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Ι 1Ι 1
Annual Results Presentation
FOR THE YEAR ENDED 30 JUNE 2017
Ι 2
Group Review
Portfolio Overview
FY17 Financial Review
Case Studies
Market Overview
Looking Ahead
Q&A
Contents
Ι 3
Grit Team Presenters
Bronwyn CorbettChief Executive OfficerB.Comm (Acc) (Univ. of Natal, PMB), CA(SA)
Leon van de MoorteleChief Finance OfficerBCompt (Hons), CA(SA)
Ι 3
Ι 4
GroupOverview
Anadarko Building (Mozambique)Ι 4
Ι 5
Target Distribution Achieved
US$12.07 cps+2.7% growth vs. 2016
FY 2017 Highlights
1. Weighted Average Lease Expiry2. After successful renegotiation of lease renewals and recent
acquisitions
Portfolio Occupancy
96.9% (mainly driven by strategic
vacancy in Anfa Place Shopping Center)
WALE1
7.8 years2
vs. 5.8 years (2016)
WACD3
5.78%4
-0.44% decrease vs. 2016
Capital Raised
US$156m additional capital successfully raised
Dividend Yield
8.75%annualised – SEM
& 10% on the JSE
3. Weighted Average Cost of Debt4. As at 30 June 2017
Dual listed on the JSE Main Board (South Africa) and SEM Official Market (Mauritius)
Market capitalisation of US$ 287.7 M ;
Grit shares traded on 74% of trading days year-to-date across both exchanges 1
US Dollar-denominated income fund
7 distributions declared; semi-annual dividend payments
Pan Africa (ex South Africa) exposure
Exposure to real estate
20 properties ; Total GLA of 205,705 m2 ;
Assets value of US$ 546.3 M 2 ;
Occupancy rate 96.9% 2, WALE of 7.8 years 3
Strong Counterparties
Strong management team, supported by in-country asset and property management teams
59 years of combined experience in Africa ; 51 employees across 5 countries
Supportive Shareholders
US$ 121 M raised through rights issue ; 97% shareholder approval for name changeNotes:1 - As at 14 September 2 - As at 31 August 20173 - Post Pipeline ConversionΙ 6
Ι 7
Grit’s Vision Within the next 5 years, Grit Real Estate Income Group aims to become the leading real estate owner on the African continent outside of South Africa, focusing on income-producing assets with extremely strong counterparties, to ensure consistent growth of shareholder value.
Properties’ location:
• Mauritius & Morocco (Investment grade countries)
• Kenya, Mozambique & Zambia
Grit continues to seek opportunities in high yielding property assets in sound African jurisdictions which are anchored by high quality tenants.
Approved prospective jurisdictions:
• Botswana, Ghana & Rwanda
Targeted jurisdictions:
• Seychelles & Tanzania
Ι 8
Investment Strategy
• Grow portfolio based on quality hard currency long-term leases and strong counterparties
• Existing/pending Real Estate Investment Trust (REIT) structures
• Strategic partnerships and in-country resources
Core Competencies
• Existing knowledge base
• Managing a pan African portfolio
• Delivering solutions
• Transparency and high level of disclosure
• Strong network of partners
Margins of Safety
• Hard currency
• Repatriation of funds
• Political risk and macroeconomic landscape
• Land tenure
• Ability to raise debt
Ι 9
Shareholder Base
Cosmopolitan Mall (Zambia)Ι 9
Shareholder Base
Anchor shareholders:
• Public Investment Corporation/ Government Employees Pension Fund 32%
• Delta Property Fund Ltd 11%
• Drive in Trading Proprietary Ltd 11%
• Eskom Pension & Provident Fund 5%
• Management & Staff 7%
*As at 05 September 2017
Public Investment Corporation/ Government
Employees Pension Fund
Others
Delta Property Fund Ltd
Eskom Pension & Provident Fund
Stanlib
Drive in Trading Proprietary Ltd
Management& Staff
Redefine Properties Ltd
26%
32%9%
8%
25%
28%
24%6%
6%
13%
23% 32%
11%
5%3%11%
7%
6%
25%
2016
Ι 10
2015
2017*
Ι 11
Portfolio Overview
Barclays House (Mauritius)Ι 11
* Properties are owned at 100% unless specified otherwise
ZIMPETO SQUARE ANADARKO
HOLLARD
BOLLORE
ANFA PLACE SHOPPING CENTER
VDE COMPOUND
MUKUBA MALL
KAFUBU MALL
COSMOPOLITAN MALL
BUFFALO MALL
