1. Acucap/Sycom Retail Portfolio
September 2015

2. Portfolio Overview 19 Properties GLA : - 529 429m2 Value : R11.52bil
Average Yield : 7.2% (8.2% GRT portfolio)
Value/m2: R21 756/m2 (R19 021/m2 GRT portfolio)
9 Centres ≥ m2
6 co-owned properties
Vacancy :
2.6% including GLA under development
1.26% excluding GLA under development
Portfolio Trading Density – R2390/m2
GAUTENG: 49% ; WC: 32% ; EC: 12% ; KZN: 7%

3. Portfolio Assessment Acquisition Strategy Development Strategy
Historical Portfolio acquisitions
Recent acquisitions:
Greenacres
Paarl Mall (increased shareholding)
Development Strategy
New Developments
Watercrest centre
Helderberg Hyper
Extensions / Redevelopments
General
Defensive
Storage
Management of Portfolio
Management structures
Condition of properties
Income & Expenses

4. Major Centres Festival Mall Bayside centre GLA: 80 231m2 Vacancy: 0.8%
Trading Density: R2027/m2
Turnover Growth – y-o-y change, 12 mth rolling: 6.17%
Foot Counts - y-o-y change 12 mth rolling: %
Anchors: Checkers, Game, Woolworths, Edgars, Ster Kinekor and ice rink
Prospects/Challenges/Risks
Bayside centre
GLA: m2
Vacancy: 0%
Trading Density: R2236/m2
Turnover Growth – y-o-y change, 12 mth rolling: 6.02%
Foot Counts - y-o-y change 12 mth rolling: %
Anchors: Checkers, Game, Woolworths, Edgars, Ster Kinekor

5. Vaal Mall GLA: 48 519m2 (77.86% share - 37 777m2) Vacancy: 0%
Trading Density: R3161/m2, Turnover Growth – y-o-y change, 12 mth rolling: -4.2%
Anchors: PicknPay, Game, Woolworths, Edgars
Extension: Additional m2 GLA and structured parking. R344mil project (Sycom share) yielding 8%. Opening mid-2016.
Prospects/Challenges/Risks

6. Key West Centre
GLA: m2
Vacancy: 7.7% (ex Virgin Active under development)
Trading Density: R2013/m2
Turnover Growth – y-o-y change, 12 mth rolling: 5.8%
Foot Counts - y-o-y change 12 mth rolling: 4.34%
Anchors: PicknPay, Game, Woolworths, Edgars, Nu Metro, Virgin Active
R389mil project completed in 2014 at 6.5% yield
Relocation of banks into ex Virgin Active and introduction of new retailers being finalised
Prospects/Challenges/Risks

7. Greenacres GLA: 43 428m2 Vacancy: 2.2% Trading Density: R2419/m2
Turnover Growth – y-o-y change, 12 mth rolling: 0.54%
Foot Counts - y-o-y change 12 mth rolling: %
Anchors: Checkers, Edgars, Truworths, House & Home
Extension/Redevelopment: Phase 1 &2 – R300mil at yield of 7.5%
Phase 3 – new Virgin Active and Ackermans
Prospects/Challenges/Risks

8. Greenacres

9. Paarl Mall GLA: 37 038m2 Vacancy: 0.6% Trading Density: R2566/m2
Turnover Growth – y-o-y change, 12 mth rolling: 8%
Foot Counts - y-o-y change 12 mth rolling: - 2.8%
Anchors: PicknPay, Woolworths, Dischem, Edgars
Prospects/Challenges/Risks

10. 2nd Tier Centres 50% owned with Shoprite Checkers Vacancy: 16.86%
Hillcrest Corner
50% owned with Shoprite Checkers
Vacancy: 16.86%
Trading Density: R3247/m2, Y-o-Y change: -4.7%
Anchors: Checkers, Woolworths, Dischem
Redevelopment: R41m (50%) yielding 8.5%
Virgin Active – 3616m2
Baby City – 1167m2
Standard Bank 580m2
Gardens Centre
Vacancy: 0%
Trading Density: R4798/m2, Y-o-Y change: 7.81%
Anchors: PicknPay, Woolworths
Currently undergoing refurbishment
Expansion possibilities

11. Foot Count y-o-y: 5.66% incr Trading Density: R2295/m2,
Village Square – Randfontein
Vacancy: 1.11%
Foot Count y-o-y: 5.66% incr
Trading Density: R2295/m2,
Y-o-Y change: 5.92%
Anchors: Shoprite, Edgars, JET
Expansion possibilities
Howard centre
Vacancy: 1.33%
Trading Density: R3466/m2,
Y-o-Y change: 9.05%
Anchors: PicknPay, Woolworths
Expansion/Redevelopment possibilities
The Bridge
Fourways Crossing
N1 City

12. Recent Developments Watercrest Mall Cost 100% : R770mil
Opened: April 2015
Cost 100% : R770mil
Initial Yield: 7.8%
Anchors: Superspar, Checkers, Edgars,
Woolworths, Game and Ster Kinekor.
Foot Count : p.m.
Trading.