Redefine Industrial Portfolio Showcase
OUR CONVERSATION Section 01 STRATEGIC FOCUS Andrew Konig, Chief Executive Officer Section 02 INDUSTRIAL OVERVIEW Johann Nell, National Asset Manager: Industrial Section 03 DELIVERING ON OUR STRATEGY Johann Nell, National Asset Manager: Industrial Section 04 CLOSING Johann Nell, National Asset Manager: Industrial uShukela Industrial Park, Cornubia, KZN REDEFINE INDUSTRIAL PORTFOLIO SHOWCASE – JULY 2017 2
REDEFINE INDUSTRIAL PORTFOLIO SHOWCASE 2017 Section STRATEGIC FOCUS 01 190 Barbara Road, Elandsfontein, Gauteng 3
THE ENVIRONMENT WE OPERATE IN PREPARE FOR THE UNEXPECTED Strong potential for further turmoil from sovereign credit rating reviews Political instability and policy uncertainty heightened Increasing scarcity, cost and competition for capital Our focus remains on managing the variables we can control Living Redefine’s values Alignment to our strategy Engendering our unique approach to relationships REDEFINE INDUSTRIAL PORTFOLIO SHOWCASE – JULY 2017 4
STRATEGY REDEFINE’S GAME PLAN Our strategy is aligned to long-term trends and is tweaked for opportunities and risks Quality earnings (cash flow) underpin sustained growth Our focus is on real estate and related investments – not a particular sector We are opportunistic and invest where we believe the best market opportunities lie A balance is required between defensive assets and those that can be improved The acquisition of Pivotal has largely completed our drive to improve quality of our local portfolio We will continue to protect, expand and improve existing local properties as well as recycle secondary assets Our international exposure is continually reviewed given the low growth in the United Kingdom and Australia Poland is a market that holds great promise for growth through acquisition, development and extensions Purpose built student accommodation in Australia poses expansion opportunities REDEFINE INDUSTRIAL PORTFOLIO SHOWCASE – JULY 2017 5
REDEFINE INDUSTRIAL PORTFOLIO SHOWCASE 2017 Section INDUSTRIAL OVERVIEW 02 GM Goega, Port Elizabeth 6
INDUSTRIAL SECTOR TRENDS Logistics and warehousing as focus areas that continues to advance Redefine’s strategy of diversifying, growing and improving the quality of its industrial portfolio While rental growth on shorter leases remains lean, retention has been good and demand for space is constant Industrial market needs for efficiency and accessibility continues to drive demand: Contraction in manufacturing sectors like the textile industry while timber, medical and plastic industries are still prevalent Higher power demand on new sites Differing tenant profiles based on the region in which they operate Demand for improved design, tech and space capabilities Volatility in the commodity and retail supply chain sectors experiencing shorter covenants with clients, which in turn directly affects lease terms and relocation costs REDEFINE INDUSTRIAL PORTFOLIO SHOWCASE – JULY 2017 7
INVEST STRATEGICALLY ACQUISITIONS AND DISPOSALS Sales of non-core properties (the tail of the portfolio) not aligned with Redefine’s investment fundamentals have tapered off as we are getting to the end of the cycle Ongoing acquisition of hi-tech industrial assets such as the three warehouses recently acquired as part of the Pivotal tranche are testament to Redefine’s focus on acquisition GLA 9 000m² Asset value R69 600 000 Acquisition date September 2016 Rage, Greenstone, Gauteng REDEFINE INDUSTRIAL PORTFOLIO SHOWCASE – JULY 2017 GLA 6 083m² Asset value R73 700 000 Acquisition date September 2016 Regal, Greenstone, Gauteng GLA 4 127m² Asset value R36 900 000 Acquisition date September 2016 Elvey, Greenstone, Gauteng 8
