ANNUAL RESULTS FOR THE YEAR ENDED 30 JUNE

Transcription

1 ANNUAL RESULTS FOR THE YEAR ENDED 30 JUNE

2 AGENDA GENERAL OVERVIEW 3 INVEST DEVELOP GROW INVESTMENTS SOUTH AFRICA 8 INVESTMENTS EMERGING MARKETS 13 INVESTMENTS DEVELOPED MARKETS 17 DEVELOPMENTS 20 FINANCIAL RESULTS 25 LOOKING AHEAD 37 QUESTIONS & ANSWERS 41 APPENDICES

3 GENERAL OVERVIEW

4 YEAR-ON-YEAR HIGHLIGHTS INVEST ADJUSTED NAVPS +15.3% June 2016: R21.89 June 2015: R18.98 NET RENTAL INCOME +17.2% June 2016: R million June 2015: R million DEVELOP GROW TOTAL ASSETS +18.6% June 2016: R27.63 billion June 2015: R23.30 billion NON-SA ASSETS +34.0% June 2016: R5.83 billion June 2015: R4.35 billion WATERFALL BULK COMPLETED +49.5% June 2016: m² June 2015: m² CAGR* FROM INCEPTION +29.4% June 2016: 29.4% June 2015: 30.9% * CAGR: Compounded Annual Growth Rate - 4 -

5 STRATEGIC EXECUTION HIGHLIGHTS INVEST New partnerships formed with Sanlam, Equites, Zenprop, Barrow, Artisan, Atterbury Europe Investments in International increased by 34.0% to R5.8 bn LaunchLab Incubator Programme Acquired 25% of Ikeja City Mall Investments in Central and Eastern Europe: Serbia: 6 operational malls, 1 under construction Cyprus: 2 operational malls Appointed Head of Developments, internalised development management and cancelled Atterbury s exclusive right to develop Waterfall DEVELOP 8 Completed buildings in SA, adding primary GLA of m² Mall of Africa opened on 28 April 2016 SACSC* Spectrum Award for the best regional and super-regional shopping centre Checkers Hyper in Mall of Africa won SACSC Award for the best shopping centre store larger than m² 11 bursaries via Atterbury Trust Columba Property Point CEO Sleepout 8 Commenced on the largest PV plant in South Africa at Mall of Africa and 3 other installations Green rated buildings 1 Gold LEED rated building GROW Rebrand with a new colour palette and a recognisable icon element R1.3 bn Sold: THE CLUB, ATTERBURY, INVESTMENTS IN MAURITIUS, GREAT WESTERFORD, GEELHOUTBOOM, BISHOPSGATE capital recycled Vacancies reduced from 4.0% to 2.4% Implemented waste management and recycling projects for all buildings in our portfolio Total operating costs 0.5% of gross assets Maintained a 4 B-BBEE level rating despite the impact of the new codes already affecting suppliers Karoo agterskot R479.8 m MSCI Award for best performing office portfolio based on a 3-year annualised total return to December 2015 * SACSC: South African Council of Shopping Centres - 5 -

6 PERFORMANCE 2016 FINANCIAL YEAR Performers Healthy income growth on core portfolio Recycling of capital SA Retail Portfolio SA Industrial Portfolio Completion of Mall of Africa Development profit from other developments Serbia and Cyprus investments Underperformers Mark-to-market adjustments swaps MAS Real Estate (Brexit impact) Nova Eventis, Germany African portfolio Vacant land and infrastructure - 6 -

7 BUSINESS STRATEGY INVEST DEVELOP GROW SOUTH AFRICA 58% 66% 6% EMERGING MARKETS 6% June % DEVELOPED MARKETS 13% June % DEVELOPMENTS 23% Percentages based on gross assets - 7 -

8 SOUTH AFRICA 66% INVESTMENTS SOUTH AFRICA

9 SA PORTFOLIO Portfolio value by sector 58.4% 46.5% RETAIL June % 6.1% HOTEL LIGHT INDUSTRIAL 2.4% 5.5% June 2015 OFFICE AND MIXED USE 33.1% 45.6% Portfolio value by location 80.1% GAUTENG June % NORTH WEST 9.1% June % 13.0% WESTERN CAPE 19.5% Percentages based on IFRS values, excluding developments under construction, development rights and vacant land - 9 -

