Redefine Properties Limited · JSE:RDF
Redefine Properties — H1 2021 Earnings Presentation
86 slides from Redefine Properties's earnings presentation, May 2021
Slide 1: Group interim results for the six months ended 28 February 2021
Group interim results for the six months ended 28 February 2021 1
Slide 2: Focussing on what matters most
Focussing on what matters most Salient first half 2021 features arising from the execution of our strategic priorities Accelerated Improved stakeholder Asset platform Balance sheet risk Tapered rental relief to transformation at confidence simplified reduced tenants executive level Embedded ESG to a
Slide 3: Growing reputation
GR Growing reputation Growing reputation Contributing to the creation of a more inclusive, sustainable and resilient operating context Group interim results for the six months ended 28 February 2021 33
Slide 4: Growing reputation: key outcomes for the first half of 2021
Key outcomes for the first half of 2021 GR Principles of stakeholder capitalism guide our ESG journey Growing reputation Environment Social Governance Lighting efficiency projects in progress Participation in the UN Global ISS ESG governance QualityScore will result in a 1% reduction in scope 2 Comp
Slide 5: Putting our purpose at the heart of what we do
Putting our purpose at the heart of what we do GR Positioning Redefine for a better future that will contribute to a more inclusive operating context Growing reputation Collaborating with Fostering a culture Enhancing our Aligning our Deepening investors and of diversity of space offering to supplie
Slide 6: Positioning for the upward cycle
Positioning for the upward cycle GR Creating stakeholder value will rely on how well we manage the competing needs of all stakeholders Growing reputation 2021 second half focus Anticipated outcome ▫ Restore stakeholder confidence ▫ Stakeholder confidence at pre-COVID-19 levels ▫ Entrench ESG in all
Slide 7: Investing strategically
IS Investing strategically Investing strategically Shifting our thinking to the evolving relevance of real estate Group interim results for the six months ended 28 February 2021 7
Slide 8: Investing strategically: key outcomes for the first half of 2021
Key outcomes for the first half of 2021 IS Advancing our strategy to diversify, focus and improve the quality of the property asset platform Investing strategically Uses of capital of R5.2 billion Net debt repaid 4 021 Property assets under Property asset disposals management valued at realised R4.0
Slide 9: Local portfolio profile
Local portfolio profile IS A sizeable, well-diversified and high-quality portfolio Investing strategically Impact of portfolio repositioning Carrying value of R # Total GLA 4.4 million m2 properties R61.9 billion 25 000 327 315 302 350 (FY20 | 4.4 million m2) 296 290 (FY20 | R64.0bn) 300 20 000 15 8
Slide 10: Local portfolio key outcomes
Local portfolio key outcomes IS A challenging operating environment exacerbated by the pandemic Investing strategically Weighted average exit cap rate per sector (core portfolio) Active portfolio Total letting at 490 671m² Specialised 9.50% revaluation of -1.0% (HY20 | 455 553m²) Industrial 9.32% Of
Slide 11: Local retail portfolio overview
Local retail portfolio overview IS Recovery continues but very sensitive to lockdown regulations Investing strategically Contribution to vacancy by type Carrying value Renewal success rate 23.8% 18.1% R24.3 billion by GLA 59.8%* (FY20 | R25.7bn) (HY20 | 52.4%) Vacancy by type 5.5% Super regional: 9.