INVEST STRATEGICALLY ACQUIRED ASSETS ALIGNED TO OUR STRATEGY Acquisition date October 2013 Acquisition date November 2012 Acquisition date July 2012 Acquisition date May 2012 GLA 50 333m² GLA 6 748m² GLA 15 729m² GLA 20 067m² Current value R309 412 000 Current value R48 819 000 Current value R115 346 000 Current value R123 656 000 Status Fully occupied by Masstores & Pepkor Status British American Tobacco Status Schnieder Electrical & Xylem Status Fully occupied by Imperial Retail Logistics Cato Ridge DC, KZN REDEFINE INDUSTRIAL PORTFOLIO SHOWCASE – JULY 2017 BAT, Pomona, Gauteng 1 Springbok Rd, Jetpark, Gauteng 29 Springbok Rd, Jetpark, Gauteng 9
INVEST STRATEGICALLY DEVELOPED HI-TECH INDUSTRIAL PROPERTIES TO ENHANCE THE CORE PORTFOLIO Asset category Hi-tech industrial Asset category Hi-tech industrial Asset category Hi-tech industrial Asset category Hi-tech industrial Total GLA 107 017m² Pepkor 1: 40 438m² Pepkor 2: 66 579m² GLA 25 735m² GLA 14 286m² GLA 24 452m² Asset value R776 295 000 Date completed Pepkor 1: Mid 2007 Pepkor 2: April 2012 Pepkor DC, Isando, Gauteng Asset value R138 385 000 Date completed September 2015 Watloo DC, Watloo, Gauteng REDEFINE INDUSTRIAL PORTFOLIO SHOWCASE – JULY 2017 Asset value R117 538 000 Date completed December 2016 Midway Park, Midrand, Gauteng Asset value R187 000 000 Date completed February 2017 34 Wrench Road, Isando, Gauteng 10
INVEST STRATEGICALLY DEVELOPED HI-TECH INDUSTRIAL PROPERTIES TO ENHANCE THE CORE PORTFOLIO Asset category Hi-tech industrial Asset category Midi Units Asset category Midi Units GLA 12 991m² GLA 27 226m² GLA 17 675m² Asset value R97 273 000 Date completed July 2013 Moresport DC, Phillippi, Western Cape REDEFINE INDUSTRIAL PORTFOLIO SHOWCASE – JULY 2017 Asset value R178 754 303 Date completed March 2016 uShukela Industrial Park, Cornubia, KZN Asset value R103 335 000 Date completed December 2016 Golf Air Park 2 , Airport Industria, Western Cape 11
REDEFINE INDUSTRIAL PORTFOLIO SHOWCASE 2017 Section DELIVERING ON OUR STRATEGY 03 Robor, Tunney, Gauteng 12
S & J INDUSTRIAL ESTATE, GAUTENG REDEFINE INDUSTRIAL PORTFOLIO SHOWCASE – JULY 2017 13
S & J INDUSTRIAL ESTATE, GAUTENG PRIME INDUSTRIAL LAND Joint ownership: RDF 90%; Abland 10% 163 hectares of developable land Located at the Geldenhuys interchange along the N3 and M2, close to Rand Airport Bulk infrastructure consisting of main roads and services in progress With a focus on logistics and light manufacturing, business will be able to circumvent the congestion that frequently occurs at Gilloolys interchange when traveling from and to Durban Port and inland destinations Redefine, in partnership with Abland are establishing townships within the estate for lease held assets as well as sales to owner occupiers S&J will provide approximately 5,000 jobs in the estate REDEFINE INDUSTRIAL PORTFOLIO SHOWCASE – JULY 2017 14
BRACKENGATE 2, WESTERN CAPE REDEFINE INDUSTRIAL PORTFOLIO SHOWCASE – JULY 2017 15
BRACKENGATE 2, WESTERN CAPE PRIME INDUSTRIAL LAND Joint ownership: RDF 50.1%; VDMV 49.9% Land held for development of lease-held properties in extent of 49.5 hectares Commercial scheme in converting farm land to zoned and serviced industrial land made up of three precincts Triangle and Stikland sold as serviced and zoned land Mainland: internal roads and services are complete. Initial development schemes: Bidvest & GEA are underway Balance of the land are made up of smaller erven that are sold off to offset development cost The bulk infrastructure work to most of Brackengate 2 will be complete by Q2 2018 The recently completed on and offramps at Botterlary Road onto the R300 has improved access and reduced travel time from and to the precinct REDEFINE INDUSTRIAL PORTFOLIO SHOWCASE – JULY 2017 16
