Integrated
Report

2019

Currently viewing: OVERVIEW/ Where we invest and develop | Next: Chairperson and chief executive officer's review

Where we invest and develop

            1     SOUTH AFRICAN PORTFOLIO
                 

South Africa: Gauteng, North West and Western Cape

Our top retail and mixed-use precincts by value

  • Mall of Africa, Waterfall City, 80.0% interest
  • Lynnwood Bridge precinct, including Glenfair Boulevard, Pretoria
  • Garden Route Mall, George
  • MooiRivier Mall, Potchefstroom
  • Eikestad precinct, Stellenbosch, 80.0% interest
  • Brooklyn Mall, Pretoria, 25.0% interest

Our top office and mixed-use buildings by value

  • PwC Tower, 75.0% interest
  • Cell C Campus
  • Lynnwood Bridge Offices, including Aurecon

Our top Waterfall industrial buildings by value

  • Amrod
  • Massbuild Distribution Centre
  • BMW Group SA Regional Distribution Centre

Percentage
of total assets
(2018: 75.2%)
  Value of portfolio
R20.5 billion
(2018: R21.0 billion)
Contribution to distributable earnings per share (DEPS): 59.0 cents (2018: 54.1 cents)
                   
2     DEVELOPMENTS AT WATERFALL     3     INVESTMENT IN MAS
     

South Africa: Gauteng

Waterfall City

  • Deloitte head office, 50.0% interest
  • The Ingress
  • Waterfall Corporate Campus, 50.0% interest
  • Nexus Waterfall
  • Waterfall Point
  • Ellipse (sectional title residential units for sale, pipeline), 50.0% interest

Waterfall Logistics Hub

  • Blue-chip tenant (pipeline)

Development rights, infrastructure and services Attacq Sanlam joint venture


Percentage
of total assets
(2018: 8.1%)
  Value of portfolio
R2.3 billion
(2018: R2.3 billion)
Contribution to DEPS: (3.8) cents (2018: (1.4) cents)
         

Poland, Bulgaria, Germany, Switzerland and the United Kingdom

We hold a 22.8% (2018: 22.8%) interest in MAS. This investment is equity accounted and disclosed at an investment value of R3.2 billion (2018: R3.1 billion) versus a market value of R3.2 billion, (2018: R3.1 billion), calculated on closing price of R20.90 per share at 30 June 2019 (2018: R21.00).


Percentage
of total assets
(2018: 11.3%)
  Value of investment
R3.2 billion
(2018: R3.1 billion)
Contribution to DEPS: 26.9 cents (2018: 19.5 cents)
       
                 
4     REST OF AFRICA RETAIL INVESTMENTS            
     

Ghana, Nigeria and Zambia

We hold a 31.8% interest in AttAfrica Limited (AttAfrica) and a 25.0% interest in Ikeja City Mall


Percentage
of total assets
(2018: 4.2%)
  Value of investment
R0.8 billion
(2018: R1.2 billion)
Contribution to DEPS: 12.3 cents (2018: 8.5 cents)