Material focus areas

Rosebank Mall, Johannesburg, Gauteng
Intellectual capital
Key to value creation
Investment excellence: grow a specialised portfolio of high-quality, dominant retail property investments by pursuing appropriate yield-enhancing acquisitions in emerging markets

Active asset management: maximise efficiencies, seek expansion and redevelopment opportunities (for existing shopping centres)

Effective capital and debt management: fix interest rates and increase average period of hedged debt book

Effective leasing management: focus on contractual rental escalations and improve tenant mix

Employee development, key skills retention, diversity and succession planning: enhance productivity through training and proactive focus on black economic empowerment and employment equity
Risks*
Low GDP growth
  • Slowing consumer spend affects trading densities and rent ratios
  • Volatility of ZAR exchange rate against USD and EUR
  • Possibility of sovereign credit rating downgrade
  • Rising cost of occupancy for tenants due to increasing municipal services tariffs
* View full risk matrix.
Opportunities
  • Pursue appropriate yield enhancing, quality acquisitions in emerging markets; specifically in Eastern Europe, which benefits from a low interest rate environment
  • Use tenant failures or lease expiries to enhance the tenant mix in our malls
  • International retailers looking to expand locally