Redefine Properties Limited · JSE:RDF
Redefine Properties — H1 2019 Earnings Presentation
79 slides from Redefine Properties's earnings presentation, May 2019
Slide 1: Redefine group interim results for the six months ended 28 February 2019
1 Redefine group interim results for the six months ended 28 February 2019
Slide 2: Our conversation
Our conversation 2 Section 1 Key features Section 2 Property asset platform Section 3 Financial review Section 4 In conclusion Section 5 Supplementary information Redefine group interim results for the six months ended 28 February 2019
Slide 3: Key features
Key features 3 Key features Section 1 Redefine group interim results for the six months ended 28 February 2019
Slide 4: The essence of who we are
The essence of who we are Key features 4 We’re not landlords. We’re people. Redefine group interim results for the six months ended 28 February 2019
Slide 5: Strategic approach
Strategic approach Key features 5 It’s not about what we do – it is a matter of being different at what we do → Our strategy which has been tweaked for opportunities and risks remains largely unchanged → There is however a key shift in stakeholder emphasis as we recalibrate to a new normal to be A s
Slide 6: Progress on strategic priorities
Progress on strategic priorities Key features 6 Relentlessly focusing on what matters most to enable the creation of sustained value Property assets under NTAV declined by 23.8 Invest Deployed R3.5 billion into management expanded Offshore expansion Local development activity cents per share to 953.
Slide 7: Enablers to create sustained value
Enablers to create sustained value Key features 7 Our vision for 2030 is to create spaces that empower people Continue to install online monitoring and leak Overall carbon footprint reduced by 15% Expanded external waste management Environment detection, smart shutoff valves and sensors to in 2018 t
Slide 8: Property asset platform
Property asset platform 8 Property asset platform Section 2 Redefine group interim results for the six months ended 28 February 2019
Slide 9: Redefine's diversified property asset platform
Redefine’s diversified property asset platform Property asset platform 9 Positioning the platform for sustained value creation Portfolio valued at R92.0 billion Direct local property portfolio Direct international properties International listed securities Property portfolio 100.0% R68.5bn Europe Lo
Slide 10: Local portfolio profile
Local portfolio profile Property asset platform 10 A well-located, high-value, high-quality and efficient portfolio Carrying value Retail 39% R72.9bn (FY18 | 40%) (FY18 | R72.4bn) Impact of portfolio restructure R # 333 327 315 314 20 000 312 350 270 300 14 382 15 581 15 000 12 870 250 73% located i
Slide 11: Local portfolio highlights
Local portfolio highlights Property asset platform 11 A focus on organic growth Exit cap rate per sector Student accommodation 11.0% Active portfolio capital growth Average value Specialised 9.6% of 2.1% per property of R226m (FY18 | R222m) Industrial 9.2% Office 8.6% Developments in progress Comple
Slide 12: Retail portfolio
Retail portfolio Property asset platform 12 Differentiating by creating outstanding spaces for modern consumer lifestyles Highlights Market → Continued pressure on total cost of occupation driving down rent and escalations Value GLA → Retailers continue to focus on ‘right sizing’ → Excess retail spa
Slide 13: Office portfolio
Office portfolio Property asset platform 13 Efficient, modern facilities to enable work-life integration Highlights Market → Lack of confidence impacting leasing decisions GLA → Continued increase in vacancy levels compounded by nodal development Value R26.0bn → Continued pressure on rentals and esc
Slide 14: Industrial portfolio
Industrial portfolio Property asset platform 14 Incorporating key design elements to functionally differentiate our offering Highlights GLA Market → Logistics (especially third party) tenants demanding shorter leases linked to their Value R13.7bn service contract duration (FY18 | R13.1bn) 1.8 millio
Slide 15: Development activity
