Real Estate Investor Magazine South Africa July/August 2019 | Page 47

LISTED PROPERTY
DELTA PROPERTY FUND INVESTEC PROPERTY FUND
Year end results as of 28 February 2019 Latest report 31 March 2019
Sandile Nomvete – CEO LEFT to RIGHT Andrew Wooler and Darryl Mayers, joint CEOs of
Investec Property Fund
Delta is a JSE main board listed Real Estate Investment Trust
(“REIT”) with a property portfolio of R11.4 billion. The Fund is
black managed and is one of the most empowered funds in
the sector with a level 2 B-BBEE rating, maintaining its status as
the dominant sovereign listed property fund in South Africa.
The company owns 104 properties, mostly comprised of
office (sovereign), other offices, industrial and retail properties.
Delta Property Fund, CEO Nomvete comments on the
company’s results. “It’s been the toughest year in our listed
history, mainly as a result of the protraction in the bulk lease
renewal programme. We are therefore very excited about the
good progress made post the reporting period in renewing
151 018m2 of leases with our key tenants, and we believe that
the balance will be concluded imminently,” he said.
Delta is aiming to diversify its funding sources and
establishing more market related terms on the back of longer
weighted average release term after the conclusion of the
remainder of bulk leases with DPW. Investec Property Fund Limited (IPF) is a South African Real
Estate Investment Trust (REIT) and is listed on the JSE since
2011. Their investment portfolio is comprised of direct and
indirect real estate investments in South Africa, Australia,
the United Kingdom and Europe. The investment portfolio is
comprised of 102 properties in South Africa, valued at R17.3-
billion. Their offshore investments consist of the following,
IPF Australia R0.7-billion, an investment into a Pan-European
logistics portfolio of R1.7-billion and the Investec Argo UK
Property Fund is R0.2-billion. IPF has also recently announced
their intention to invest into Pan-European light industrial
portfolio.
Results highlights:
Results highlights:
Number of properties in the fund: 104
Total asset value: R11.4-billion
Market Capitalisation: R1.6-billion
Net asset value per unit: R9.30
Gearing (%): 45.1%
GLA : 950 442m2
Fund Manager: Delta Property Asset Management Pty Ltd
Number of properties included in the fund: 102 direct
property assets
Total asset value: ZAR 21.7bn
Market capitalisation: ZAR 11.0bn
GLA: 1,197,921m2 (SA direct assets)
Net asset value per unit: ZAR 17.83
Gearing: 35.9%
Fund Manager: Externally managed by Investec Property
Proprietary Limited
SA Real Estate Investor Magazine JULY/AUGUST 2019
45