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NSX Listing11 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 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)
Area Value % of (m²) (R’ m) total
Durban Phoenix S/C 24 134 355.1 8.9Durban Embassy 32 376 191.6 4.8Randburg Square S/C 51 370 185.9 4.7PineCrest (50%) S/C 40 249 165.2 4.2Bellville Louis Leipoldt 20 479 152.0 3.8Dobsonville S/C 23 124 135.6 3.4Oshakati S/C 21 591 119.4 3.0Bloemfontein Plaza S/C 38 438 114.7 2.9BPI House Windhoek 12 826 113.1 2.8Roodepoort Hillfox S/C 36 004 107.0 2.7Arivia.kom Midrand 15 634 105.2 2.6Germiston Meadowdale S/C 35 350 103.9 2.6Germiston R24 34 977 94.0 2.4Victoria Pietermaritzburg S/C 10 682 89.8 2.3Daveyton S/C 16 983 85.1 2.1
414 217 2 116.6.5 53.2
VUKILE PROPERTY FUND LIMITED
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 2 523 3.4 0.9
62 797 366.1 100.0
Namibian portfolio 9.2% of total Vukile portfolio
VUKILE PROPERTY FUND LIMITED
STRATEGIC PRIORITIES
GrowthNew acquisitionsFurther expansions/revamps/upgrades (Oshakati, Oshikango, Phoenix, Dobsonville, Daveyton, Eva Park, Meadowdale Mall)
Cost cuttingProcurementNew property management contracts
BEELeverage existing shareholdersFurther 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