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INVESTEC PROPERTY FUND LIMITED - Update on Status of IPF Properties

Release Date: 16/07/2021 12:43
Wrap Text
Update on Status of IPF Properties

(Incorporated in the Republic of South Africa)
(Reg. No: 2008/011366/06)
Approved as a REIT by the JSE
Share Code: IPF
Bond Code: INV
ISIN: ZAE000180915
("Investec Property Fund" or "the Fund")


In light of recent events taking place in several parts of the country, Investec Property Fund wishes to update its
shareholders on the impact thereof on its portfolio and the actions being taken, particularly in the severely affected
regions of Kwa-Zulu Natal and Gauteng.

Investec Property Fund advises that, to date, only two of its properties have been impacted:
    -    Riverhorse – RTT warehouse (18,474m2) located in Riverhorse Valley, Durban has suffered substantial
         damage as a result of looting and parts of the property being set on fire. As the situation in this area
         remains volatile, the full extent of the damage has not yet been assessed; and
    -    Kriel Mall, Mpumalanga – limited damage to store fronts experienced due to attempted looting.

The Fund’s properties are insured to cover the losses incurred, both in terms of capital damage and income loss.
The Fund has already notified its insurance providers and is in the process of arranging site inspections with
professional teams and loss adjustors to quantify the extent of damage, which is expected to be within the limits of
its insurance cover.

During the week, the Fund took the decision to close down six of its malls situated in high-risk areas. Additional
security was also posted across all retail and several industrial properties in the portfolio. The Fund has since taken
the decision to re-open the majority of its malls as risks have subsided over the last few days.

Investec Property Fund’s primary concern is for the safety and wellbeing of its tenants and surrounding
communities, and management is committed to doing everything within its power to assist, where possible. The
Fund wishes to express its sincere appreciation to the local communities, security personnel, property managers,
staff and other stakeholders for their immense efforts in protecting the Fund’s assets during these extremely volatile

16 July 2021

Financial Advisor and Sponsor
Investec Bank Limited

Date: 16-07-2021 12:43:00
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