Slide 12: Local office portfolio overview
Local office portfolio overview IS Need for collaboration, continuity and cohesion will shape the office market Investing strategically Contribution to vacancy by grade Carrying value Renewal success rate R23.0 billion by GLA 29.1%* 37.5% 21.1% (FY20 | R23.3bn) (HY20 | 57.0%) Vacancy by grade 14.6%
Slide 13: Local industrial portfolio overview
Local industrial portfolio overview IS Location and efficiency remains key in a cost-sensitive market Investing strategically Contribution to vacancy by type Carrying value Renewal success rate 0.6% R12.2 billion by GLA 47.2%* 2.8% (FY20 | R12.4bn) (HY20 | 72.5%) Vacancy by type 15.0% Warehousing/Lo
Slide 14: Our evolving response brought about by COVID-19
Our evolving response brought about by COVID-19 IS The real estate sector continues its recovery although uncertainty around the pandemic persists Investing strategically Key trends Our response The accelerated growth of online mainly took place in the grocery and pharmacy category. Facilitate c
Slide 15: Alternative investments
Alternative investments IS Diversifying income streams Investing strategically Local student accommodation Loans Complementary Redefine’s ▫ Solar PV plants interests ▫ 53.4% equity interest in Respublica Student Living ▫ Loans of R1.3 billion to various third ▫ LED screens, exterior media, kiosks an
Slide 16: International portfolio profile
International portfolio profile IS Core exposure focussed on Polish retail and logistics Investing strategically Geographic spread by value (%) 2% Platform carrying value# EPP carrying value 17% R12.3 billion R6.8 billion (FY20 | R15.6bn) (FY20 | R7.3bn) Poland Australia (exit in progress) Africa (e
Slide 17: International portfolio key outcomes
International portfolio key outcomes IS Continued progress to simplify, de-risk and refocus the asset platform Investing strategically 5% Value by sector (%) COVID-19 has had an Strong development impact on EPP’s ability pipeline of Polish 19% to pay dividends logistics assets Retail Student accommo
Slide 18: European logistics platform overview
European logistics platform overview IS E-commerce and distribution expansion drives demand Investing strategically GLA by tenant type (%) Value of income Continued strong 2% producing assets Production performance despite EUR422.6 million 31% Retailer (FY20 | EUR365.0m) COVID-19 7% Distribution Thi
Slide 19: Capital allocation priorities
Capital allocation priorities IS Allocating capital to position platform for sustained value creation Investing strategically Improving: R45 million Expanding: R470 million High Revenue enhancing operational capital European logistics platform developments expenditure Local retail development
Slide 20: Positioning for the upward cycle
Positioning for the upward cycle IS Repositioning our asset platform to maintain relevance Investing strategically 2021 second half focus Anticipated outcome ▫ Re-evaluate every property asset’s capital ▫ Position asset platform for organic capital growth growth prospects ▫ Build sustainable revenue
Slide 21: Optimising capital
OC Optimising capital Optimising capital Reshaping our funding sources within the confines of scarce and costly capital Group interim results for the six months ended 28 February 2021 21
Slide 22: Optimising capital: key outcomes for the first half of 2021
Key outcomes for the first half of 2021 OC Strengthening the balance sheet continues to be our top strategic priority Optimising capital Sources of capital of R5.2 billion LTV reduced to 44.3% Interest cover ratio (FY20 | 47.9%) at 2.4x Disposal of Leicester Street 2 800 (FY20 | 2.6x) Local disposal
Slide 23: Pathway to target loan-to-value ratio of sub 40%
Pathway to target loan-to-value ratio of sub 40% OC Deleveraging through a structured and deliberate process HY21 Actual Pathway to target LTV Optimising capital 50% 47.9% 48% 46% 0.5% 0.5% 44.3% 0.8% 44% 0.9% 41.4% 42% -4.6% 1.0% 39.9% -0.8% -2.2% 40% -1.6% -1.4% 38% -0.7% -0.4% 36% FY20 Reduction
Slide 24: Healthy liquidity levels maintained despite a punitive environment