10 GLA EVOLUTION m² (14 558) (462) June 14 Reconfigurations Completed Acquired June 15 Reconfigurations Completed Sold June 16 GREEN ELEMENTS 50.2% June % 2.0% 13.5% RETROFIT LED ENERGY EFFICIENT LIGHTS 3 Star GBCSA 4 Star GBCSA 13.0% 2.3% 16.1% June % NON-GREEN 14.3% 6.3% 1.2% 5 Star GBCSA Gold LEED 7.6% 19.8% NON-GREEN GBCSA: Green Building Council of South Africa

11 MALL OF AFRICA 28 th April opened m² total GLA ±7 500 people employed during construction Anchor tenants Uniqueness and efficiencies Delivery and servicing 26 entrances 304 retail outlets ±6 500 parking bays Public transport holding facility permanent jobs created >1.1 million shoppers per month ± m² planned for future expansion Value upliftment in years to come SACSC Spectrum Award

12 TRADING DENSITIES R / m² % % % % % % % % Brooklyn Mall Eikestad Precinct Garden Route Mall Glenfair Shopping Centre Lynnwood Bridge Retail MooiRivier Mall Newtown Junction Waterfall Corner 12 MONTHS AVERAGE ENDING JUNE MONTHS AVERAGE ENDING JUNE

13 EMERGING MARKETS 6% INVESTMENTS EMERGING MARKETS

14 EMERGING MARKETS STRATEGY JV with local partner with expertise Act as investor Property skill to give strategic input Bigger cities / metropoles Under traded

15 AFRICA PROPERTY GLA Valuation (USD 000) Attacq share (USD 000) Value / m² (USD 000) VACANCY % Operational portfolio summary* m² / m² operational malls Continued headwinds in Africa due to USD strength, weak commodity prices Defensive assets Ikeja City Mall Manda Hill Accra Mall Focus will be on: Delivering Kumasi and settling West Hills and Achimota Managing assets through the cycle Improving liquidity in the portfolio Achimota SACSC Award for top shopping centre developed outside of South Africa * Data provided at 100% level Attacq owns 31.25% of AttAfrica assets and 25% of Ikeja City Mall

16 SERBIA PROPERTY UŠĆE IMMO KANEM (H&M) OAZA SUBREAL SUBOTICA Location Belgrade Belgrade Belgrade Belgrade Belgrade Subotica GLA m² m² m² 574 m² m² m² Vacancy 1.38% 0% 0% 0% 0% 0% Attacq effective holding 8.25% 8.25% 8.25% 8.25% 8.25% 8.25% Attacq has a 25% shareholding in Atterbury Serbia Atterbury Serbia acquired 33% shareholding in existing portfolio of five properties with a total value of 228 million Shoppi Subiotica added to portfolio April 2016 Additional 17% acquired in portfolio by Atterbury Serbia post year end Prime portfolio asset is the Ušće Shopping Centre, Serbia s largest mall Further property to be acquired at pre-agreed yield: October /50 development fund capitalised with 40 million to undertake retail developments development targets identified

17 DEVELOPED MARKETS 15% INVESTMENTS DEVELOPED MARKETS

18 CYPRUS PROPERTY SHACOLAS EMPORIUM PARK THE MALL OF ENGOMI Location Nicosia Nicosia GLA m² m² Value million 37.8 million Vacancy 2.3% 0% Attacq effective holding 48.6% 48.5% Potential expansion m² m² Attacq has a 48.8% shareholding in Atterbury Cyprus Atterbury Cyprus holds 99.7% of Shacolas Emporium Park and 99.5% of the Mall of Engomi Cyprus economy returned to growth and interest rates reduced Both centres are trading well

19 MAS Historically had a Western European focus on Germany, UK and Switzerland Expanded target markets to include Central and Eastern Europe ( CEE ) 41.4% held by Attacq at year end Attacq equity accounts for MAS R2.7 billion equity accounted value vs market value of R2.9 billion Karoo agterskot vested during year at R479.8 million, sold R200 million MAS shares thereafter at R22 / share Brexit Forex losses of 7.2 euro cents per share due to drop in Sterling MAS HIGHLIGHTS Admitted into SAPY index December Share liquidity increased Annual distributions increased by 34% 12% LTV to move towards 40% in 2017 deploy capital into pipeline Rental income increased by 63% Strategy to invest in CEE Prime Kapital JV for expansion into CEE R1.2 billion capital raised

