2020 Integrated Annual Report

and Consolidated & Separate
Financial Statements

2020 Highlights

Distributable income
excluding the direct impact of Covid-19, of 664 cents per share, in line with guidance provided
in September 2019


direct impact reduced
distributable income by
R434 million, to
493 cents per share


Balance sheet remains healthy despite
a reduction of R4.0 billion (13.9%) in the value of the property portfolio
All banking covenants met at 30 June 2020

Steps taken to strengthen the balance sheet

US Dollar-denominated
debt reduced
by $271 million


Cash of
R1.2 billion retained
from distributable income to repay debt


Good progress made on the
repositioning of the SA portfolio

Relet 15 640m2
of the Edcon exposure and agreed terms with the new owners of the CNA, Edgars and Jet stores (48 369m2)


Three new Checkers FreshX stores secured


Solar projects completed at Woodlands, The Glen and Atterbury Value Mart

Hystead acquired the remaining 10% interest in City Center One East and City Center One West in Zagreb, Croatia

Positive progress made in exiting the
sub-Saharan Africa investments

Achimota and Manda Hill
malls sold


Key terms agreed for the
sale of Ikeja City Mall


Chairman's statement

Gavin Tipper
Chairman of the board

A year ago I commented that 2019 had been difficult for property companies. With the South African property index down 45.1% in the 12 months to 30 June 2020, the current year eclipsed that.

Chairman's statement

Group overview

  • South African properties
  • Eastern European properties
  • Sub-Saharan African properties

South African properties

Eastern European properties

Sub-Saharan African properties