VODACOM
BARCLAYS HOUSE
50%
50%
50%
50%
MALL DE TETE
IMPERIAL
TAMASSA
LE VICTORIA
LE CANONNIER
LE MAURICIA
44%
44%
44%Mauritius
Mozambique
Morocco
Zambia
Kenya
IMPERIAL PHASE 2
RETAIL COMMERCIAL LIGHT INDUSTRIAL
HOSPITALITYCORPORATERESIDENTIAL
HELD FOR DEVELOPMENT
ANADARKO PHASE 2
Ι 12
Ι 13
Portfolio Key Metrics
As at 31 August 2017 Retail Commercial Light Industrial HospitalityCorporate
ResidentialHeld for
DevelopmentTotal
Number of Properties 7 4 2 4 1 2 20
Property Value/Acquisition Price (US $ M)
230.7 124.2 24.5 127.3 21.4 18.3 546.3
Weighted Average Capitalisation Rate 7.7% 8.0% 9.0% 7.9% 10.6% 0% 8.0%
WALE (years by income) 4.6 years 10.0 years 7.6 years 12.5 years 3.0 years n/a 7.8 years
Weighted Average Lease Escalations 4.05% 4.58% 3.64% 0.63% 3.00% n/a 3.0%
Weighted Average Gross US$ Rental per m² per month1 18.4 26.7 14.1 12.6 n/a n/a 19.3
Gross Lettable Area [GLA] (m2) 83,963 31,445 19,934 57,397 12,966 n/a 205,705
Operating Cost to Income ratio1 41.1% 10.8% 12.9% 0.0% n/a n/a 27.5%
Vacancies 3.3% 0% 0% 0% 0% n/a 3.1%
Weighted Average Cost of Property Debt
5.2% 7.8% 6.3% 4.1% 7.0% 4.6% 5.6%
Debt to Property Value 2 46.4% 45.0% 35.0% 48.3% 54.9% 31.0% 45.8%
1. Year-end 30 June 2017 2. Excluding revolver facilities
Ι 14
Diversification of Portfolio
Note: Split by asset value
Geographical Split of Property Sectoral Split of Property
45%
14%2%
5%
34%37%
18%2%
21%
22% 33%
16%5%
26%
20%
Mozambique
Zambia
Kenya
Mauritius
Morocco
Aug 2017
2017
2016
41%
53%
3%3% 27%
48%
2%
19%
4% 25%
43%
5%
23%
4% Commercial
Retail
Light Industrial
Hospitality
Corporate Residential
Aug 2017
2017
2016
Strong Counterparties
74%
21%
5%
Tenancy Grading
A-grade tenants B-grade tenants
C-grade tenants
Tenancy grading as per the JSE:
A – grade: Large national tenants, largelisted tenants and major franchisees
B – grade: National tenants, listedtenants, franchisees, medium to largeprofessional firms
C – grade: Smaller retail tenants
Ι 15
Ι 16Ι 16
FY17 Financial Review
Imperial Warehouse (Kenya)
Ι 17
NAV per share (US$ cps)
2017: 150.9
2016: 163.3
Loan to Value
2017: 41.6%
2016: 48.8%
GROUP
2017 2016
US$ M US$ M Movement
Assets
Non-current assetsInvestment property 351.8 248.5 41.6%
Investments in associates 89.0 45.9 93.8%
Loans receivable 66.7 -
Other non-current assets 26.5 13.5 97.0%
Total non-current assets 534.1 308.0 73.4%
Total current assets 51.0 35.9 42.2%
Total assets 585.2 343.8 70.2%
Equity and liabilities
Total equity attributable to equity holders - -
Share capital 320.0 172.0 86.0%
Foreign currency translation reserve 1.1 0.0
Antecedent dividend reserve 1.3 0.6 98.4%
Retained (loss)/income (7.6) (9.3) -18.1%
Total equity attributable to equity holders 314.7 163.4 92.6%
Liabilities
Non-current liabilities
Preference shares 12.8 -
Interest-bearing borrowings 187.4 127.1 47.5%
Other non-current liabilities 1.1 0.8 28.0%
Total non-current liabilities 201.4 127.9 57.4%
Total current liabilities 69.1 52.6 31.4%
Total liabilities 270.4 180.5 49.9%
Total equity and liabilities 585.2 343.8 70.2%
Statement ofFinancial Position
Composition of Property Investment Value
Composition of Total Property Asset Value (US$ M)
2017
Existing assets under Property Investments
312.1
Property value included under Investment in Associate
92.7
Interest bearing deposits on under Property Investments
24.4
Building under construction under Property Investments
15.3
Property investment under intangible assets (right of use of land)
0.6
Property investments under loans receivable
47.4
TOTAL PROPERTY ASSET VALUE 492.4
210,4
295,0
492,4
546,3
0,0
100,0
200,0
300,0
400,0
500,0
600,0
2015 2016 2017 as at 30-Aug-17
Total Property Investment Value (US$M)
Ι 18
Ι 19
EVOLUTION OF NAV PER SHARE
11.56
149.56
+2.2%
EVOLUTION OF NAV PER SHARE
f
Deployment of Proceeds from Rights Issue
Further capital commitments:
• Beachcomber - EUR 3.2 M (November 2017 following the completion of 40 additional roomsat Le Victoria Hotel and Spa)