Development activity Property asset platform 15 Expanding to meet demand Retail Industrial Industrial Leroy Merlin, Little Falls Hirt & Carter, Cornubia S&J Industrial Estate, Germiston GLA: 19 575 m² GLA: 17 153 m² Road infrastructure put in place Tenants: Leroy Merlin 17 063 m² and Lease commencem
Slide 16: Alternative investments
Alternative investments Property asset platform 16 Diversifying income streams Student accommodation Loans High yielding Asset profile Current bed capacity at 8 378 Loans of R1.9 billion to various third parties Solar PV plants attracting commercial interest rates LED screens, exterior media, kiosks
Slide 17: International portfolio profile
International portfolio profile Property asset platform 17 Centred on geographic diversification and exploiting attractive yield spreads Geographic spread by value 3% 18% United Kingdom Carrying value Listed securities Australia R19.1bn R11.8bn 13% Poland (FY18 | R18.9bn) (FY18 | 11.9bn) 66% Africa
Slide 18: International portfolio highlights
International portfolio highlights Property asset platform 18 Expansion focussed on Poland Expansion of logistics Market → The UK commercial market continues to experience shocks and headwinds Invested R1.5bn through developments → Demand for student accommodation in Melbourne massively outstrips su
Slide 19: Europe Logistics Platform
Europe Logistics Platform Property asset platform 19 Limited industrial land supply and rising construction costs key in growing logistics market Value of income Activity → Completed developments: Strykow Active GLA → Developments in progress producing assets EUR232m 391 184 m² → Bielsko Biala Phase
Slide 20: Europe Logistics Platform development activity
Europe Logistics Platform development activity Property asset platform 20 Increasing exposure to primary logistics nodes through development Strykow Bielsko Biala Phase 1 development of 77 673 m² commenced in May 2018 and was Total land size of 156 525 m² completed in February 2019 Phase 1 developme
Slide 21: Financial review
Financial review 21 Financial review Section 3 Redefine group interim results for the six months ended 28 February 2019
Slide 22: Financial highlights
Financial highlights Financial review 22 A diligent focus on our material matters guides the execution of our strategic priorities Analysis of property assets and debt First half distribution of International income Rbn 4.0% to 49.2 cents contribution of 25.4% 120 (HY18 | 5.5%) (HY18 | 25.3%) 100 91
Slide 23: Simplified distributable income statement
Simplified distributable income statement Financial review 23 A purpose-driven strategy delivering in a tough operating environment HY19 HY18 change Rm Rm % Net operating income from investment properties 2 561 2 532 1.1% Sundry income 39 19 105.3% Total income 2 600 2 551 1.9% Administration costs
Slide 24: Contributors to growth in distributable income
Contributors to growth in distributable income Financial review 24 A diversified portfolio absorbs headwinds and provides sustained growth Tailwinds Headwinds R580 million (R458 million) Rm 3 450 58 42 23 86 2 950 86 (3) (16) (20) (49) 121 (50) 164 (56) (84) 2 658 2 536 (180) 2 450 1 950 1 450 950 H
Slide 25: Active portfolio income analysis
Active portfolio income analysis Financial review 25 Satisfactory performance in challenging trading conditions HY19 HY18 Change Rm Rm % Active portfolio revenue* 2 867 2 728 5.1% Active portfolio costs** (509) (456) 11.6% Property income from active portfolio 2 358 2 272 3.8% Net operating income f
Slide 26: Growth in net asset value per share
Growth in net asset value per share Financial review 26 Our diversified asset platform is capable of absorbing shocks and providing a platform for sustained growth EUR 11.30 USD 0.60 AUD 1.20 1 200 GBP 3.00 6.9 1 150 16.1 41.0 (1.5) (2.3) (2.5) (3.6) (10.8) 1 100 1 083.3 (18.0) 1 058.8 1 050 (49.8)
Slide 27: Accessing capital
Accessing capital Financial review 27 Responsible balance sheet management remains a priority Sources of capital of R4.3 billion HY19 FY18 Funding snapshot Rbn Rbn Bank borrowings 13.2 12.4 Debt raised 3 321 Listed bonds and commercial paper 7.1 5.5 Foreign-listed bonds 2.4 2.5 Recycling of capital
Slide 28: Currency analysis of property assets and borrowings