The gradual return to normalcy includes dealing with the aftermath of the pandemic OC Healthy liquidity levels maintained despite a punitive environment Optimising capital Improving trend in collections during the period with a first half average of 98% of gross billings LTV covenant relaxation
Slide 25: 2021 dividend
2021 dividend OC Uncertainty dictates a prudent approach Optimising capital % Dislocation between property and other asset classes Redefine’s board has 140 Fundamental to our given careful investment proposition consideration to the is to pay dividends 120 needs of all stakeholders 100 80 Strategica
Slide 26: Positioning for the upward cycle
Positioning for the upward cycle OC Operating within a constrained funding environment Optimising capital 2021 second half focus Anticipated outcome ▫ Implement loan-to-value reduction plan ▫ Create sustainable capital base ▫ Optimise funding model ▫ Reduce liquidity risk ▫ Broaden funding sources ▫
Slide 27: Operating efficiently
OE Operating efficiently Operating efficiently Harnessing the acceleration of digital Group interim results for the six months ended 28 February 2021 27
Slide 28: Operating efficiently: key outcomes for the first half of 2021
Key outcomes for the first half of 2021 OE Navigating the challenges of the pandemic Operating efficiently Distributable income analysis Rm Weighted average rental 5 473 Active portfolio 6 000 margin at 81.5% renewal growth of -16.3% 5 000 (HY20 | 82.8%) (FY20 | -4.6%) 4 000 2 798 3 000 5 141 94% 98
Slide 29: Financial headlines
Financial headlines OE Comparing to a pre-COVID-19 period plays out in the numbers Operating efficiently Distributable income per share CPS Half year distributable Deferral of half year 120 101.0 income per share 92.0 97.1 dividend payout decision 100 26.18 cents to year end 80 51.8 (HY20 | 33.46 ce
Slide 30: Contributors to changes in distributable income
30 Operating efficiently OE 1 422 HY21 Actual The knowns are outweighed by evolving unknowns means that our goal posts are no longer anchored Tailwinds Local net finance 10 10 charges Realised foreign (2) exchange gains Chariot distribution (14) exchanged for M1 Marki (16) Journal Student disposal (
Slide 31: Change in net asset value per share
Change in net asset value per share OE Reset reference points have set a new floor from which to sustain growth Operating efficiently ZAR 9.6 EPP 9.3 EUR 18.3 EUR 3.8 ELI 2.5 GBP 1.0 AUD 1.0 Lango 0.1 Listed shares (0.2) AUD 0.4 USD 0.0 Chariot (0.4) Vendor loans (2.1) EUR (21.7) USD 0.4 GBP 0.5 Jou
Slide 32: Positioning for the upward cycle
Positioning for the upward cycle OE Letting will be reshaped by low levels of confidence, tight economy and changes in user behaviour Operating efficiently 2021 second half focus Anticipated outcome ▫ Optimise operational efficiency ▫ Position Redefine to succeed in competitive ▫ Seek sustainable in
Slide 33: Engaging talent
ET Engaging talent Engaging talent Fostering innovation through diversity Group interim results for the six months ended 28 February 2021 33
Slide 34: Engaging talent: key outcomes for the first half of 2021
Key outcomes for the first half of 2021 ET The right people in the right place at the right time Engaging talent Appointment of 53 learners enrolled in replacement CFO 2021 learnership program Relocation of head office Implemented remote and to 155 West Street, flexible working policies Sandton Cert
Slide 35: Positioning for the upward cycle
Positioning for the upward cycle ET It’s not what we do but how we do it that sets us apart Engaging talent 2021 second half focus Anticipated outcome ▫ Build a resilient workforce ▫ Move away from linear thinking and embrace change ▫ Embrace the hybrid workforce through flexible policies and connec
Slide 36: Outlook
Outlook OE We will remain focused on what matters most to make strategic choices that build tomorrow today Operating efficiently Subdued property fundamentals and low growth will remain a persistent theme in 2021 and beyond The outlook depends on: the outcome of the battle between the virus an
Slide 37: Supplementary information
SI Supplementary information Supplementary information Group interim results for the six months ended 28 February 2021 37