• Investment in Gateway Delta Developments
Based on capital calls following the execution of their seed projects
US$ M
BHI Transaction (44.428% of three Beachcomber resorts) 28.7
VDE Compound (final payment) 18.2
Settlement of the equity revolving facilities 17.7
Cosmopolitan Mall (final payment) 15.7
Imperial Warehouse (final payment) 13.1
Anadarko Phase II Construction 6.6
Share Issue Expenses 4.6
Investment in 6.25% of Letlole La Rona Limited 3.8
Investment in Gateway Delta Development (initial investment) 2.0
Total Capital Deployed 110.5
Ι 20
Ι 21
Debt Summary
Mall de Tete (Mozambique)Ι 21
Ι 22
76%
22%
2%
69%
30%
1%
2016
2017
79%
21%0%
68%
32%
0%
2017
2016
USD
EUR
MZN
USD
EUR
MZN
0,0%
0,5%
1,0%
1,5%
2,0%
2,5%
5,0%
5,5%
6,0%
6,5%
7,0%
7,5%
WACD vs 3m Libor
Weighted Average Cost of Debt 3m Libor (secondary axis)
48,8%
41,6%
6,2%
5,8%
3,0%
3,5%
4,0%
4,5%
5,0%
5,5%
6,0%
6,5%
36,0%
38,0%
40,0%
42,0%
44,0%
46,0%
48,0%
50,0%
2016 2017
LTV Cost of Debt
Investment Currency Exposure
(2016 to 2017)
Debt Currency Exposure
(2016 to 2017)
YoY change in Key Debt Financing metrics
Debt Summary
Ι 23
-
10 000
20 000
30 000
40 000
50 000
60 000
70 000
Jul 17 Dec 17 Jun 18 Jul 18 Feb 19 Sep 19 Mar 20 Sep 21 Feb 22 Apr 22 Jul 27 Jun 31
Debt Expiry Profile (US$ ‘000)
Bank of China paid out the facility on 7 July 2017
State Bank Mauritius has refinanced EUR 9 Mon a three-year facility
US$ 5.6 M construction bridge will be converted
into a term loan following completion of Anadarko
Phase 2 in Nov 2017
Revolving facility : refinanced into
Euro on 19 Sep 2017
Currently under negotiation as part of a
refinance transaction over the entire Mozambique
Portfolio
Ι 24
Multi-Bank Strategy
Multi-bank Approach
New relationships with:
• Bank of China
• Mauritius Commercial Bank
• Nedbank Limited
• State Bank of Mauritius
$51,7m
$60,1m
$20,0m
$19,0m
$12,8m
$52,2m
$50,7m
$48,5m
$35,7m
$19,3m
$13,0m
$18,1m
Other
Bank of China
Investec
Standard Bank of South Africa
AfrAsia Bank
SBSA/ Vendor2016
2017
State Bankof Mauritius
Debt by Financier
2017: US$ 237.4M2016: US$ 163.6M
Ι 25Ι 25
FY17 Distributable Income
Mukuba Mall (Zambia)
Ι 26
Distributable Income Movement Distributable Income Movement
2017US$ M
2016US$ M
Movement
Rental Income 24.3 20.9 17%
Share in profit from associates (excluding non-cash items)
5.2 3.2 62%
Operating expenses (7.2) (5.8) 24%
Other Income 3.3 2.9 12%
Admin Expenses (5.6) (3.9) 45%
Amortisation of Intangible Assets 0.0 - 100%
Interest Income 2.0 0.2 1072%
Interest Expense (11.0) (9.7) 13%
Realised Exchange Gains 2.0 3.5 -43%
Current Tax (0.0) (1.5) -98%
Antecedant Dividend 2.2 0.6 249%
Profits (retained)/released (0.2) 0.1 -236%
15.1 10.6 42%
Weighted Average Cost of Debt
2017: 5.8%2016: 6.2%
Admin Cost to Asset Value
2017: 1.1%2016: 1.3%
Operating Costs to Income
2017: 27.5%2016: 25.9%
Ι 27
Dividend History
• Increase in distribution: +2.7%
• Within targeted 2% - 4%
• Full year dividend:
2017 - US$12.07cps
2016 - US$11.75cps
• Distributable income :
2017 – US$15.1M (+42.3% y/y)
2016 – US$10.6M
H1 Dividend
Clean out dividend
H2 Dividend
Total
0,00
2,00
4,00
6,00
8,00
10,00
12,00
14,00
2015 2016 2017
6,64 6,17 6,12
4,574,655,58
1,38
11,29 11,75 12,07
H1 Dividend Clean out dividend H2 Dividend Total
+4.1%+2.7%
Ι 28
US$ 0
US$ 500
US$ 1 000
US$ 1 500
US$ 2 000
US$ 2 500
US$ 3 000
US$ 3 500
2016 2017
US$ 1 324 US$ 1 384
US$ 862 US$ 778
US$ 642
US$ 661
Existing excluding Anfa Anfa
Acquisitions transferred Assets transferred post year end
23,0 24,3
(6,1) (7,1)
16,9 17,2
2,3
4,5
(0,4) (0,8)
1,9 3,7
(10,0)
(5,0)
-
5,0
10,0
15,0
20,0
25,0
30,0
35,0
Rental Rental Operating Costs Operating Costs NET OPERATING
INCOME
NET OPERATING
INCOME
2016 2017 2016 2017 2016 2017
Subsidiaries Associated companies
25.3
28.9
(6.5) (7.9)
18.8 20.9
Rental & NOI Analysis
Average Monthly RentalsYoY NOI Analysis (US$ M)