Currency analysis of property assets and borrowings Financial review 28 Our funding strategy focuses on protecting our balance sheet and optimising cost of capital HY19 FY18 Property assets Debt LTV Weighted Property assets Debt LTV Weighted Currency Rbn Rbn % average cost % Rbn Rbn % average cost %
Slide 29: In conclusion
In conclusion 29 In conclusion Section 4 Redefine group interim results for the six months ended 28 February 2019
Slide 30: Key take outs
In conclusion Key take outs 30 We remain focused on what matters most to stay a step ahead of the unexpected Strategic matter Strategic challenge Strategic response Second half key focus area Strengthen the balance sheet through continued focus Invest Creating sustained value for all Considered depl
Slide 31: Outlook
Outlook In conclusion 31 There is one certainty and that is that it will remain an uncertain environment Distribution per share growth CPS In summary 120 101.0 97.1 100 86.0 92.0 80.0 We strive to look beyond the current cycle 80 47.2 49.8 51.8 60 41.0 44.3 40 20 39.0 41.7 44.8 47.3 49.2 Expansion i
Slide 32: Supplementary information
Supplementary information 32 Supplementary information Section 5 Redefine group interim results for the six months ended 28 February 2019
Slide 33: Our strategy
Our strategy Supplementary information 33 → Our purpose-driven strategy is aligned with long-term trends – we adopt an agile approach, readily adapting to seize opportunities and mitigate risks as they arise → Our focus is on real estate and related investments – not a particular sector → We are dyn
Slide 34: Top risks
Top risks Supplementary information 34 Uncertainty pertaining to long-term impact of geo-political and socio-economic growth factors Financial market volatility Impact of disruptive technologies Inability to effectively manage our reputation Information security resilience Failure to comply with loc
Slide 35: Financial capital priorities
Financial capital priorities Supplementary information 35 Top priority HY19 progress HY19 LTV: 42.3% In order to reduce this, assessing asset acquisitions to be equity funded on a non- dilutive earnings basis and actively managing recycling activities to fund our Contain LTV at 40% or below developm
Slide 36: Manufactured capital priorities
Manufactured capital priorities Supplementary information 36 Top priority HY19 progress Tenant retention is top-of-mind, as well as reducing vacancies and The achieved retention rate is 96.6% with an active vacancy of 5.7%. The WALE extending lease maturity profiles term by GMR is 3.7yrs (FY18 - 3.6
Slide 37: Human capital priorities
Human capital priorities Supplementary information 37 Top priority HY19 progress Commenced a 360 Leadership style assessment. The process is a powerful Equip leadership with the capabilities required to align with our development tool for courageous and committed leaders seeking to improve their str
Slide 38: Social and relationship capital priorities
Social and relationship capital priorities Supplementary information 38 Top priority HY19 progress Development of CRM system near complete. Work commenced on the Invest in enhanced technology to facilitate engagement and development on a refreshed employee intranet as well as research into latest ex
Slide 39: Intellectual capital priorities
Intellectual capital priorities Supplementary information 39 Top priority HY19 progress Ethics survey conducted during November. Our overall ethics rating improved from Deepen ethics awareness and prioritise corporate conduct practices A to AA. Feedback on survey results to all staff and launched an
Slide 40: Natural capital priorities
Natural capital priorities Supplementary information 40 Top priority HY19 progress An additional 1 MWp capacity was added bringing our total capacity to 23.5 MWp Continue investment in long-term renewable energy solutions Two projects are under construction which will add another 767 kWp with more (
Slide 41: Debt funding profile
Debt funding profile Supplementary information 41 Maturity of South African debt Maturity of foreign debt Secured debt / secured assets Rbn Rbn % 10 5 80% 73% 68% 71% 68% 70% 67% 67% 68% 60% 58% 63% 8 4 60% 53% 6 3 40% 4 2 2 1 20% 0 0 0% 2019 2020 2021 2022 2023 2024 2025 2026 2020 2021 2022 2023 20
Slide 42: Analysis of non-recurring income
