/SCHEDULE OF PROPERTIES

Festival Mall, Kempton Park
The R140m introduction of a 5,500sqm Game, a 1,200sqm Mr Price Sport and a 3,300sqm Ster Kinekor Cinema Complex, and a major extension to ABSA Bank, were all completed in 2008. The expansion has added substantially to the tenant mix and entertainment components of this centre, taking the total GLA to just under 80,000sqm. The extensions included the introduction of a structured parking deck, adding a further 730 bays. Still in progress is the redevelopment of the centre entrances, as well as external façade treatment and the re-mixing of the restaurant offering to provide a closer fit with Festival’s customer profile. A new Boardmans store is also being introduced into the tenant mix. This phase is scheduled for completion by August 2008, with an anticipated first year return of approximately 10% on the R20m of capital expenditure that will be incurred on this last phase of the work.
ADDRESS cnr CR Swart & Kelvin Dr, Kempton Park
DESCRIPTION Erf 1565 and 1566, Esther Park Extension 9
PROPERTY TYPE Retail
INDEPENDENT VALUATION R1,022,000,000 on 31 March 2010
CARRYING VALUE R1,022,000,000
MAIN TENANTS Checkers Hyper, Game, Pick n Pay, Mica, Woolworths, Edgars, Foschini, Truworths
GROSS LETTABLE AREA 80,831m²
CURRENT VACANCY 3.40%
LEASE EXPIRY Year ending March 2008 - 2.0%
Year ending March 2009 - 1.0%
Year ending March 2010 - 27.6%
Year ending March 2011 - 10.0%
Year ending March 2012+ - 58.7%
RENTAL AVERAGE R95.00
ESCALATION AVERAGE 0.00%

ACUCAP PROPERTIES LIMITED
REG NO.
JSE CODE
ISIN
2001/021725/06
ACP
ZAE 000037651
TEL.
FAX.
EMAIL.
+27 (0)21 702 2745
+27 (0)21 702 2738
INFO@ACUCAP.CO.ZA
REGISTERED OFFICE
 
 
SUITE A11, WESTLAKE SQUARE
WESTLAKE DRIVE, WESTLAKE, CAPE TOWN
PO BOX 31079, TOKAI, 7966