20 DEVELOPMENTS DEVELOPMENTS 13%

21 WATERFALL BULK m² JUNE 2016 % APPROVED BULK JUNE 2015 % APPROVED BULK Total approved bulk Completed held ( ) (18.6) ( ) (11.6) Completed sold (61 963) (3.3) (61 963) (3.4) Under construction ( ) (7.5) ( ) (11.4) Remaining bulk total Remaining for development Newly secured % REMAINING FOR DEVELOPMENT - NEW BULK SECURED 4.3% 18.6% COMPLETED - HELD 11.6% June 2016 June % COMPLETED - SOLD 3.4% 69.3% 65.4% 7.5% UNDER CONSTRUCTION 11.4% REMAINING FOR DEVELOPMENT

22 NEW DEVELOPMENTS JV with Zenprop ± m² Office development JV with Barrow Group ± m² 126 Residential units, Hotel and Office Gateway Building ± m²

23 SANLAM JV 100 Ha of additional land Attacq has the right to increase its shareholding to 50% ACCESS PARK Economies of scale Availability of bridging funding Attacq will receive development fees Attacq will perform the asset management LOGISTICS PRECINCT DISTRIBUTION CAMPUS WATERFALL CITY MALL OF AFRICA

24 WATERFALL SECOND WAVE What after Mall of Africa? Catalyst for growth: Mall of Africa and 1.3 Ha Waterfall Park Projected growth of office space at Waterfall City ±30% p.a. until 2020/21 Examples Benefits of Waterfall Central location Infill development Excellent access Unique urban design and infrastructure 1,3 Ha Waterfall Park Corporate consolidation Economic benefit Source: Urban Studies Newsletter, June

25 FINANCIAL RESULTS

26 BALANCE SHEET R 000 JUNE 2016 JUNE 2015 % CHANGE Investment properties^ Investments*^ Other assets (9.6) Total assets Interest bearing debt Non-interest bearing debt and other liabilities Total liabilities Equity attributable to owners of the holding company Minority interest (13 201) (282.0) Investment properties increased primarily due to the completion of eight new developments, including the Mall of Africa Increase largely due to increase in MAS, Cyprus, Serbia, Nigeria and the Mall of Namibia Additional debt was incurred to fund capital expenditure and certain global investments Deferred tax liabilities increased substantially due to higher capital gains taxation rate Attacq holds 50% in the two Newtown legal entities Equity ^ Includes non-current assets held for sale * Investments includes equity and net loans advanced

27 TOTAL ASSETS R million (240.2) June 14 Investment properties Other non-current assets Investments Current assets June 15 Investment properties Other non-current assets Investments Current assets June

28 INVESTMENT PROPERTIES R million (242.0) (286.3) (308.6) June 14 Purchased Sold Capex FVA - FVA - development development under rights construction FVA - completed June 15 Sold Capex FVA - FVA - development development under rights construction FVA - completed June

29 INVESTMENT PROPERTIES CONTINUED R million (267.1) ( ) June 14 Completed buildings Development rights Developments under construction June 15 Completed buildings Development rights Developments under construction June 16 COMPLETED BUILDINGS 81.4% 70.8% June % DEVELOPMENTS UNDER CONSTRUCTION 16.2% June % DEVELOPMENT RIGHTS 13.0%

30 INVESTMENTS R million MAS Cyprus AttAfrica Nova Eventis Serbia Ikeja Other Namibia APH Artisan Wingspan Mauritius EQUITY LOAN AGTERSKOT

31 INTEREST BEARING DEBT R 000 JUNE 2016 JUNE 2015 Total net interest bearing debt Long-term Short-term Assets held for sale Overdraft Cash on hand ( ) ( ) Total assets Gearing 39.9% 36.3% 2.5% of facilities are due in the next 12 months, excluding facilities in respect of non-current assets held for sale Consists of eight properties transferred after year end into a SPV held 80/20 by Equites and AWIC respectively The increase is driven mainly by a R2.6 billion increase in funding for development activity in Waterfall 28.0% 9.5% 3.1% 7.8% 6.3% 0.3% 45.0% INVESTEC BANK NEDBANK RMB SANLAM ABSA STANDARD BANK BANK OF CHINA 26.4% 11.8% 3.6% 8.5% 8.2% June 2016 June %