Analysis of non-recurring income Supplementary information 42 HY19 HY18 Rm Rm Chariot trading profit 80 - Land trading profit 23 - EPP WHT refund 21 - Realised foreign exchange gain - 90 Lease cancellation - 26 124 116 Redefine group interim results for the six months ended 28 February 2019
Slide 43: Active portfolio expenditure analysis
Active portfolio expenditure analysis Supplementary information 43 HY19 Rm % change Half year ended February 2018 456 Net municipal costs improved as a result of successful valuation objections and an improved focus on recoveries 1 1.5% Net electricity costs improved through a focus on renewable ene
Slide 44: Local active portfolio revenue growth
Local active portfolio revenue growth Supplementary information 44 Office Retail Industrial Specialised Total Active portfolio average rental escalation 7.6% 6.9% 7.7% 9.0% 7.3% Renewal plus new lets net of expiries -2.1% -2.7% -1.0% -0.1% -2.1% Growth in rental income 5.5% 4.2% 6.7% 8.9% 5.2% Growt
Slide 45: International income analysis
International income analysis Supplementary information 45 HY19 HY18 Rm Rm EPP N.V. 436 278 Cromwell Property Group 23 194 Chariot 141 10 RDI REIT PLC 93 137 Redefine Europe 95 - CPT - Northpoint - 42 Oando Wings 33 46 GRIT 9 11 International Hotel Group - 1 Other (5) (6) Realised foreign gains 1 90
Slide 46: International segmental analysis
International segmental analysis Supplementary information 46 UK Europe Australia Africa RDF Oando Total RDI EPP Chariot Europe Cromwell Journal GRIT Wings Other International Contractual rental income - - - 188 883 - 5 879 - - - 194 762 Investment income - - - - 22 684 - 9 815 - - 32 499 Total reve
Slide 47: Income hedging position by currency HY19
Income hedging position by currency HY19 Supplementary information 47 2019 2020 2021 2022 2023 2024 EUR EUR amount (€m) 6.5 17.0 14.5 8.0 8.0 2.0 FEC rate (R: €1) 17.83 18.89 20.32 21.98 23.84 25.09 GBP GBP amount (£m) 2.5 5.0 2.5 - - - FEC rate (R: £1) 20.44 21.51 22.67 - - - AUD AUD amount (A$m) 2
Slide 48: Reconciliation of cash generated to total distributable income
Reconciliation of cash generated to total distributable income Supplementary information 48 HY19 R’000 Net cash inflow from operating activities (as per statement of cashflows) 1 863 781 Items in cash flow from operating activities, but not related to distributable income 479 615 Working capital cha
Slide 49: Reconciliation of property assets
Reconciliation of property assets Supplementary information 49 Rm August 2018 property asset platform 91 335 Deployment of capital 3 712 Disposals (1 265) Impairments (200) Fair value adjustments (178) Foreign exchange adjustments (1 234) Net equity accounted profit (284) Interest raised on loans re
Slide 50: Local portfolio game plan
Local portfolio game plan Supplementary information 50 Investment criteria Our focus Continued expansion across traditional Continue to expand and improve existing well-located properties through development sectors Invest in younger (more efficient), well-located and better-quality properties with
Slide 51: Local portfolio overview
Local portfolio overview Supplementary information 51 Description Office Retail Industrial Specialised^ HY19 FY18 Number of properties 115 76 108 4 303 305 Number of tenants 1 204 3 160 427 2 4 793 4 954 Total GLA (m²) (million) 1.3 1.4 1.8 0.0 4.6 4.6 Vacancy (%) active 12.1 4.6 1.8 6.4* 5.7* 4.5*
Slide 52: Portfolio split
Portfolio split Supplementary information 52 Valuation Value Number of Number of GLA GLA GMR Description (R'000) (%) Properties Properties (%) (m²) (%) (R'000) Sector Office 26 021 519 37% 115 37% 1 302 422 29% 174 649 Retail 27 972 740 39% 76 24% 1 392 742 30% 217 012 Industrial 13 722 848 19% 108
Slide 53: Local sectoral split
Local sectoral split Supplementary information 53 BY VALUE (%) BY GMR (%) 5% 1% 19% 37% 20% 35% 39% 44% Office BY GLA (%) Retail BY NUMBER OF PROPERTIES (%) 1% Industrial 5% 29% Specialised/Student accommodation 37% 40% 34% 30% 24% Redefine group interim results for the six months ended 28 February
Slide 54: Local geographical split
Local geographical split Supplementary information 54 BY VALUE (%) BY GMR (%) 5% 6% 4% 6% 18% 17% 71% 73% Gauteng BY GLA (%) Western Cape BY NUMBER OF PROPERTIES (%) 7% 8% KwaZulu-Natal 6% Other 8% 16% 16% 71% 68% Redefine group interim results for the six months ended 28 February 2019