Rental
2016
Rental
2017
OperatingCosts2016
OperatingCosts2017
NetOperating
Income2016
NetOperating
Income2017
Ι 29
5,8 6,17,1
11,0
5,8 6,1 6,4
7,8
0
2
4
6
8
10
12
Existing Assets FY2016 Existing Assets FY2017 Acquisitions transferred prior to yearend
Acquisitions transferred post yearend
Acquisition Effect on WALE (years)
FY2017
Existing AssetsFY 2016
Existing AssetsFY 2017
Acquisitions transferredprior to year end
Acquisitions transferredpost year end
Ι 30
Administrative Costs
• Although administration expenses
increased by 45.2% over the prior year
• Administration expenses of total
property investments dropped by
1.3% to 1.1%
• Headcount:
– 2017: 51 employees
– 2016: 30 employees
1. Includes 2016 Asset Management fee for comparative purpose
43%
52%
35%
19%
4%
11%
10%
10%
5%
5%
3%
4%1,3%
1,1%
0,0%
0,2%
0,4%
0,6%
0,8%
1,0%
1,2%
1,4%
0,0
1,0
2,0
3,0
4,0
5,0
6,0
2016 2017
Breakdown of Administrative Costs
Salary cost 1 Other Travel Regulatory costs
Audit Fee Office infrastruture % of Asset Value
Ι 31
Case Studies
Le Canonnier (Mauritius)Ι 31
Ι 32
Mozambique – our in-country “grit”
Challenges Faced Outcomes Achieved
Macro-economic environmentPriority: operational
risk managementStrong local authority and counterparty relationships
Delayed rental payments; no bad debt written off to date
Long-term lease negotiatedVodacom
Early 10-year(12 years total)
KPMG10-year same rental terms
Pepkor5-year Zimpeto Shopping
Center
Quality Additions to PortfolioMall de Tete
(Tete)VDE Compound
(Tete)
Bollore Warehouse
(Pemba)
Refinancing of Portfolio New facilities Bank of China
Resilience of Portfolio Maintained yield & cap rate Renewed leases No rental reversions
Ι 33
Morocco – Anfa Place Shopping Center
Challenges Faced Impact Outcomes Achieved
Tenant mix inconsistent
Declining Morocco retail rentals
Improved design
Lack of center visibility
Increasingvacancies
Refurbishment; Project commencement 2017
Concealed shopfronts and retailers
Existing tenancies expanding
Inefficient utilisation of GLA
New tenancies secured (LC Waikiki, Marwa, Yves Rocher)
Negotiations with further Turkish & European brands
Positive collections trend (± 85%)
Vacancies of 20% (30 June 2017): Non Project (4%) and Project (16%)
Anfa Place Shopping Center is in the Top 10 Tourist destinations in Casablanca, with 6 million visitors a year
Ι 34
Mauritius -Tamassa Resort
• Tenant: LUX*
• 10 year, triple-net EUR lease
• Acquisition yield: 8%
• Equity US$ 19.8 M and debt US$ 24 M, equivalent
• Cost of debt: fixed rate EUR 3.75%
• US$ 12.8 M preference shares 6.25% yield with strategic co-investor
• Return on Grit equity of 15%
• Variable rent of 20% EBITDA (achieved)
Ι 35
MarketOverview
Buffalo Mall (Kenya)Ι 35
Market Overview
Initiatives to improve liquidity:
• Index inclusion tracking: SEM 10 (Mauritius), SA Listed Property Index (or SAPY) index (South Africa), South Africa new property indices (to be launched in October 2017), MSCI Frontier Markets IMI index, MSCI Emerging Frontier Markets (ex South Africa) IMI index;
• Cloud Atlas AMI Real Estate ex-South Africa ETF (potential weight of 20% for Grit);
• Analyst coverage & reports;
• Local & international roadshows;
• Potential secondary listings; and
• Market monitoring & intelligence: Reuters & Preqin
As at 14 Sep 2017
-
50 000
100 000
150 000
200 000
250 000
300 000
350 000
Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17
Number of Grit Shares Traded
Volume on JSE Volume on SEM
SEM 10 Tracking (last 3 months)As at
14 Sep 2017SEM 10
Inclusion Criteria
% of days traded over period 54.0% ≥ 50%
Average Daily Value Traded (Rs.) 509,351 ≥ 100,000
Average Daily Volume Traded 20,613 n/a
Ι 36
Ι 37
Looking Ahead
Le Mauricia (Mauritius)Ι 37
Ι 38
Paradise Hospitality Group
Paradise Hospitality Group (“PHG”) was established to take advantage
of the current liquidity and enhanced returns in the hospitality sector.
