| |
Note |
|
June 2017
R000 |
|
June 2016
R000 |
|
| Total investment property classified as held-for-sale |
|
|
|
|
|
|
| Assets |
|
|
426 681 |
|
1 243 591 |
|
| Investment property |
2.1 |
|
415 182 |
|
1 224 090 |
|
| Building appurtenances and tenant installations |
|
|
3 616 |
|
6 685 |
|
| Trade and other receivables |
|
|
6 324 |
|
9 471 |
|
| Cash and cash equivalents |
|
|
1 559 |
|
3 345 |
|
| Liabilities |
|
|
13 074 |
|
27 868 |
|
| Trade and other payables |
|
|
13 074 |
|
27 868 |
|
|
|
|
|
|
|
|
| Net classified as held-for-sale |
|
|
413 607 |
|
1 215 723 |
|
| Movement in assets held-for-sale |
|
|
|
|
|
|
| Investment property, building appurtenances and tenant installations |
|
|
|
|
|
|
| Opening balance |
|
|
1 230 773 |
|
1 225 773 |
|
| Disposals |
|
|
(868 125) |
|
|
|
| Additions (includes cost and fair value adjustments) |
|
|
59 569 |
|
8 428 |
|
| Depreciation |
|
|
(3 421) |
|
(3 428) |
|
| Transfer to held-for-sale |
|
|
|
|
|
|
| Closing balance |
|
|
418 796 |
|
1 230 773 |
|
| Working capital |
|
|
|
|
|
|
| Opening balance |
|
|
(15 050) |
|
(12 278) |
|
| Disposals |
|
|
16 277 |
|
|
|
| Additions |
|
|
(6 416) |
|
(2 772) |
|
| Closing balance |
|
|
(5 189) |
|
(15 050) |
|
| Net classified as held-for-sale |
|
|
413 607 |
|
1 215 723 |
|
Non-current assets held-for-sale include Willowbridge North, Lakefield Office Park and vacant land in Greenstone Park, Johannesburg. Subsequent to year-end, Willowbridge North was sold for R225 million. It is anticipated that transfer will take place in September 2017.
During the year the following buildings were sold:
| |
Sale price |
|
Transfer date |
|
| Somerset Value Mart |
R185 million |
|
September 2016 |
|
| Glenfield Office Park |
R180 million |
|
December 2016 |
|
| Willowbridge South |
R460 million |
|
March 2017 |
|
| Glenwood Office Park |
R42 million |
|
May 2017 |
|
| Total |
R867 million |
|
|
|
Although Lakefield Office Park was classified as held-for-sale at 30 June 2016, efforts to dispose of this property are continuing and Hyprop is confident that it will be sold. Hyprop is actively engaging with potential purchasers. The property continues to be measured under IAS 40 and all requirements of IFRS 5 have been met (refer to note 1.10 — Investment property and note 2 – Investment property).
|