32 INTEREST BEARING DEBT CONTINUED R 000 JUNE 2016 JUNE 2015 Facilities utilised Committed facilities unutilised Total committed facilities Total debt hedged of facilities utilised % hedged of facilities utilised 81.0% 76.8% Increase due to R2 billion forward starting hedges that have commenced during the current year Cost of floating debt 8.4% 7.6% Hedge premium 0.8% 1.4% Weighted average cost of debt 9.2% 9.0% Marginal increase driven by higher funding rates during the current year Net cash on hand Cash on hand Less: Overdraft utilised - (19 349) Committed working capital facilities Total debt hedged including forward starting hedges Total hedges as % of total committed facilities 79.5% 74.7% To reduce the impact of volatility in interest rates, the Group hedged more facilities during this year

33 INTEREST BEARING DEBT CONTINUED Indicative roll-off profile (R million) PwC development reaching funding peak and forward-starting hedges commencing % hedged ARF three year tranche maturing USD and EUR debt maturing ARF five year tranche maturing Mall of Africa five year debt maturing Weighted average term of hedges: 4.1 years (5.1 years including forward-starting) Weighted average term of debt: 3.7 years HEDGING TOTAL DEBT

34 LAST 12 MONTHS BASE RATES MOVEMENT 10% 9% Cost of carry: 160 bps Nenegate Speculation that Gordhan may quit Cost of carry: 56 bps 8% 7% 6% 5% Jul 2015 Aug 2015 Sep 2015 Oct 2015 Nov 2015 Dec 2015 Jan 2016 Feb 2016 Mar 2016 Apr 2016 May 2016 Jun 2016 Jul m JIBAR 5y YEAR SwapSWAP

35 INCOME STATEMENT R 000 JUNE 2016 JUNE 2015 % CHANGE Net rental income Gross rental income Property expenses ( ) ( ) 40.1 Operating profit Fair value adjustments (6.5) Finance costs ( ) ( ) 22.5 Profit for the year Positively impacted by the completion of eight buildings Includes R345.7 million municipal charges Includes foreign exchange gains of R211.6 million and R145.0 million on the disposal of the Mauritius assets Consists of R1.1 billion for properties and R32.6 million on mark-to-market Funding the growing property portfolio

36 EQUITY MOVEMENT NAV bridge (R million) (66.2) 7.0 (113.9) June 14 Share issues A-F-S reserve Distributable reserve FCTR Share-based payment reserve Acquisition of NCI reserve June 15 Share issues A-F-S reserve Distributable reserve FCTR Share-based payment reserve June 16 NAVPS bridge (R) (0.09) 0.01 (0.16) June 14 Share issues A-F-S reserve Distributable reserve FCTR Share-based payment reserve Acquisition of NCI reserve June 15 Share issues A-F-S reserve Distributable reserve FCTR Share-based payment reserve June 16

37 LOOKING AHEAD

38 LOOKING AHEAD Risks Slower growth in SA and potential rating downgrade Political uncertainty in SA Local services / supply: power and water Increasing tenant arrears and defaults Persistent low demand for commodities Brexit US elections and interest rate hikes Market opportunities Attacq has the ability to look through the cycle Cost of occupancy Green buildings New builds are more efficient Solar panels Instability creates opportunities Corporate HQ consolidation and the central location of Waterfall City Leveraging of relationships, i.e. MAS, Zenprop, Barrow, Atterbury, Sanlam, Equites and Artisan LaunchLab initiative

39 LOOKING AHEAD CONTINUED Key focus areas Leverage the opening of Mall of Africa Waterfall Logistics Corporate consolidation Non-GLA revenue Reduce the cost of occupancy for tenants Consolidation and stabilisation of the African portfolio Manage liquidity Optimise balance sheet / recycle capital Potential going forward Imagine? Completion of Mall of Africa: the game changer m² serviced land in centre of Gauteng m² active inquiries on Waterfall Launch of first residential apartments at Waterfall City MAS income growth potential and Prime Kapital Extension of the Cyprus portfolio New development opportunities with local partner in Serbia

40 BENEFITS BEYOND OUR BOTTOM LINE INVEST CSI contribution for 2016: R6.45 million DEVELOP 366 hours spent on CSI More than individuals Columba Leadership Give a man a fish, and you feed him for a day. Teach him how to fish, and you feed him for a lifetime. Chinese proverb GROW Bana ba Rona Early Childhood Development Centre 75 children Nine employment opportunities 11 post-matric bursaries 26 SMEs benefitted from ESD programmes Property Point Royal Bafokeng ED Attacq the Future