Overview of PHG:
• The primary objective of PHG is to invest into properties in the
hospitality sector within the sub-tropical region
• Reporting currency EUR
• Targeted minimum income equity return:
– 8.5% per annum (post tax) to A class shareholders; and
– 6.25% per annum to B class shareholders
• Class B shares listed on the Official Market of the SEM;
Class A shares unlisted
• Fixed long-term triple net leases
100% Class A shares
Delta International Mauritius Limited
100%
Mauritius Stock Exchange
100% Class B shares – limited to 40% of capital
Le Victoria (Mauritius)
Ι 38
Gateway Delta Development Holdings Ltd
• Investment into development company
• 20% stake
• Minimum internal rate of return of 20%
• Project pipeline: US$ 680 M
• Seed investors - capital committed: US$ 175 M
• Strategic partnerships: local development partners, blue-chip multinational tenants
• Exceptional track record of Development team & Board
20%
Ι 39
REIT Legislation Developments & Grit
MoroccoREIT legislation promulgated in 2015/2016Listed REITs: 0Grit engaged with Moroccan Real Estate partners in implementing REIT structure
GhanaDraft REIT Legislation In-Country REITs: 1 informal REIT (under the Unit Trusts and Mutual Funds Regulations 2001)Grit engaged with Ghanaian authorities and local partners to implement REIT structure once legislation promulgated
RwandaREIT legislation promulgated in 2013 Listed REITs: 0Grit engaged with Rwandan partners in country to implement REIT structure
KenyaREIT legislation promulgated in 2013 Listed REITs: 1Grit engaged with local partners to implement Kenyan REIT structure
Ι 40
Forward Guidance
Grow shareholder value and returns
Target 12% total USD return
(8.25% dividend yield, 3.75% NAV growth)
Forecast dividend growth
3% - 5%
Barclays House (Mauritius)
Anfa Place Shopping Center(Morocco)
Vodacom Building (Mozambique)
Anadarko Building (Mozambique)
Buffalo Mall (Kenya)
Ι 41
Ι 42
Grit Real Estate Income GroupReg. No. C128881
3rd floor, La Croisette Shopping Centre, Grand Baie 30517, MauritiusLevel 3, Alexander House, 35 Cybercity Ebene 72201, Mauritius
T +230 269 7090
Thank You
Ι 42
Q&A
Ι 44
Annexure
Vodacom Building (Mozambique)Ι 44
Ι 45
July 2014Acquisition of Anfa Place Shopping Center (Morocco) for US$ 100.7m
July 2014Acquired Anadarko Building (Mozambique) as its 1st asset for US$ 41.6m
July 2014Completion of inward listing on the JSE Limited’s ALT-X board as Delta International
Acquisition of Assets Key Events2014
March 2015Debut on Mauritius Stock Exchange (SEM) and migration from BSX
April 2015Introduction of the Public Investment Corporation as Anchor Shareholder in US$42.0m capital raise
2015
May 2015Acquired the Vodacom Building (Mozambique) US$ 45.7m
April 2015Acquisition of Hollard/KPMG (Mozambique) building for US$ 18.6m
June 2015Maiden issue of shares on the SEM
October 2015Acquisition of Zimpeto Square (Mozambique)US$ 11m
November 2015Delta Africa and Pivotal merger announcement and formation of Mara Delta
December 2015Acquired Kafubu Mall and MukubaMall (Zambia)US$ 40.3m
Timeline (2014-2015)
Ι 46
Acquisition of Assets Key Events
March 2016Acquisition of Buffalo Mall (Kenya) & Bollore Warehouse (Mozambique)Combined: US$ 14.8m
March 2016Acquisition of Barclays House (Mauritius)US$ 14.3m
May 2016Delta Africa officially becomes Mara Delta – the largest pan African income fund listed on the JSE and SEM
2016
December 2016Acquisition of Mall de Tete(Mozambique)US$ 24.2m
December 2016Leaseback acquisition of a 44.4% stake in Beachcomber Hospitality Investments (BHI), owner of 3 luxury resorts in Mauritius for US$78.5m
March 2017Leaseback acquisition of TamassaResort (Mauritius) from Lux Resorts for US$42.3m
June 2017 Raised US$121 million by way of a rights offer at an issue price of US$1.40 per share, significantly increasing market cap and asset value to c.US$600 million
2017
July 2017Shareholders approved Grit’s rebrand and name change, reflecting the Group’s current reality and future growth ambitions
Timeline (2016-2017)
Ι 47
Executive Team
Bronwyn CorbettChief Executive Officer
B.Comm (Acc) (Univ. of Natal, PMB), CA(SA)
Bronwyn is the Chief Executive Officer of Grit Real Estate Income Group Limited (“Grit” previously Mara Delta Property Holdings), the largestpan African focused real estate fund listed on the Johannesburg Stock Exchange and in Mauritius.
