Dipula Properties Limited Class B · JSE:DIB
Dipula Properties Limited Class B — Dipula Income Fund — Non-Deal Roadshow (October 2012)
26 slides from Dipula Properties Limited Class B's roadshow presentation, October 2012
Slide 1: Investor Presentation
INVESTOR PRESENTATION October 2012
Slide 2: Disclaimer
DISCLAIMER This document has been prepared and issued by and is the sole responsibility of the management of Dipula Income Fund Limited (the “Company” or “Dipula”) and its subsidiaries. No information made available in connection with this presentation may be passed on, copied, reproduced, in whole
Slide 3: Index
INDEX Key investment highlights Management investment Share price performance Prospects Proposed offer Acquisitions summary Debt structure Property portfolio New property profiles 3
Slide 4: Key Investment Highlights
KEY INVESTMENT HIGHLIGHTS │ Listed on the JSE on 17 August 2011 with an initial portfolio of R2.1 billion │ 2012 distributions in line with forecasts │ R1.38 billion of yield and portfolio enhancing post listing acquisitions │ Excellent BEE credentials through black-owned asset manager and significa
Slide 5: Management Investment
MANAGEMENT INVESTMENT │ Redefine Properties Limited disposed of 50 million Dipula B linked units to a trust controlled by Dipula management │ Funded by significant equity contribution from management as well as third party debt │ Increased management’s effective shareholding in Dipula to approximate
Slide 6: Share Price Performance
SHARE PRICE PERFORMANCE 1 200 1 000 800 Cents 600 DIPULA-A DIPULA-B 400 200 - 6
Slide 7: Prospects
PROSPECTS │ FY 2013 anticipated growth in distributions of between 7% and 9%*: A unit secured preferential growth of 5% B unit anticipated growth in distributions of between 9.7% and 14.3% │ These forecasts do not include the impact of the acquisitions (other than Bochum and Blouberg Plaza and N
Slide 8: Proposed Offer
PROPOSED OFFER │ Issuer Dipula Income Fund Limited │ Offer size Offer to raise between R450 million and R650 million │ Offer structure Primary issue │ Bookrunners Java Capital │ Indicative timing Firm commitments by 16:00: Monday, 5 November 2012 Listing of new linked units: Monday, 12 November 2012
Slide 9: Acquisitions Summary
ACQUISITIONS SUMMARY Post listing acquisitions Sector Location GLA (M2) Purchase price Status Acquisition yield Bochum and Blouberg Plaza Retail Bochum, Limpopo 12 529 117 207 584 Lodged 9.5% Nquthu Plaza Retail Nquthu, Kwa-Zulu Natal 14 972 136 701 303 Transferred 9.5% Plaza Shopping Centre Retail
Slide 10: Debt Structure
DEBT STRUCTURE Per 2011 Annual report – Post implementation of the August 2011 acquisitions (actual) (anticipated) Long-term borrowings (millions) R759.5m R1.2bn – R1.5bn Average interest rate 8.59% Approximately 8.5% Gearing 36% 36% to 42% Level of debt at fixed rates 80% 80% Length of fixes 4-5 ye
Slide 11: Property Portfolio
PROPERTY PORTFOLIO Impact of the acquisitions on average property size and value Per prospectus – Post implementation August 2011 Acquisitions of the acquisitions (actual) (anticipated)* Number of properties 175 14 189 2 Total GLA (m ) 436 626 153 419 590 045 Total value R2.109 billion R1.383 billio
Slide 12: Property Portfolio
PROPERTY PORTFOLIO Impact of the acquisitions on geographic spread Per prospectus – August 2011 Post implementation of the acquisitions (actual) (anticipated) 2% 2% 1% Gauteng 3% 2% 4% 4% 1% Gauteng 5% Free State 2%2% 5% 6% Free State Kwa-Zulu Natal 5% Kwa-Zulu Natal 7% Mpumalanga Mpumalanga Western
Slide 13: Property Portfolio
PROPERTY PORTFOLIO Impact of the acquisitions on sectoral profile Per prospectus – August 2011 Post implementation of the acquisitions (actual) (anticipated) 23% 23% Retail Retail 50% Industrial Industrial 55% Offices Offices 22% 27% 13
Slide 14: Bochum and Blouberg Plaza
NEW PROPERTY PROFILES Bochum and Blouberg Plaza Region: Bochum, Limpopo Sector: Retail Anchors: Boxer and Cashbuild Cost: R 117 207 584 GLA (m2): 12 529 Vacancy %: 0% Weighted average rental per m2: R82.15 Weighted average lease escalation: 8% Cost per m2: R9 355 Weighted average remaining lease per