41 QUESTIONS & ANSWERS

42 DISCLAIMER This presentation and any materials distributed in connection with this presentation may include certain forward-looking statements, beliefs or opinions, including statements with respect to the company s business, financial condition and results of operations. These statements, which contain the words anticipate, believe, intend, estimate, expect, forecast and words of similar meaning, reflect the directors beliefs and expectations and involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. No representation is made that any of these statements or forecasts will come to pass or that any forecast results will be achieved. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by these statements and forecasts. Past performance of the company cannot be relied on as a guide to future performance. Forward-looking statements speak only as at the date of this presentation and the company expressly disclaims any obligations or undertaking to release any update of, or revisions to, any forward-looking statements in this presentation. No statement in this presentation is intended to be a profit forecast. As a result, you are cautioned not to place any undue reliance on such forward-looking statements. This document speaks as of the date hereof. No reliance may be placed for any purposes whatsoever on the information contained in this document or on its completeness, accuracy or fairness. This information is still in draft form and has not been legally verified. The financial information included herein is in draft form and unaudited. The company, its advisers and each of their respective members, directors, officers and employees are under no obligation to update or keep current the information contained in this presentation, to correct any inaccuracies which may become apparent, or to publicly announce the result of any revision to the statements made herein except where they would be required to do so under applicable law, and any opinions expressed in them are subject to change without notice. No representation or warranty, express or implied, is given by the company, or any of its subsidiary undertakings or affiliates or directors, officers or any other person as to the fairness, accuracy or completeness of the information or opinions contained in this presentation and no liability whatsoever for any loss howsoever arising from any use of this presentation or its contents otherwise arising in connection therewith is accepted by any such person in relation to such information

43 APPENDICES

44 WATERFALL

45 WATERFALL PROGRESS: Buccleuch Interchange Buccleuch Interchange Waterfall City Waterfall City

46 COMPLETED BUILDINGS PROPERTY MALL OF AFRICA* HILTI STRYKER SERVEST MAXWELL OFFICE PARK^ CITY LODGE Sector Retail Industrial Industrial Industrial Office Hotel Location Waterfall Waterfall Waterfall Waterfall Waterfall Newtown Primary GLA # m² m² m² m² m² m² Value R5.1 billion R59.3 million R61.3 million R157.0 million R495.8 million R106.5 million Value / GLA # R / m² R / m² R / m² R / m² R / m² R / m² * Attacq owns an 80% undivided share. 100% values shown above ^ Colgate, Mac Mac House and Magwa House. Attacq owns a 50% undivided share. 100% values shown above # Based on total GLA

47 PORTFOLIO AND INVESTMENTS OVERVIEW AS AT 30 JUNE 2016 SOUTH AFRICA RETAIL PORTFOLIO INDUSTRIAL PORTFOLIO OFFICE AND MIXED USE PORTFOLIO DEVELOPMENTS Andringa Walk, Stellenbosch 100% Angel Shack, Waterfall xx 100% Altech, Waterfall # 50% OFFICE AND MIXED USE PORTFOLIO Brooklyn Mall, Pretoria # 25% Cummins, Waterfall # xx 50% Aurecon, Pretoria 100% Allandale Building, Waterfall 100% Eikestad Mall, Stellenbosch # 80% Dräger, Waterfall xx 100% Brooklyn Bridge Office Park, Pretoria xx 100% PwC Tower and Annex, Waterfall # 75% Garden Route Mall, George 100% Hilti, Waterfall xx 100% Cell C Campus, Waterfall 100% INDUSTRIAL PORTFOLIO Glenfair Boulevard, Pretoria 100% Massbuild, Waterfall 100% Group Five, Waterfall 100% Amrod, Waterfall 100% Lynnwood Bridge Retail, Pretoria 100% Medtronic, Waterfall xx 100% Lynnwood Bridge Offices, Pretoria 100% Dimension Data Wareouse, Waterfall 100% Mall of Africa, Waterfall # 80% Servest, Waterfall xx 100% Majestic Offices, Johannesburg 50% Torre Industries, Waterfall 100% Mill Square, Stellenbosch # 80% Stryker, Waterfall xx 100% Maxwell Office Park, Waterfall # 50% LAND AND DEVELOPMENT RIGHTS MooiRivier Mall, Potchefstroom 100% Newtown Retail, Johannesburg 50% Waterfall Corner, Waterfall 100% Waterfall Lifestyle, Waterfall 100% Wingspan Property, Durban^ 34.4% Westcon, Waterfall xx 100% HOTEL PORTFOLIO City Lodge, Johannesburg 50% City Lodge, Pretoria 100% City Lodge, Waterfall 100% Colgate Mac Mac House Magwa House Att House Golder Premier Honda Newtown Junction, Johannesburg 50% Novartis, Waterfall 100% Le Chateau** 100% Waterfall Land, Waterfall** 100% KEY ** Vacant land ^ ^^ # xx Accounted for as an investment in associate Accounted for as an investment Undivided share Held for sale PwC, Sunninghill 100% All shareholdings represent Attacq s effective interest