Slide 38: Top risks
Top risks SI Supplementary information Deteriorating public / state infrastructure and poor administrative delivery locally Uncertainty pertaining to long-term impact of geo-political and socio-economic growth factors Impact of business disruption as a results of advancement of technologies as-well-
Slide 39: Value creation scorecard: investors and funders
Snapshot of our value creation scorecard by key stakeholder SI Supplementary information A source of sustained growth in total returns for investors and funders Value creation indicator Value creation outcome 2021 2020 Full-year distributable income per share on budget ✓ X Reduction of non-recurring
Slide 40: Value creation scorecard: employees
Snapshot of our value creation scorecard by key stakeholder SI Supplementary information An employer of choice for employees Value creation indicator Value creation outcome 2021 2020 Annual employee remuneration – progress made i.t.o. pay equality and fairness = ✓ 5 812 man-hours spent on training a
Slide 41: Value creation scorecard: tenants
Snapshot of our value creation scorecard by key stakeholder SI Supplementary information A differentiated provider of relevant space to tenants Value creation indicator Value creation outcome 2021 2020 Tenant retention below target X X Tenant relief and concessions granted ✓ ✓ Occupancy rate improve
Slide 42: Value creation scorecard: brokers and suppliers
Snapshot of our value creation scorecard by key stakeholder SI Supplementary information A preferred business partner for brokers and suppliers Value creation indicator Value creation outcome 2021 2020 Improved leasing deals facilitated by brokers by number of deals ✓ X Commission paid out to broker
Slide 43: Value creation scorecard: community
Snapshot of our value creation scorecard by key stakeholder SI Supplementary information A responsible community participant Value creation indicator Value creation outcome 2021 2020 Contribution to community engagement through CSI initiatives ✓ ✓ Investment in CSI programmes based on Challenge Conv
Slide 44: Analysis of secured and unsecured debt to property assets
Analysis of secured and unsecured debt to property assets SI Supplementary information Assets Debt LTV Rbn Rbn Secured 51.0 22.7 44.5% Local 42.5# 20.5 48.2% Offshore 8.5## 2.2 25.9% Unsecured 24.3 9.2 37.9% Local** 14.9 8.8 Offshore 9.4 0.4 Group LTV without CCS 75.3 31.9 42.4% Cross Currency Swaps
Slide 45: Funding snapshot
Funding snapshot SI Supplementary information HY21 FY20 Funding snapshot Rbn Rbn Bank borrowings 7.5 11.5 Listed bonds and commercial paper 7.0 7.2 Unlisted bonds 17.8 17.9 Total debt 32.3 36.6 Mark-to-market of cross currency swaps 1.4 2.3 Insurance contract liability 0.2 0.1 Cash (0.5) (0.2) Net d
Slide 46: Loan-to-value calculation
Loan-to-value calculation SI Supplementary information HY21 FY20 HY21 FY20 Redefine reported LTV ratio Rm Rm SA REIT Association LTV ratio Rm Rm Property-related assets 75 341 81 029 Property-related assets 75 518 81 225 Investment properties** 64 381 69 223 Total assets 76 882 82 170 Listed securit
Slide 47: Debt funding profile
Debt funding profile SI Supplementary information Maturity of local debt Maturity of foreign debt Secured debt / secured assets Rbn Rbn % 80% 12 10.0 5 4.0 70% 70% 10 4 68% 67% 66% 65% 67% 68% 68% 8.0 63% 8 6.3 5.7 6.5 5.6 3 6 4.3 2.0 60% 2.9 2 1.2 4 2.5 1.1 1.0 1.6 2.0 1 0.7 0.7 0.6 2 0.8 - - - - 0
Slide 48: Currency analysis of property assets and borrowings
Currency analysis of property assets and borrowings SI Supplementary information HY21 FY20 Property Property NAV assets Debt NAV hedge Weighted avg assets Debt hedge Weighted avg Currency Rbn Rbn % cost % Rbn Rbn % cost % Net ZAR* 63.0 22.3 35.3% 8.7% 65.4 24.7 37.7% 8.1% AUD 2.1 0.9 42.9% 2.5% 5.2
Slide 49: Simplified distributable income statement
Simplified distributable income statement SI Supplementary information HY21 HY20 change Rm Rm % Net operating income (NOI) from investment properties 2 427 2 702 (10%) Sundry income 4 20 (80%) Total revenue 2 431 2 722 (11%) Administrative costs (133) (114) (17%) Net operating costs 2 298 2 608 (12%