Slide 55: Local retail sector
Local retail sector Supplementary information 55 BY VALUE (%) BY ACTIVE VACANCY (%) 6% 16% 2.0% 6% 1.8% 1.5% 1.0% 1.0% 0.7% 0.6% 0.5% 0.5% 39% 33% 0.0% Super regional BY GLA (%) Regional BY GMR (%) 8% 9% Community / Small regional 6% 13% 7% Neighbourhood 10% Other 29% 32% 42% 44% Redefine group inte
Slide 56: Local office sector
Local office sector Supplementary information 56 VALUE BY GRADE (%) BY ACTIVE VACANCY (%) 1% 15% 5.0% 4.5% 4.4% 4.0% 3.2% 50% 3.0% 2.0% Premium 1.0% 34% A Grade Secondary 0.0% Land Premium A Grade Secondary VALUE BY LOCATION (%) GMR BY LOCATION (%) 1% 1% 2% 2% 23% 23% Gauteng Western Cape 75% KwaZul
Slide 57: Local industrial sector
Local industrial sector Supplementary information 57 BY VALUE (%) BY ACTIVE VACANCY (%) 10% 1% 0.8% 0.7% 7% 0.6% 0.6% 0.5% 47% 0.4% 22% 0.2% 0.0% 13% Warehousing / Logistics BY GLA (%) Light manufacturing BY GMR (%) 1% Heavy grade industrial 1% 10% 11% Industrial units Big box retailer Land 52% 49%
Slide 58: Local vacancy profile
Local vacancy profile Supplementary information 58 Office Retail Industrial Specialised Total GLA m² GLA m² GLA m² GLA m² GLA m² Gauteng 174 710 43 976 24 799 1 908 245 393 Western Cape 11 035 747 7 544 - 19 326 KwaZulu-Natal 4 508 4 908 944 - 10 360 Other 12 849 15 024 - - 27 873 Total 203 102 64 6
Slide 59: Local tenant grading
Local tenant grading Supplementary information 59 TOTAL (%) RETAIL (%) 10% 12% 14% 14% 74% 76% Grade A Grade B Grade C OFFICE (%) 7% INDUSTRIAL (%) 12% 11% 20% 68% 82% Redefine group interim results for the six months ended 28 February 2019
Slide 60: Local lease expiry profile
Local lease expiry profile Supplementary information 60 GMR GLA 70 000 1 000 Thousands Thousands 900 60 000 800 50 000 700 600 40 000 500 30 000 400 20 000 300 200 10 000 100 0 0 Monthly 2019 2020 2021 2022 2023 Beyond Monthly 2019 2020 2021 2022 2023 Beyond Vacancy 2023 2023 Total GMR: R495 497 Tot
Slide 61: Local top 10 properties and tenants of total portfolio
Local top 10 properties and tenants of total portfolio Supplementary information 61 Value Property Region (R'000) GLA m² Tenant GLA m² GMR (R) Centurion Mall Gauteng 4 629 344 117 784 Macsteel 552 641 26 559 637 Macsteel Various 3 782 646 552 641 Pepkor 221 571 20 899 858 Alice Lane Gauteng 3 014 50
Slide 62: Local top 10 retail properties
Local top 10 retail properties Supplementary information 62 Value Property Region (R'000) GLA m² Tenant GLA m² GMR (R) Centurion Mall Gauteng 4 629 344 117 784 Shoprite 120 783 12 407 903 Blue Route Mall Western Cape 1 606 000 56 145 Pick n Pay 102 040 9 840 449 East Rand Mall (50% share) Gauteng 1
Slide 63: Local top 10 office properties
Local top 10 office properties Supplementary information 63 Value Property Region (R'000) GLA m² Tenant GLA m² GMR (R) Alice Lane Gauteng 3 014 507 77 531 Government 125 818 16 724 822 115 West Street Gauteng 1 763 600 41 091 Standard Bank 49 342 8 896 711 Black River and Observatory Office Park Wes
Slide 64: Local top 10 industrial properties
Local top 10 industrial properties Supplementary information 64 Value Property Region (R'000) GLA m² Tenant GLA m² GMR (R) Macsteel Various 3 782 646 552 641 Macsteel 552 641 26 559 637 Pepkor Isando Gauteng 886 000 107 017 Pepkor 165 099 10 122 709 Robor Gauteng 761 250 120 277 Robor 120 277 5 187
Slide 65: Local specialised properties
Local specialised properties Supplementary information 65 Value Property Region (R'000) GLA m² Park Central Gauteng 428 131 - Bedford Gardens Hospital Gauteng 344 700 12 817 Loftus Park Hotel (25% share) Gauteng 42 108 - Southern Sun O.R. Tambo International Gauteng 38 500 14 153 Total portfolio 853
Slide 66: Local student accommodation
Local student accommodation Supplementary information 66 Value Property Region (R'000) GLA m² Beds Hatfield Square Gauteng 856 300 2 815 2 331 Midrand Varsity Lodge Gauteng 587 100 - 1 846 Saratoga Village Gauteng 254 573 - 1 078 Roscommon House Western Cape 240 840 - 582 West City Gauteng 142 690 -
Slide 67: Local disposals transferred