48 PORTFOLIO AND INVESTMENTS OVERVIEW AS AT 30 JUNE 2016 CONTINUED EMERGING MARKETS DEVELOPED MARKETS RETAIL PORTFOLIO AttAfrica^ Accra Mall, Accra, Ghana 14.7% Achimota Mall, Accra, Ghana 23.4% West Hills Mall, Accra, Ghana 14.1% Kumasi City Mall, Kumasi, Ghana 23.4% Manda Hill, Lusaka, Zambia 15.6% RETAIL PORTFOLIO Atterbury Cyprus^ Shacolas Emporium Park, Nicosia, Cyprus 48.6% Mall of Engomi, Nicosia, Cyprus 48.5% MAS (Germany, UK and Switzerland)^ 41.4% Nova Eventis, Leipzig, Germany^^ 19.9% Atterbury Serbia^ Ušće Mall, Belgrade, Serbia 8.25% Immo, Belgrade, Serbia 8.25% Kanem, Belgrade, Serbia 8.25% Oaza, Belgrade, Serbia 8.25% Subreal, Belgrade, Serbia 8.25% Shoppi, Subotica, Serbia 8.25% Development fund, Belgrade, Serbia 8.25% Ikeja City Mall, Lagos, Nigeria^ 25.0% The Grove Mall of Namibia, Windhoek, Namibia^ 25.0% KEY ** Vacant land ^ ^^ # xx Accounted for as an investment in associate Accounted for as an investment Undivided share Held for sale All shareholdings represent Attacq s effective interest

49 PROPERTY AGEING OF GLA GLA (m²) % Total GLA June 2016: m² June 2015: m² % % % % % % 8.7% 7.6% 9.2% <1 year 1 2 years 3 5 years 6 10 years +10 years AS AT JUNE 2016 AS AT JUNE

50 PORTFOLIO OVERVIEW Retail portfolio PROPERTY NAME LOCATION KEY TENANTS PRIMARY GLA # m² VALUATION R 000 VALUE R / m² ANDRINGA WALK Stellenbosch Food Lovers Market, Game, USave BROOKLYN MALL* Pretoria Checkers, Dis-Chem, Game, Woolworths EIKESTAD MALL^ Stellenbosch Checkers, Woolworths GARDEN ROUTE MALL George Dis-Chem, Game, Pick n Pay, Woolworths GLENFAIR BOULEVARD Pretoria Dis-Chem, Shoprite Checkers, SuperSpar LYNNWOOD BRIDGE - RETAIL Pretoria Planet Fitness, The Pro Shop, Woolworths MALL OF AFRICA^ MILL SQUARE^ Waterfall Game, Shoprite Checkers, Woolworths Stellenbosch Investec, Mertech MOOIRIVIER MALL Potchefstroom Game, Shoprite Checkers, Woolworths NEWTOWN JUNCTION Johannesburg Pick n Pay, Shoprite Checkers, Ster Kinekor WATERFALL CORNER Waterfall Clicks, Shoprite Checkers, Woolworths WATERFALL LIFESTYLE Waterfall Bounce, Virgin Active TOTAL Hotel portfolio PROPERTY NAME LOCATION LEASE EXPIRY # Primary GLA refers to the main rental generating GLA, e.g. warehouse, industrial, hotel, shop, office, ATM, mezzanine Values provided above reflect Attacq s undivided share in the property: *25%; ^80% PRIMARY GLA # m² VALUATION R 000 CITY LODGE - LYNNWOOD Pretoria CITY LODGE - NEWTOWN Johannesburg CITY LODGE - WATERFALL Waterfall TOTAL VALUE R / m²