Slide 50: Local active portfolio income analysis
Local active portfolio income analysis SI Supplementary information Active portfolio NOI contribution 3% HY21 HY20 change Rm Rm % 39% 22% Active portfolio revenue* 2 946 3 120 (5.6%) Active portfolio costs ** (544) (535) 1.7% HY21 Property income from active portfolio 2 402 2 585 (7.1%) Net operatin
Slide 51: Local active portfolio expenditure analysis
Local active portfolio expenditure analysis SI Supplementary information Rm % change Half year ended HY20 535 Net municipal costs higher due to completion of development on properties and costs filtering through 15 13.2% Net electricity cost higher due to an increase in vacancies and council escalat
Slide 52: Local active portfolio revenue growth
Local active portfolio revenue growth SI Supplementary information Active portfolio revenue growth Office Retail Industrial Specialised Total Active portfolio average rental escalation 7.1% 6.4% 6.9% 6.8% 6.8% Renewal plus new lets net of expiries (8.6%) (9.0%) (15.2%) (22.0%) (10.5%) Growth in rent
Slide 53: International distributable income analysis
International distributable income analysis SI Supplementary information UK Europe Australia Africa GBP EUR RDF AUD USD Lango Total R000 Funding Funding EPP Chariot Europe Funding Journal Funding (GIAP) international Contractual rental income - - - - - - 26 458 - - 26 458 Investment income - - - - -
Slide 54: Income hedging position by currency
Income hedging position by currency SI Supplementary information 2021 2022 2023 2024 2025 EUR EUR amount (€m) 14.0 20.5 23.0 17.0 7.5 FEC rate (R: €1) 20.1 21.1 22.6 23.9 26.2 Group interim results for the six months ended 28 February 2021 54
Slide 55: Reconciliation of cash generated to total distributable income
Reconciliation of cash generated to total distributable income SI Supplementary information HY21 R000 Net cash inflow from operating activities (as per statement of cashflows) 920 962 Items in cash flow from operating activities, but not related to distributable income 202 830 Working capital change
Slide 56: Redefine's diversified property asset platform
Redefine’s diversified property asset platform SI Supplementary information Portfolio valued at R75.3 billion Direct local property portfolio Direct international properties International listed securities Journal Student Accommodation Fund 90.0% R2.1bn EPP N.V. 45.4% R6.8bn Property portfolio 100.0
Slide 57: Reconciliation of property assets
Reconciliation of property assets SI Supplementary information Rm FY20 property asset platform 81 029 Deployment of capital 565 Disposals (3 995) Impairments 956 Fair value adjustments (1 278) Foreign exchange adjustments (1 551) Net equity accounted profit (449) Interest raised 111 Net settlement o
Slide 58: Local investment strategy
Local investment strategy SI Supplementary information Investment criteria Our focus Diversify exposure across traditional Continue to ensure relevance and improve existing well-located properties through sectors optimisation Exposure to key economic nodes Invest in younger (more efficient),
Slide 59: Local retail portfolio: foot count and sales recovery
Local retail portfolio | Foot count and sales recovery SI Supplementary information Foot count recovery (million) Total turnover (R million) Essential services tenants turnover (R million) 107% 100% 110% 107% 104% 106% 108% 104% 104% 106% 15 4 000 1 200 90% 99% 99% 83% 90% 104% 1 000 98% 82% 84% 82%
Slide 60: Local portfolio overview
Local portfolio overview SI Supplementary information HY21 FY20 Description Office Retail Industrial Specialised Total Total Number of properties 104 70 101 15 290 296 Number of tenants 1 078 2 807 390 9 4 284 4 553 Total GLA (m²) (million) 1.2 1.3 1.8 0.0 4.4 4.4 Vacancy (%) active 14.6% 5.5% 7.1%
Slide 61: Local sectoral split
Local sectoral split SI Supplementary information By value (%) By GMR (%) 4% 1% 20% 19% 37% 37% 39% 43% Office Retail By GLA (%) By number of properties (%) 1% Industrial 5% Specialised 28% 36% 41% 35% 30% 24% Group interim results for the six months ended 28 February 2021 61
Slide 62: Local geographical split