Slide 15: Nquthu Plaza
NEW PROPERTY PROFILES Nquthu Plaza Region: Nquthu, Kwa-Zulu Natal Sector: Retail Anchors: Shoprite and Cashbuild Cost: R 136 701 303 GLA (m2): 14 972 Vacancy %: 1.9% Weighted average rental per m2: R77.73 Weighted average lease escalation: 7.5% Cost per m2: R9 130 Weighted average remaining lease pe
Slide 16: The Plaza Shopping Centre
NEW PROPERTY PROFILES The Plaza Shopping Centre Region: Phuthaditjhaba, Free State Sector: Retail Anchors: Shoprite-Checkers, Pick n Pay and Bi-Bi Cash and Carry Value: R 179 500 000 GLA (m2): 25 720 Vacancy %: 1% Weighted average rental per m2: R74.35 Weighted average lease escalation: 8.1% Cost pe
Slide 17: Randfontein Shopping Centre
NEW PROPERTY PROFILES Randfontein Shopping Centre Region: Randfontein, Gauteng Sector: Retail Anchors: Shoprite-Checkers Value: R 46 200 000 GLA (m2): 5 935 Vacancy %: 8% Weighted average rental per m2: R79.00 Weighted average lease escalation: 7.4% Cost per m2: R7 784 Weighted average remaining lea
Slide 18: Bushbuckridge Shopping Centre
NEW PROPERTY PROFILES Bushbuckridge Shopping Centre Region: Bushbuckridge, Mpumalanga Sector: Retail Anchors: Shoprite-Checkers & Cashbuild Cost: R 104 180 000 GLA (m2): 16 203 Vacancy %: 0% Weighted average rental per m2: R62.80 Weighted average lease escalation: 8.8% Cost per m2: R6 430 Weighted a
Slide 19: ABSA Home Loans
NEW PROPERTY PROFILES ABSA Home Loans Region: Arcadia, Pretoria Sector: Office Anchors: ABSA Cost: R 82 600 000 GLA (m2): 5 048 Vacancy %: 0% Weighted average rental per m2: R121.50 Weighted average lease escalation: 8.5% Cost per m2: R16 363 Weighted average remaining lease period: 5 years 19
Slide 20: SAPS VIP
NEW PROPERTY PROFILES SAPS VIP Region: Sunnyside, Pretoria Sector: Office Anchors: Department of Public Works Cost: R 229 860 000 GLA (m2): 21 478 Vacancy %: 0% Weighted average rental per m2: R91.00 Weighted average lease escalation: 9% Cost per m2: R10 702 Weighted average remaining lease period:
Slide 21: SAPS IJS
NEW PROPERTY PROFILES SAPS IJS Region: Erasmuskloof, Pretoria Sector: Office Anchors: Department of Public Works Cost: R 118 540 000 GLA (m2): 7 699 Vacancy %: 0% Weighted average rental per m2: R116.40 Weighted average lease escalation: 9% Cost per m2: R15 397 Weighted average remaining lease perio
Slide 22: Byron Place
NEW PROPERTY PROFILES Byron Place Region: Pretoria, Gauteng Sector: Office Anchors: DPW Cost: R 38 000 000 GLA (m2): 3 270 Vacancy %: 0% Weighted average rental per m2: R84.94 Weighted average lease escalation: 8.5% Cost per m2: R11 621 Weighted average remaining lease period: 7.4 years 22
Slide 23: Sterkolite Building
NEW PROPERTY PROFILES Sterkolite Building Region: Rosslyn, Gauteng Sector: Specialised Anchors: DPW Cost: R 78 000 000 GLA (m2): 12 782 Vacancy %: 0% Weighted average rental per m2: R62.70 Weighted average lease escalation: 8% Cost per m2: R6 102 Weighted average remaining lease 8 years period: 23
Slide 24: Orange Farm Phase
NEW PROPERTY PROFILES Region: Gauteng Orange Farm Phase 1 Sector: Retail Anchors: Cashbuild and Boxer Cost: R 42 000 000 GLA (m2): 5 600 Vacancy %: 0% Weighted average rental per m2: R62 Weighted average lease 7% (year 1 flat for escalation: Boxer and structured finance deal from Cashbuild, op costs
Slide 25: Tower Mall
NEW PROPERTY PROFILES Tower Mall Region: Jouberton, North West Province Sector: Retail Anchors: Shoprite and Cashbuild Cost: R 152 713 025 GLA (m2): 15 283 Vacancy %: 0% Weighted average rental per m2: R98.69 Weighted average lease escalation: 7% Cost per m2: R9 992 Weighted average remaining lease
Slide 26: Melki Portfolio
NEW PROPERTY PROFILES Melki Portfolio Region: KZN Sector: Retail Anchors: Pick n Pay Cost: R57 000 000 GLA (m2): 6 900 Vacancy %: 0.5% Weighted average rental per m2: R83.96 Weighted average lease escalation: 6.7% Cost per m2: R8 261 Weighted average remaining lease period: 5.3 years 26
Dipula Income Fund — Non-Deal Roadshow (October 2012) on 6ix