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Annual Report March 2020

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Annual Report March 2020 INTEGRATED 21020 2020 ANNUAL REPORT SOUTH AFRICA Integrated annual report and annual nancial statements Investec Property Fund Limited Investec Property Fund Limited integrated annual report and nancial statements integrated Property Fund Property Fund Limited GLOSSARY OF TERMS AGM Annual General Meeting AREG L.P AREG Hexagon Co-Invest Vehicle II, LP ASX Australian Securities Exchange AUD Australian Dollar B-BBEE Broad-based black economic empowerment Board Board of directors of IPF CCS Cross-currency swap CGT Capital gains tax CPS Cents per share CSI Corporate social investment DMTN Domestic medium term note Euribor The Euro Interbank offered rate Edcon Edcon Acquisition Proprietary Limited EDT Entrepreneurship Development Trust ERV Expected rental value EUR Euro EV Enterprise value EY Ernst & Young Inc. FECs Forward exchange contracts FVTPL Fair value through profit or loss GAV Gross asset value GBF General banking facility GBP Great British Pound GLA Gross lettable area Group revenue or gross income Revenue from all investments and aggregated on a proportionally consolidated basis Group NOI Group net operating income Hexagon Hexagon Holdco S.a.r.l and Hexagon Holdco S.a.r.l 2 HFS Held for sale HQLA High quality liquid assets IAP Investec Australia Property Fund ICR Interest coverage ratio IPFO Investec Property Fund Offshore Investments Proprietary Limited IFRS International Financial Reporting Standards IRS Interest rate swaps Investec Investec Bank Limited Investec Property or The Manager Investec Property Proprietary Limited IPF or The Fund or The Group Investec Property Fund Limited and its subsidiaries ISAs International Standards on Auditing IT Information technology Izandla or Izandla Property Fund Izandla Property Fund Proprietary Limited JIBAR Johannesburg Interbank Agreed Rate ii INTRODUCING INVESTEC PROPERTY FUND Investec Property Fund Limited Integrated annual report and annual financial statements 2020 1 JSE Johannesburg Stock Exchange King IV Report on Corporate Governance for South Africa 2016 KPI’s Key performance indicators LID Lead Independent Director LTV Loan to value MTM Mark to market NAV Net asset value NPI Net property income PEL Pan-European Logistics platform PELI Pan-European Light Industrial platform POPI Protection of Personal Information Act PPL Profit participating loans REIT Real Estate Investment Trust ROI Return on investment SA South Africa/South African SAICA South African Institute of Chartered Accountants SAPOA South African Property Owners Association SLAs Service level agreements SMME’s Small, medium and micro-sized enterprises U.K. investment/U.K. Fund Nestor Investment Holdings Limited UREP Urban Real Estate Partners WALE Weighted average lease expiry WHT Withholding tax ZAR South African Rand INTRODUCING INVESTEC PROPERTY FUND iii Investec Property Fund Limited integrated annual report and annual financial statements 2020 OUR INTEGRATED REPORT diversification into selected sectors and geographies. As such, Our mission is to be further emphasis is placed this year on our offshore investments, recognised as South encompassing investment portfolios in Europe and the UK. We also examine inherent risks arising from our global operating Africa’s leading REIT. contexts and identify opportunities that influence our ability to create value. Material events and business developments which Over the following pages, occurred after the reporting date are also noted. we demonstrate how we Assurance of information have strived to achieve In preparation of our integrated report, we have ensured that this. We report on our content is aligned with legislative requirements governing the Fund. Furthermore, we employ a combined assurance approach to global businesses and co-ordinate internal and external assurance efforts. This includes assurance provided by our board of directors (page 15) as well as accomplishments, our assurance provided by our independent external auditor, Ernst & strategic aspirations and on Young Inc. (page 96). the value we have generated Forward-looking statements This report contains forward-looking statements in respect of the both financially and socially. Fund’s future performance outcomes. While these statements represent our judgements and future expectations, various future Scope and boundary uncertainties could cause actual results to differ materially from our The Investec Property Fund Group takes pleasure in presenting expectations. Therefore, all forward-looking statements have not its integrated annual report to stakeholders for the year ended been reported on by our auditor. 