Local geographical split SI Supplementary information By value (%) By GMR (%) 5% 6% 5% 5% 16% 15% 74% 74% Gauteng Western Cape By GLA (%) By number of properties (%) 6% 8% KwaZulu-Natal 9% Other 7% 14% 14% 72% 70% Group interim results for the six months ended 28 February 2021 62
Slide 63: Local sector analysis
Local sector analysis SI Supplementary information Type by value Type by GLA Type by GMR 11% 8% 7% Community / Small regional 9% 7% 6% 38% Regional 39% 39% 13% Retail Super regional 15% 10% Neighbourhood Other 33% 32% 33% Type by value Type by GLA Type by GMR 15% 12% 22% Premium Grade 31% A-Grade P
Slide 64: Local tenant grading
Local tenant grading SI Supplementary information Total (%) Retail (%) 13% 17% 13% 11% 74% 72% Grade A Office (%) Grade B Industrial (%) 11% 12% Grade C 10% 19% 69% 79% Group interim results for the six months ended 28 February 2021 64
Slide 65: Local lease expiry profile by GMR
Local lease expiry profile by GMR SI By gross monthly rental (GMR) Supplementary information 60 000 50 000 Office Retail Industrial Specialised Total Monthly 18 508 013 15 513 677 657 015 2 085 003 36 763 708 40 000 2021 14 943 692 13 821 938 7 207 487 3 876 664 39 849 781 Thousands 2022 31 379 456
Slide 66: Local lease expiry profile by GLA
Local lease expiry profile by GLA SI By gross lettable area (GLA) Supplementary information 800 700 Office Retail Industrial Specialised Total 600 Monthly 121 124 79 066 9 144 14 355 223 689 2021 89 757 65 666 108 894 12 817 277 134 500 Thousands 2022 179 856 240 941 335 729 81 756 607 400 2023 129
Slide 67: Local top properties and tenants of total portfolio
Local top 10 properties and tenants of total portfolio SI Supplementary information Value Property Region (R000) GLA m² Tenant GLA m² GMR (R) Centurion Mall Gauteng 3 475 000 119 554 Macsteel 550 138 23 622 766 Alice Lane Gauteng 3 247 700 77 711 Pepkor 248 720 24 214 039 115 West Street Gauteng 1 5
Slide 68: Local top retail properties and tenants
Local top 10 retail properties and tenants SI Supplementary information Value Property Region (R000) GLA m² Tenant GLA m² GMR (R) Centurion Mall Gauteng 3 475 000 119 554 Shoprite 109 860 13 414 057 Blue Route Mall Western Cape 1 507 500 55 729 Pepkor 81 175 11 918 937 Golden Walk Gauteng 1 406 600
Slide 69: Local top office properties and tenants
Local top 10 office properties and tenants SI Supplementary information Value Property Region (R000) GLA m² Tenant GLA m² GMR (R) Alice Lane Gauteng 3 247 700 77 711 Government 142 603 21 051 968 115 West Street Gauteng 1 589 000 41 091 Alexander Forbes 44 611 13 282 229 Black River Office Park West
Slide 70: Local top industrial properties and tenants
Local top 10 industrial properties and tenants SI Supplementary information Value Property Region (R000) GLA m² Tenant GLA m² GMR (R) 233 Barbara Road Gauteng 796 800 120 277 Macsteel 550 138 23 622 766 Pepkor Isando Gauteng 710 100 107 017 Pepkor 165 099 11 910 115 Hirt & Carter Cornubia KwaZulu-Na
Slide 71: Top local undeveloped land
Top 10 local undeveloped land SI Supplementary information Value Property Region (R000) S & J Industrial (90%) Gauteng 751 235 Brackengate 2 Mainland Western Cape 171 838 Galleria (90%) Gauteng 128 780 Cornubia Ptn 18 KwaZulu-Natal 55 664 4 Keyes Avenue Gauteng 47 500 Wilgespruit - Land Gauteng 31 6
Slide 72: Local specialised properties
Local specialised properties SI Supplementary information Value Property Region (R000) GLA m²* Bedford Gardens Hospital Gauteng 347 900 12 817 Park Central Gauteng 168 800 - Loftus Park Hotel Gauteng 25 680 - Southern Sun OR Tambo International Airport Gauteng 11 840 14 153 Specialised properties 55
Slide 73: Local student accommodation
Local student accommodation SI Supplementary information Value Property Region (R000) Beds Hatfield Square Gauteng 600 000 2 331 Princeton House Gauteng 370 096 1 818 Roscommon House Western Cape 244 000 582 Saratoga Village Gauteng 195 276 1 077 West City Gauteng 112 617 1 134 Yale Village Gauteng
Slide 74: Disposals | Non-core property assets
Disposals | Non-core property assets SI Supplementary information Date Proceeds Property Province of transfer GLA (m²) (R000) Yield (%) Retail 60 651 900 326 8.9 Ottery Centre Western Cape 23-Sep-20 30 802 334 000 8.9 Langeberg Mall Western Cape 23-Dec-20 29 849 566 326 8.9 Office 1 582 7 118 8.7 RP