Bronwyn has over ten years’ experience in the real estate investment sector. She worked in an investment real estate business for 4 years asFinancial Director before joining Motseng Investment Holdings in April 2009 as the CFO. When Bronwyn joined Motseng they had no directreal estate investment. Bronwyn was the core of the investment team that took the portfolio to R2 billion in 3 years. Bronwyn and the CEOlisted the portfolio on the JSE, as Delta Property Fund and held the position of COO and CIO. She was part of the executive team that grew theportfolio to R12 billion in 4 years and converted the structure to a REIT. In 2014, Bronwyn co-founded Delta International Property Holdings,now rebranded as Grit Real Estate Income Group, and was appointed as CEO. Bronwyn remains a non-executive director on the DeltaProperty Fund board. Bronwyn has been recognised for her various achievements and has been awarded by the South African Institute ofChartered Accountants as the “Top CA (SA) Under 35”. She has also received a special recognition award by Woman in Property. In 2017,Bronwyn has been awarded the winner in the CEO Africa Awards 2017.
Leon van de MoorteleChief Finance Officer
BCompt (Hons), CA(SA)
Leon joined Grit in April 2015, as CFO, where he has utilised his tax structuring knowledge and experience in operating in Africa to expand theasset base of the group. After completing articles with PwC, Leon moved to the Global Risk Management Services within PwC, where hebecome the Senior Manager in charge of Data Management. In 2004, he moved to Solenta Aviation where he became Group Finance Directorwithin 18 months. During his tenure as Group Finance Director, the group expanded from 12 aircraft to 48 aircraft, operating in 8 Africancountries (including South Africa, Mozambique, Algeria, Ghana, Gabon, Kenya, Tanzania and Cote d’Ivoire). He joined Grit in April 2015, asCFO, where he has continued to utilise his tax structuring knowledge and experience in operating in Africa to expand the asset base of thegroup.
Greg PearsonDirector
MCMI, Elec Eng.
A graduate of Kingston University, London, Greg studied Business Management and Project Management and is registered with the CharteredManagement Institute. Greg was formerly an executive with AECOM, a global provider of Design, Development, Engineering and constructionservices having had the responsibility of expanding the footprint for the ‘Rest of Africa’ business from 2006 (outside of South Africa). Hegained his basic training and experience in London working mostly on commercial, retail and residential mixed use projects. Greg’s expertiseincludes development management, cost planning, procurement, time management and traditional project management of majorengineering and building projects. His market sector knowledge includes: office, retail, Leisure, education and healthcare schemes and he hasexperience in over 40 African countries.
Ι 48
Executive Team
Heidi RixChief Operational Officer
B.Comm LLB
Heidi Rix joined Grit Real Estate Income Group Limited (“Grit”) previously Mara Delta Property Holdings) as Chief Operating Officer on 1 May2016. Heidi has 19 years’ commercial and real estate experience and is an admitted attorney holding BComm and LLB degrees in addition tospecialised real estate sector qualifications, including an Advanced Diploma in Property Practice (cum laude). Heidi joined Grit from the BrollProperty Group where she was a Group Director and Managing Director of their Investor Services Division. In this capacity, Heidi was overallresponsible and accountable for the Asset Management, Property Management and Retail Leasing businesses. Her areas of specialisedexpertise include asset management, investment management, portfolio management, portfolio and management structures andperformance management, lease management models, value optimisation of property assets, property acquisitions and disposals, real estatedevelopment projects (Greenfield opportunities), redevelopment/refurbishment projects (Brownfield opportunities), portfolio analysis anddue diligence, liaison between core business and real estate environment, strong contractual, organisational, financial and analytical skills,lease negotiation and strategic input and management. Prior to joining Broll , Heidi successfully managed her own property investmentconsulting business for over two years and held previous positions in the industry as a director for Atterbury Asset Managers as well asGeneral Manager for RMB Properties (Pty) Ltd (now known as Eris Property Group).
Moira van der WesthuizenChief Integration Officer
B.Comm (Hons), CA(SA)
Moira joined Grit in May 2016 as the Chief Integration Officer. She holds a B Com (Honours) degree from the University of South Africa and isa qualified Chartered Accountant with more than two decades’ experience in auditing, finance and business, including managing her ownpractice before partnering with an audit and accounting practice in 2005, where she held the position of Audit Partner. In 2008 Moirarelocated to Mauritius where she worked for Investec Bank and later the CCI Group as Group Financial Controller before joining Grit. As CIO,Moira oversees the co-ordination of all interacting systems within the Group and its extended environments, ensuring that the business isinternally and externally coherent and congruent. This is achieved through the effective integration of all business systems and processeswith other stakeholders, including corporate partners and statutory bodies. Moira is the executive responsible for making recommendationsto the social and ethics committee, a sub-committee of the board, on all matters related to Grit’s corporate social investment (CSI)programme.