BIDVEST PROPERTIES, BRACKENGATE 2 Asset category Hi-tech industrial Date completed Q4 2018 Asset value In progress GLA 12 126m² (Two buildings) Under construction REDEFINE INDUSTRIAL PORTFOLIO SHOWCASE – JULY 2017 17
GEA, BRACKENGATE 2 Asset category Hi-tech industrial Date completed Q4 2018 Asset value In progress GLA 8 973m² Under construction REDEFINE INDUSTRIAL PORTFOLIO SHOWCASE – JULY 2017 18
BREAKING GROUND AT BRACKENGATE 2 21 099 m² REDEFINE INDUSTRIAL PORTFOLIO SHOWCASE – JULY 2017 19
ATLANTIC HILLS, CAPE TOWN REDEFINE INDUSTRIAL PORTFOLIO SHOWCASE – JULY 2017 20
ATLANTIC HILLS, CAPE TOWN PRIME INDUSTRIAL LAND Joint ownership: RDF 55%; Nedbank 35%; Abland 10% Situated on the Potsdam interchange with direct access onto the N7 The precinct is divided into 3 phases and measures approximately 449 433m² Phased development – blended strategy to sell as well as develop to lease approximately 455 000m² of land Road infrastructure on Phase 1 and 2 will be completed during Feb/Mar 2018, including an underpass crossing Potsdam road linking the two phases Bulk earthworks to phase 1 is expected to be complete by August 2017 REDEFINE INDUSTRIAL PORTFOLIO SHOWCASE – JULY 2017 21
CORNUBIA, KZN REDEFINE INDUSTRIAL PORTFOLIO SHOWCASE – JULY 2017 22
CORNUBIA, KZN PRIME INDUSTRIAL LAND Cornubia is one of the fastest growing regions in KZN –a greenfields mixed use site located between Phoenix/Ottawa and uMhlanga It is a future platform for oil, gas and renewable energy industries for local and export production Stand 17 (15 008m²), stand 18 (20 976m²) and stand 22 (9 405m²) are platformed and ready for a lease driven development Stand 20 recently acquired and consolidated with stand 21 to develop the Hirt & Carter print park that will measure approximately 40 000m². REDEFINE INDUSTRIAL PORTFOLIO SHOWCASE – JULY 2017 23
HIRT & CARTER, CORNUBIA KZN Asset category Specialised Date completed Phase 1 – October 2018 Phase 2 Q4 2019 Development cost R600m GLA ca. 40 000m² Under construction REDEFINE INDUSTRIAL PORTFOLIO SHOWCASE – JULY 2017 24
REDEFINE INDUSTRIAL PORTFOLIO SHOWCASE 2017 CLOSING 34 Wrench Road, Isando, Gauteng 25
INDUSTRIAL PORTFOLIO STRATEGY REDUCE VACANCIES AND IMPROVE TENANT RETENTION WITH ONGOING TENANT ENGAGEMENT Aged properties located within strong industrial nodes are evaluated for redevelopment and measured against what is available in the market – finding the most effective way to deploy capital The property management teams are engaging with tenants earlier during their lease periods to discuss renewal terms and opportunities to enhance facilities PICS TO COME Providing opportunities to increase revenue through income generating capex spend 8 Jansen Road, Jetpark, Gauteng REDEFINE INDUSTRIAL PORTFOLIO SHOWCASE – JULY 2017 26
REDEFINE INDUSTRIAL PORTFOLIO SHOWCASE - JULY 2017 7 INDUSTRIAL SECTOR TRENDS Logistics and warehousing as focus areas that continues to advance Redefine's strategy of diversifying, growing and improving the quality of its industrial portfolio While rental growth on shorter leases remains lean, retention has been good and demand for space is constant
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