| |
| |
Facility |
|
Secured by
property(1) (3) |
|
Capital
repayment
date |
|
Interest
rate
% |
|
2017
R000 |
|
| SA Rand bank facilities |
|
|
|
|
|
|
|
|
|
|
|
|
| Nedbank Limited |
|
|
|
|
|
|
|
|
|
|
|
|
| Repaid in June 2018 |
|
|
|
|
June 2018 |
|
Prime - 1,8 |
|
Repaid(2) |
|
1 214 754(5) |
|
| Old Mutual Specialised Finance Proprietary Limited (OMSFIN) |
|
|
|
|
|
|
|
|
|
|
|
|
| R400 million is fixed at an average rate
of 9,55% |
R400 million |
|
Somerset
Mall |
|
July 2022 |
|
Three-month
JIBAR +1,55 |
|
399 539 |
|
399 428 |
|
| US Dollar bank facilities |
|
|
|
|
|
|
|
|
|
|
|
|
| RMB |
|
|
|
|
|
|
|
|
|
|
|
|
| During the year USD23 million loans
expired and were refinanced for three years at a floating rate. USD5,0 million was fixed until May 2020 |
USD23 million |
|
40% of Canal Walk |
|
May 2018 |
|
LIBOR + 3,2 |
|
Refinanced |
|
299 744(5) |
|
| At year-end the drawn down amount was R228,3 million (USD16,7 million) at an average
rate of 3,9% |
USD23 million |
|
40% of Canal Walk
and Clearwater |
|
May 2020 |
|
Tranche A: LIBOR +3,2
Tranche B:
LIBOR +2,7 |
|
228 336 |
|
|
|
| The Standard Bank of South Africa Limited |
|
|
|
|
|
|
|
|
|
|
|
|
| 83% of the drawn down amount of
R1,4 billion (USD100 million) is fixed. The average rate is 4,7% |
USD100 million |
|
(4) |
|
August 2019 |
|
LIBOR +2,75 |
|
1 370 070 |
|
1 304 466 |
|
| 69% of the drawn down amount of R1,5 billion (USD111,3 million) is fixed. The average rate is 4,3% |
USD120 million |
|
(4) |
|
July 2020 |
|
LIBOR +2,40 |
|
1 524 663 |
|
1 448 212 |
|
| Standard Finance (Isle of Man) Limited |
|
|
|
|
|
|
|
|
|
|
|
|
| During the year two bank loans of
USD40 million and USD20 million were consolidated and refinanced through a three-year USD60 million bank facility |
USD40 million |
|
(4) |
|
October 2017 |
|
LIBOR +3,17 |
|
Refinanced |
|
521 786(5) |
|
| USD20 million |
|
(4) |
|
November 2018 |
|
LIBOR +2,85 |
|
Refinanced |
|
260 893(5) |
|
| 75% of the R822 million (USD60 million)
is fixed. The average rate is 4,3% |
USD60 million |
|
(4) |
|
October 2020 |
|
LIBOR +2,21 |
|
822 042 |
|
|
|
| Stanbic IBTC Bank PLC |
|
|
|
|
|
|
|
|
|
|
|
|
| During the year the USD32,4 million
facility was refinanced with a three-year bank facility |
USD32,4 million |
|
Ikeja City
Mall |
|
December 2017 |
|
LIBOR +6,25 |
|
Refinanced |
|
423 945(5) |
|
| The drawn down amount of
R433,1 million (USD31,6 million) is floating at an average rate of 7,9% |
USD31,6 million |
|
Ikeja City
Mall |
|
December 2020 |
|
LIBOR +6,25 |
|
433 150 |
|
|
|
| Investec Asset Management Proprietary Limited |
|
|
|
|
|
|
|
|
|
|
|
|
| During the year the USD24,3 million
facility was refinanced with a three-year bank facility |
USD24,3 million |
|
Ikeja City
Mall |
|
December 2017 |
|
LIBOR +6,25 |
|
Refinanced |
|
317 597(5) |
|
| The drawn down amount of
R324,4 million (USD23,7 million) is floating at an average rate of 7,9% |
USD23,7 million |
|
Ikeja City
Mall |
|
December 2020 |
|
LIBOR +6,25 |
|
324 414 |
|
|
|
| (1) |
Encumbered properties total R20,2 billion (2017: R22,1 billion) |
| (2) |
The R1,5 million facility was repaid with corporate bond funding during the year (refer to new five and seven-year bonds below) |
| (3) |
CapeGate and Atterbury Value Mart are also encumbered to Euro debt, refer to note 2 – Investment property |
| (4) |
40% of Canal Walk, 75,15% of The Glen and Woodlands is secured for borrowings from the Standard Bank of South Africa Limited and its subsidiary, Standard Finance (Isle of Man) Limited |
| (5) |
Short term |
| |
Capital
repayment/
maturity date |
|
Interest rate
% |
|
2017
R000 |
|
| Debt capital market funding |
|
|
|
|
|
|
|
|
| Corporate bonds |
|
|
|
|
|
|
|
|
| Six-year bond – fixed |
November 2019 |
|
Three-month JIBAR + 1,54 |
|
450 000 |
|
450 000 |
|
| Five-year bond – repaid during 2018 year with cash from asset sales |
September 2017 |
|
Three-month JIBAR + 1,50 |
|
Repaid |
|
300 000(5) |
|
| Five-year bond – repaid during 2018 year with cash from asset sales |
May 2018 |
|
Three-month JIBAR + 1,45 |
|
Repaid |
|
450 000(5) |
|
| Five-year bond – fixed |
November 2019 |
|
Three-month JIBAR + 1,50 |
|
200 000 |
|
200 000 |
|
| Three-year bond – fixed |
July 2019 |
|
Three-month JIBAR + 1,69 |
|
357 940 |
|
357 881 |
|
| Four-year bond – fixed |
July 2020 |
|
Three-month JIBAR + 1,79 |
|
424 894 |
|
424 841 |
|
| Five-year bond – fixed |
July 2021 |
|
Three-month JIBAR + 1,90 |
|
316 905 |
|
316 873 |
|
| Five-year bond – fixed |
March 2023 |
|
Three-month JIBAR + 1,60 |
|
452 000 |
|
|
|
| Seven-year bond – fixed |
March 2025 |
|
Three-month JIBAR + 1,90 |
|
348 000 |
|
|
|
| Shareholder loans – unsecured – USD loan |
|
|
|
|
|
|
|
|
| AIH International Limited (outside shareholder loan to Gruppo Investments Nigeria Limited, which owns Ikeja City Mall in Lagos, Nigeria) of USD17 009 500 |
March 2021 |
|
17,25 |
|
233 041(6) |
|
210 218 |
|
| (5) Short term |
|
|
|
|
|
|
|
|
| (6) Short-term portion R69 343 (2017: R435 587) |
|
|
|
|
|
|
|
|
| Total interest-bearing borrowings |
|
|
|
|
7 884 994 |
|
8 900 638 |
|
| Reconciliation to the statement of financial position |
|
|
|
|
|
|
|
|
| Non-current |
|
|
|
|
7 815 651 |
|
5 068 332 |
|
| Long-term portion of interest-bearing borrowings |
|
|
|
|
7 815 651 |
|
5 068 332 |
|
| Current |
|
|
|
|
69 343 |
|
3 832 306 |
|
| Short-term portion of interest-bearing borrowings |
|
|
|
|
69 343 |
|
3 832 306 |
|
|
|
|
|
|
|
|
|
|
| Total borrowings |
|
|
|
|
7 884 994 |
|
8 900 638 |
|
|