Hamish ArnoldChief of Staff
BSc (Hons), Philosophy & Economics
Hamish joined Grit in August 2017 as the Chief of Staff. Hamish holds a BSc. Degree in Philosophy and Economics, Upper Second Honoursfrom the University of Bristol and joined us from Standard Chartered Bank, a leading international bank, based in London, where hesupported and partnered the Regional CEO (Africa) in identifying and managing issues across all businesses and functions in 15 countries. Thelast eight of Hamish’s 22-year career with Standard Chartered Bank, have been in the role of Chief of Staff supporting senior executives,Group Executive Director & CEO (Europe, Middle East, Africa and Americas) Dubai and Group Head, Origination & Client Coverage, Singapore.Other positions held by Hamish during his career include Director, Business & Planning, Origination & Client Coverage; Chief OperatingOfficer – Portfolio Management and Head - Investment Funds Products & Wealth Management in Hong Kong. Hamish’s extensive globalexperience, proven record of supporting senior management, combined with his ability to build productive and lasting relationships with allstakeholders, makes him the ideal candidate to fulfi l the role of Chief of Staff providing solutions to deliver the organisation's business goals.
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Property portfolio (1/3)
Location: Casablanca,Morocco
Anchor tenants:
Carrefour, M&S, H&M, Starbucks
Sector: Retail
Land title:Freehold
GLA: 30 879m2
Parking bays:
1 148
Valuation: US$102.4 M
Location: Pemba, Mozambique
Anchor tenant:
Bollore Africa Logistics
Sector: Light industrial
Land title: Leasehold
GLA: 6 374m2
Parking bays:
10
Valuation: US$6.5 M
Location: Maputo,Mozambique
Anchor tenant:
Retail Masters
Sector: Retail
Land title:Leasehold (50+50)
GLA: 4 764m2
Parking bays:
136
Valuation: US$11.5 M
Location: Maputo,Mozambique
Anchor tenant:
Vodacom
Sector: Office
Land title:Leasehold (50+50)
GLA: 10 995m2
Parking bays:
336
Valuation: US$48.7 M
Location: Maputo,Mozambique
Anchor tenant:
KPMG, Hollard & BP
Sector: Office
Land title:Leasehold(50+50)
GLA: 5 056m2
Parking bays:
99
Valuation: US$18.5 M
Location: Maputo,Mozambique
Anchor tenant:
Anadarko Petroleum
Sector: Office
Land title:Leasehold(50+50)
GLA: 7 248m2
Parking bays:
185
Valuation: US$42.6M
Anadarko Building KPMG/Hollard Building Vodacom Building
Zimpeto Square Bollore Anfa Place Shopping Center
* Value presented proportional to ownership interest held
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Property portfolio (2/3)
Location: Lusaka, Zambia
Anchor tenant:
Shoprite, Game
Sector: Retail
Land title: Leasehold
GLA: 26 512m2 (100%)
Parking bays:
1300
Valuation: US$38.4 M*
Location: Kitwe, Zambia
Anchor tenant:
Shoprite, Game, Pick n Pay
Sector: Retail
Land title: Freehold
GLA: 28 230m2 (100%)
Parking bays:
670
Valuation: US$36.1 M*
Location: Pointe aux Canonniers,Mauritius
Anchor tenant:
Beachcomber
Sector: Hospitality
Land title: Leasehold
No of. rooms:
284
Valuation: US$24.8 M*
Location: Pointe Aux Piments, Mauritius
Anchor tenant:
Beachcomber
Sector: Hospitality
Land title: Leasehold
No of. rooms:
254 (294 by end of Sep 2017)
Valuation: US$34.9 M*
Location: Grand Baie, Mauritius
Anchor tenant:
Beachcomber
Sector: Hospitality
Land title: Leasehold
No of. rooms:
238
Valuation: US$23.7 M*
Location: Ndola, Zambia
Anchor tenant:
Shoprite
Sector: Retail
Land title: Leasehold
GLA: 12 140m2 (100%)
Parking bays:
180
Valuation: US$12.2 M*
Kafubu Mall (50% ownership*) Mukuba Mall (50% ownership*) Cosmopolitan Mall (50% ownership*)
Le Mauricia Resort & Spa (44.4% ownership*) Le Victoria Resort & Spa (44.4% ownership*) Le Canonnier Resort & Spa (44.4% ownership*)
* Value presented proportional to ownership interest held
Ι 51
Property portfolio (3/3)
Location: Tete, Mozambique
Anchor tenants:
Shoprite, Choppies
Sector: Retail
Land title: Leasehold
GLA: 11 571m2
Parking bays:
419
Valuation: US$24.2 M
Location: Nairobi, Kenya
Anchor tenant:
Imperial Health Sciences
Sector: Light Industrial
Land title: Leasehold
GLA: 13 560m2
Parking bays:
N/A
Valuation: US$18.0 M
Location: Tete, Mozambique
Anchor tenants:
Vale and Barloworld
Sector:Corporate Residential
Land title Leasehold
No of units:
83 x 3 bed vil las40 x 2 bed apartments
Valuation: US$21.4 M
Location: Naivasha, Kenya
Anchor tenant:
Tuskys
Sector: Retail
Land title: Leasehold
GLA: 6 615m2 (100%)
Parking bays:
250
Valuation: US$6.0 M*
Location: Ebene, Mauritius
Anchor tenant:
Barclays Bank
Sector: Office
Land title: Leasehold
GLA: 7 700m2
Parking bays:
150
Valuation: US$14.4 M
Location: Bel Ombre, Mauritius
Anchor tenant:
Lux Island Resorts
Sector: Hospitality
Land title: Leasehold
No of. rooms:
214
Valuation: US$43.9 M
Tamassa Resort Barclays House Buffalo Mall (50.0% ownership*)
VDE Compound Imperial Warehouse Mall de Tete
* Value presented proportional to ownership interest held
For professional advisers orQualified Institutional Buyers only. This material is not suitable for retail clients.