31 March 2020. Our annual integrated report provides an The Boards’ statement of responsibility overview of our global business activities and performance and The Board recognises its responsibility to ensure the integrity of how these achievements align with our strategic pillars. The South the integrated report and has accordingly addressed all material African portfolio constitutes 65% of our asset base and forms matters that impact our ability to create value for all stakeholders. the foundations of the IPF legacy. In FY2020, the Group has This report was approved by the Board on 30 June 2020. further evolved into a global real estate player through strategic Cross reference tools Retail Office Industrial properties properties properties AUDITED INFORMATION CORPORATE RESPONSIBILITY Denotes information in the risk and remuneration Refers readers to further information in our reports that forms part of the group’s audited annual corporate responsibility report available financial statements on our website: www.investecproperty.com PAGE REFERENCES REPORTING STANDARD Refers readers to information elsewhere in this report Denotes our consideration of a reporting standard WEBSITE Indicates that additional information is available on our website: www.investecproperty.com CLIENT SERVICE VALUE-ADD ASSET MANAGEMENT AND REVENUE SECURITY COST-EFFICIENCY AND SYSTEM EXCELLENCE CAPITAL ALLOCATION AND GROWTH OPTIMISATION FINANCIAL CAPITAL HUMAN CAPITAL INTELLECTUAL CAPITAL SOCIAL AND RELATIONSHIP CAPITAL MANUFACTURED CAPITAL NATURAL CAPITAL Contents Introducing Investec Property Fund 01 Glossary of terms ii About us 3 Timeline of events 4 Reflecting on 2020 with our Chairman 6 Investment portfolio at a glance 8 Business model 12 Leadership 14 Stakeholders 18 Business in context 02 Joint-CEO’s report 24 The world around us 29 Top risks and opportunities 35 Strategic roadmap and progress to date 41 Our performance outcomes 03 Key highlights for the year ended 31 March 2020 47 CFO’s report 48 Balance sheet and treasury management 52 South African portfolio 57 Offshore portfolio 70 Capital allocation 77 Sustainability 80 Transformation and Corporate Social Investment 82 Our governing principles, practices and 04 outcomes Our governing principles, practices and outcomes 84 05 The annual financial statements 95 06 Property portfolio 148 07 Shareholder information 154 INTRODUCING INVESTEC PROPERTY FUND 1 Investec Property Fund Limited integrated annual report and annual financial statements 2020 TO PLEASE ADVISE DEFINITIONS INTRODUCING INVESTEC PROPERTY FUND 2 OUR INTEGRATED REPORT Investec Property Fund Limited integrated annual report and financial statements 2019 ABOUT US 1 Investec Property Fund Limited (IPF or the Fund) is a diversified South African REIT that listed on the JSE on 14 April 2011 (JSE code: IPF) As at 31 March 2020 the Fund managed a diversified asset platform valued at R25.7 billion, comprising an investment portfolio of direct and indirect real estate investments in South Africa, Australia, UK and Europe. In South Africa, the Fund directly owns a sizeable portfolio of 98 properties in the retail, industrial and office sectors valued at R16.9 billion and a 35% interest in Izandla valued at R0.3 billion. This is complemented by substantial property investments in Europe (R6.7 billion) and UK (R1.1 billion) where the Manager has people with INTRODUCING in-country expertise, and a smaller investment in Australia (R0.7 billion) which has been exited since year end. INVESTEC PROPERTY FUND Investec Group 24% 100% Investec Property Fund Limited Investec Property (Pty) Ltd Our organisational structure THE FUND THE MANAGER The Fund’s property portfolio is managed Asset management and property management agreement and operated by Investec Property (Pty) Ltd (the Manager) under the terms of an asset South African Offshore management and property management property property portfolio portfolio agreement. The Investec Group (Investec) holds 24% in the Fund and 100% in the Pan-European U.K. Pan-European Manager. IAP logistics Fund light industrial Industrial and Retail and Light Logistics Commercial Industrial industrial Izandla Retail Office Industrial (35% interest) What makes us different? The driving force behind the Fund is a combination of the hands-on property skills, financial expertise and passion for real estate within The Fund’s ambition is to be recognised as SA’s leading REIT the team, comprising both experienced and young professionals which entails: who operate in a highly collaborative and entrepreneurial • Investing in quality assets; environment. The team prides itself on being property purists • Retaining the best people; with extensive skills and experience in direct real estate and is guided by a senior management team and Board who have had • Delivering an out-of-the-ordinary client experience; and a long history of success in the property sector, dating back to • Delivering
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