51 PORTFOLIO OVERVIEW CONTINUED Office and mixed use portfolio PROPERTY NAME LOCATION KEY TENANTS LEASE EXPIRY PRIMARY GLA # m² VALUATION R 000 VALUE R / m² ALTECH* Waterfall Altech BROOKLYN BRIDGE OFFICE PARK Pretoria Counsel Chambers, SARS Mixed CELL C CAMPUS Waterfall Cell C GROUP FIVE Waterfall Group Five LYNNWOOD BRIDGE - AURECON Pretoria Aurecon LYNNWOOD BRIDGE - OFFICES Pretoria Adams & Adams, Sanlam Mixed LYNNWOOD BRIDGE - PHASE III Pretoria Aurecon, Citadel, Water Research Commission Mixed MAXWELL OFFICE PARK - ATT HOUSE* Waterfall Attacq, Atterbury, Cipla Mixed MAXWELL OFFICE PARK - COLGATE* Waterfall Colgate MAXWELL OFFICE PARK - GOLDER* Waterfall Golder Associates MAXWELL OFFICE PARK - HONDA* Waterfall Honda, City Connect Mixed MAXWELL OFFICE PARK - MAC MAC HOUSE* Waterfall Black & Veatch, Strategic Solution Architects Mixed MAXWELL OFFICE PARK - MAGWA HOUSE* Waterfall Diageo, DOW Mixed MAXWELL OFFICE PARK - PREMIER* Waterfall Premier Foods NEWTOWN JUNCTION NEDBANK Johannesburg Nedbank NOVARTIS Waterfall Novartis PWC SUNNINGHILL ~ Sunninghill PwC THE MAJESTIC Johannesburg Nedbank TOTAL # Primary GLA refers to the main rental generating GLA, e.g. warehouse, industrial, hotel, shop, office, ATM, mezzanine Values provided above reflect Attacq s undivided share in the property: *50%; ~ 75%

52 PORTFOLIO OVERVIEW CONTINUED Industrial portfolio PROPERTY NAME LOCATION LEASE EXPIRY PRIMARY GLA # m² VALUATION R 000 VALUE R / m² ANGEL SHACK Waterfall MEDTRONIC Waterfall CUMMINS* Waterfall DRÄGER Waterfall HILTI Waterfall MASSBUILD DISTRIBUTION CENTRE Waterfall SERVEST Waterfall STRYKER Waterfall WESTCON Waterfall TOTAL # Primary GLA refers to the main rental generating GLA, e.g. warehouse, industrial, hotel, shop, office, ATM, mezzanine Values provided above reflect Attacq s undivided share in the property: *50%

53 PORTFOLIO OVERVIEW CONTINUED Developments PROPERTY NAME SECTOR COMPLETION DATE GLA m² % PRE-LET (GLA) TOTAL CAPITAL COST R 000 VALUE ESTIMATE ON COMPLETION R 000 ESTIMATED DEVELOPMENT PROFIT R 000 ALLANDALE BUILDING Office August > AMROD Industrial November DIMENSION DATA WAREHOUSE Industrial August PWC TOWER AND ANNEX ~ Office January TORRE INDUSTRIES Industrial August TOTAL Values provided above reflect Attacq s undivided share in the property: ~ 75%. Recently secured projects are not included above

54 LEASE EXPIRY PROFILE GLA (m²) % % 7.8% 4.7% 5.7% 2.4% 1.3% 0 Vacancy HOTEL INDUSTRIAL OFFICE RETAIL TOTAL

55 AFRICA PROPERTY ACCRA MALL* WEST HILLS MALL* MANDA HILL* ACHIMOTA MALL* KUMASI CITY MALL*^ IKEJA CITY MALL Location Accra, Ghana Accra, Ghana Lusaka, Zambia Accra, Ghana Kumasi, Ghana Lagos, Nigeria GLA m² m² m² m² m² m² Vacancy 0% 0% 4.7% 18.0% # n/a 2.3% Foot count 27 / m² 16 / m² 22 / m² 28 / m² Opening April / m² Attacq effective holding 14.7% 14.1% 15.6% 23.4% 23.4% 25.0% * Held via AttAfrica # Opened November 2015 ^ Proposed size