Safari Business Update – 27 March 2019

  • Net operating expenses maintained at an acceptable level
  • Healthy occupancy rate maintained
  • 80% of the expiring GLA during the last 12 months were renewed at a positive rental reversion rate
  • Average reversion ratio is 6% across the portfolio
  • Footfall across the total retail portfolio were up from the previous year
  • New brands introduced into portfolio include: Boxer, Food Lovers Market, McDonalds, The Gym Company, Virgin Active among others
  • Introduction of interest rate hedging policy; 40% of debt hedged with intention to increase hedging profile
  • R500 million in new debt facilities secured
  • Thornhill Shopping Centre, Polokwane acquired
  • Nkomo Village Shopping Centre in Atteridgeville opened
  • Commitment to South African peri-urban retail market
  • Property management and leasing function internalized

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