Slide 75: Non-current assets held for sale
Non-current assets held for sale SI Supplementary information Value Local properties Province Sector GLA (m²) (R000) Yield (%) Industrial 18 683 96 913 15.2 13A Edison Street Gauteng Industrial 2 060 4 100 17.9 Murrayfield KwaZulu-Natal Industrial 16 623 92 813 15.0 Office 4 011 48 400 13.8 7 Sturde
Slide 76: Local developments completed
Local developments completed SI Supplementary information Total value of Projected work Development development Initial yield completed# costs## Completion Property Province GLA (m²) Sector cost (R000) (%) (R000) (R000) date Local new developments completed* Brackengate MassMart (50.1% Western Cape
Slide 77: Local new developments in progress
Local new developments in progress SI Supplementary information Projected Initial Total value of Still to development yield work completed# Development spend Completion Property Province GLA (m²) Sector cost (R000) (%) (R000) costs## (R000) (R000) date Local new developments in progress* S&J Sparepr
Slide 78: Local redevelopments
Local redevelopments SI Supplementary information Projected Total value of redevelopment work completed Redevelopment Completion Redevelopments completed* Province cost (R000)* (R000)** costs## (R000) date Office 6 632 5 904 5 904 Knowledge Park 2 Western Cape 6 632 5 904 5 904 Feb-21 Industrial 10
Slide 79: Local infrastructure projects
Local infrastructure projects SI Supplementary information Projected Total value of # infrastructure work completed Infrastructure Infrastructure projects completed Province cost (R000) (R000) costs## (R000) Completion date Industrial* 161 990 160 776 1 571 Atlantic Hills (55%) Western Cape 161 990
Slide 80: International investment strategy
International investment strategy SI Supplementary information Investment criteria Our focus Local partner representation and Limited to Poland aligned with Redefine’s interests Provide ongoing strategic and financial support to our partners in-country Provide opportunities for scale Inves
Slide 81: Poland
Poland SI Supplementary information Redefine’s interests EPP 45.4% Chariot Top Group 25% European Logistics 46.5% Platform profile 73% exposure to retail, 4% to office and 23% logistics assets Carrying value R10.0 billion See through value of assets R24.7 billion See through LTV 95.3% (FY20 :
Slide 82: Poland | continued: logistics market overview
Poland | continued SI Supplementary information Logistics market overview 2020 was a record-breaking year for logistics, both in leasing and investment activity, despite the economic downturn caused by the pandemic E-commerce and distribution were the main driving forces behind the higher lease
Slide 83: Poland | continued: key operational highlights
Poland | continued SI Supplementary information Key operational highlights - At 28 February 2021, the total GLA of the operational portfolio is 605 812m², reflecting an increase of 78 742m² compared European Logistics to 31 August 2020 Investment The increase in GLA is mainly due to the completi
Slide 84: Poland | continued: Redefine's strategy
Poland | continued SI Supplementary information Redefine’s strategy EPP Focus in the short term is for EPP is to get through the crisis period with enough liquidity to retain operational functionality Chariot Top Group Redefine to implement the M1 Marki acquisition thereby exiting minority held
Slide 85: International new developments
International new developments SI Supplementary information Development Development Developments completed in 2021 Country GLA (m²) cost (EUR’m) cost (Rm) Industrial Bielsko-Biala Phase II Poland 43 764 27.4 511.2 Ruda Ślaska Phase II Poland 23 578 12.6 235.1 67 343 40.0 746.3 Fair value of complete
Slide 86: COVID-19 disclaimer
SI Supplementary information COVID-19 disclaimer Redefine Properties supports all COVID-19 health protocols, including the wearing of masks, sanitising of hands, and social distancing practices. Should, in any example of our marketing/advertising material, a person be depicted without a mask or touc