Local disposals transferred Supplementary information 67 Date Proceeds Property Province of transfer GLA (m²) (R'000) Yield (%) Office 9 617 75 000 9.0% Allhart Office Park Gauteng 07-Dec-18 4 668 30 000 7.9% The Ambridge Gauteng 28-Feb-19 4 949 45 000 9.8% Retail 57 331 315 039 10.0% China Town Ott
Slide 68: Local acquisitions transferred
Local acquisitions transferred Supplementary information 68 Date of Purchase price Acquisition Property Region transfer (R'000) yield % Industrial 130 000 9.7% Torre Modderfontein Gauteng 16-Nov-18 80 000 9.9% 0 JD Rosslyn (50%) Gauteng 05-Feb-19 50 000 9.5% Student accommodation 55 Empire Road* Gau
Slide 69: Non-current assets held for sale
Non-current assets held for sale Supplementary information 69 Proceeds Property Region GLA m² (R'000) yield % Office 55 406 383 425 6.1% 26 - 28 Christian Avenue Western Cape 13 727 75 844 9.2% Fedsure Forum Gauteng 28 721 207 581 0.8% BDO House KwaZulu-Natal 2 214 18 750 11.5% Delmat House KwaZulu-
Slide 70: Local new developments completed
Local new developments completed Supplementary information 70 Development cost GLA (m²) Initial yield (%) Completion date (R'000) Retail 9 262 117 306 11.0% Centurion Lifestyle Walk - Decathlon and Stodels 6 162 85 624 10.8% Dec-18 Park Meadows - Builders Express 3 100 31 682 11.4% Sep-18 Industrial
Slide 71: Local new developments in progress
Local new developments in progress Supplementary information 71 Projected Expected Still to spend GLA (m²) development cost Initial yield (%) completion date (R’000) (R'000) Retail Leroy Merlin - Little Falls 19 575 298 223 8.3% Mar-19 28 662 Industrial 26 675 173 089 9.4% 163 639 Brackengate Bright
Slide 72: Local new developments future committed pipeline
Local new developments future committed pipeline Supplementary information 72 Projected development Number of beds Initial yield (%) Project start date cost (R'000) Student accommodation Paton House 538 108 080 10.6% Oct-19 Grand total 108 080 10.6% Local redevelopments in progress Projected develop
Slide 73: Local redevelopments future committed pipeline
Local redevelopments future committed pipeline Supplementary information 73 Projected development cost Initial yield (%) Project start date (R'000) Retail Centurion Lifestyle Centre 68 146 3.0% Aug-19 Projected Number of beds development cost Initial yield (%) Project start date (R'000) Student acco
Slide 74: Local infrastructure projects
Local infrastructure projects Supplementary information 74 Total development cost Infrastructure projects completed (R'000) Completion date Industrial S & J Infrastructure Jupiter (90% share) 30 082 Nov-18 Retail Matlosana access road 57 563 Dec-18 Grand total 87 645 Projected development cost Expec
Slide 75: International game plan
International game plan Supplementary information 75 Investment criteria Our focus Local partner representation and Limited to Poland, United Kingdom and Australia aligned with Redefine’s interests Provide ongoing strategic and financial support to our partners in-country Provide opportunities for s
Slide 76: United Kingdom
United Kingdom Supplementary information 76 Redefine’s interests → RDI REIT PLC 29.4% Platform profile → 46% exposure to retail, 21% to offices, 23% to hotels and 10% to industrial assets Carrying value → R3.4 billion See through value of assets → R8.9 billion See through LTV → 89.9% Redefine activi
Slide 77: Australia
Australia Supplementary information 77 Redefine’s interests → Cromwell 2.7% → Journal 90% Platform profile → 36% exposure to offices, 2% to industrial assets and 62% to student accommodation Carrying value → R2.4 billion See through value of assets → R2.3 billion See through LTV → 45.4% Redefine act
Slide 78: Poland
Poland Supplementary information 78 Redefine’s interests → EPP 44.4% → European Logistics 95% → Chariot Top Group 25% Platform profile → 73% exposure to retail, 10% to office and 17% logistics assets Carrying value → R12.6 billion See through value of assets → R23 billion See through LTV → 95.7% Red
Slide 79: International new developments
International new developments Supplementary information 79 Development Completed during the year Country GLA (m²) cost Initial yield (%) Industrial Stykow Poland 77 673 EUR36m 6.3% Development Country Number of beds Initial yield (%) cost Student accommodation Leicester Street Australia 804 AUD130m