17. Borrowings
 
  Facility   Secured by       
property(1) (3)
  Capital
repayment
date
  Interest
rate
%
  2018  
R000  
  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
%
  2018   
R000   
  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