

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<ul><li>Slide 1</li></ul> <p>NSX Listing 11 July 2007 Slide 2 VUKILE PROPERTY FUND LIMITED 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 m Acquisition cost R1.86 billion Vacancy 4.5% Sectoral spread (gross rentals): Retail 49% Commercial 38% Industrial 13% Slide 3 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 Slide 4 VUKILE PROPERTY FUND LIMITED DISTRIBUTION HISTORY Slide 5 VUKILE PROPERTY FUND LIMITED LINKED UNIT PRICE HISTORY Slide 6 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 m (+ 33%) Directors valuation of portfolio R3.86 billion (+ 108%) Vacancy 2.9% ( + 36%) Sectoral spread (gross rentals):Retail 56% Commercial 30% Industrial 14% Slide 7 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 Slide 8 VUKILE PROPERTY FUND LIMITED PROPERTY PORTFOLIO (Largest properties) AreaValue % of (m)(R m) total Durban Phoenix S/C 24 134355.1 8.9 Durban Embassy 32 376191.6 4.8 Randburg Square S/C 51 370185.9 4.7 PineCrest (50%) S/C 40 249165.2 4.2 Bellville Louis Leipoldt 20 479152.0 3.8 Dobsonville S/C 23 124135.6 3.4 Oshakati S/C 21 591119.4 3.0 Bloemfontein Plaza S/C 38 438114.7 2.9 BPI House Windhoek 12 826113.1 2.8 Roodepoort Hillfox S/C 36 004107.0 2.7 Arivia.kom Midrand 15 634105.2 2.6 Germiston Meadowdale S/C 35 350103.9 2.6 Germiston R24 34 977 94.0 2.4 Victoria Pietermaritzburg S/C 10 682 89.8 2.3 Daveyton S/C 16 983 85.1 2.1 414 217 2 116.6.5 53.2 Slide 9 VUKILE PROPERTY FUND LIMITED NAMIBIAN PROPERTIES AreaValue % of (m)(R m) total Oshakati Shopping Centre 21 591119.4 32.6 BPI House Windhoek 12 826113.1 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 2 523 3.4 0.9 62 797366.1 100.0 Namibian portfolio 9.2% of total Vukile portfolio Slide 10 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 Slide 11 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 </p>