Past performance is not a guide to future performance and may not be repeated. The value of investments and the income from them may go down as well as upand investors may not get back the amount originally invested. The data contained in this presentation has
been sourced by Grit Real Estate Income Group (“Grit”) and should be independently verified before further use. This presentation is intended to be for information purposes only and it is not intended as promotional material in any respect.
The material in this presentation is not intended as an offer or solicitation for the purchase or sale of any financial instrument. The material is not intended to provide, and should not be relied on for, accounting, legal or tax advice, or investment recommendations.
Information herein is believed tobe reliable but Grit does not warrant its completeness or accuracy. Noresponsibility can be accepted for errorof fact oropinion.
This presentation is restricted and is not for release, publication or distribution, in whole or in part, directly or indirectly, in or into the Australia, Canada, Japan or any other jurisdiction in which such release, publication or distribution would be unlawful. This presentation is
for information purposes only, does not purport to be full or complete, is subject to change and shall not constitute or form part of an offer or solicitation of an offer to purchase, sell, issue or subscribe for securities in the United States of America or any in other
jurisdiction nor shall there be any sale of securities inany jurisdiction in which an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. Any failure to complywith these restrictions may constitute
a violation of securities laws of such jurisdictions.
The distribution of this presentation incertain jurisdictions may be restricted by law.
No action has been taken by Grit or any of its affiliates that would permit an offering of securities or possession or distribution of this presentation or any other offering or publicity material relating to securities in any jurisdiction where action for that purpose is required.
Persons into whose possession this presentation comes are requiredto informthemselves about, and to observe, such restrictions.
Grit securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold, directly or indirectly, in the United States of America, absent registration or an exemption from, or
transactions not subject to, the registration requirements of the Securities Act. Grit does not intend to register its securities under the Securities Act or to conduct a public offering of the securities in the United States of America. Should securities be offered in the future, in
the United States of America, any offering of securities will be made only to qualified institutional buyers in accordance with Rule 144 A under the Securities Act or in other transactions exempt from, or not subject to, the registration requirements of the Securities Act and
applicable state or local securities laws. Outside the United States of America, any future offering of securities will be made in accordance with Regulation S under the Securities Act.
In member states of the European Economic Area (“EEA”) which have implemented the Prospectus Directive (each, a “Relevant Member State”), this presentation is directed exclusively at persons whoare qualified investors within the meaning of the Prospectus Directive
(“Qualified Investors”). For these purposes, the expression Prospectus Directive means Directive 2003/71/EC (and amendments thereto, including Directive 2010/73/EU, to the extent implemented in a Relevant Member State), and includes any relevant implementing
measure inthe Relevant Member State.
In the United Kingdom this presentation is only being distributed to, and is only directed at, Qualified Investors who are (i) investment professionals falling within Article 19(5) of the UK Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the
“Order”); or (ii) high net worth entities falling within Article 49(2)(a) to (d) of the Order, or (iii) other persons to whom it may otherwise be lawfully communicated (all such persons together being referred to as “relevant persons”). Persons who are not relevant persons
should not take any action on the basis of this presentation and should not act or rely on it.
Nothing in this presentation should be viewed, or construed,as "advice", as that term is used in the South African Financial Markets Act, 2012, and/orFinancial Advisory and Intermediary Services Act,2002 and/orthe equivalent legislation in the United States of America.
This presentation contains (or may contain) certain forward-looking statements which reflect Grit’s intent, beliefs or current expectations about the future and can be recognized by the use of words such as “expects,” “plans,” “will,” “estimates,” “projects,” “intends,” or
words of similar meaning. These forward-looking statements are not guarantees of future performance and are based on assumptions about Grit’s operations and other factors, many of which are beyond the Grit’s control, and accordingly, actual results may differ
materially from these forward-looking statements. Forward-looking statements contained in this presentation regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. Except as required by the JSE,
the SEM or applicable law, Grit expressly disclaims any obligation or undertaking to release publiclyany updates or revisions to any forward-lookingstatements contained in this presentation to reflect anychanges in Grit’s expectations with regard thereto orany changes in
events,conditions or circumstances on which any such statement is based.
Disclaimer
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