ANNUAL RESULTS PRESENTATION

for the period ended

30 June 2017

2AGENDA

• Highlights 3

• Business update and market analysis 5

• Financial summary 12

• Property portfolio 20

› South Africa 23

› United Kingdom 31

• Outlook 38

• Annexures 41

HIGHLIGHTS

4HIGHLIGHTS

Financial highlights

• 102,80 cents rebased dividend per share (2016: 96,99) ▲ 6,0%

• NAV 952,34 cents (2016: 1 006,81) ▼ 5,4%

• R598,8 million revenue (2016: 572,2 million) ▲ 4,6%

• R440,8 million net property income (2016: 400,7 million) ▲ 10,0%

• 38,9% LTV ratio on investment property (2016: 37,2%)

Non-financial highlights*

• 407 803 square meters of gross lettable area (2016: 427 831) ▼ 4,7%

• 61,9% National / listed / blue chip tenants (by GLA) (2016: 57,6%) ▲ 7,5%

• Vacancies (by GLA) 4,9% (2016: 9,0%) ▼ 45,6%

• R5 508 billion portfolio value (2016: 5 774 billion) ▼ 4,6%

* Including Broad Street Mall

BUSINESS UPDATE

AND MARKET

ANALYSIS

6TEXTON THE YEAR UNDER REVIEW

The below graph represents the Texton share price movements from 1 January 2017 to 30 June 2017

The below graph represents the share price movements post Brexit of SA listed & inward listed property stocks with UK asset exposure

Capital & Counties, 78%Intu, 79%

Redefine Int, 74%

MAS, 110%

Tradehold, 62%

Stenprop, 77%

Atlantic Leaf, 72%

Texton, 99%

Vukile, 112%

New Frontier, 73%

Jul 16 Aug 16 Sep 16 Oct 16 Nov 16 Dec 16 Jan 17 Feb 17 Mar 17 Apr 17 May 17 Jun 17

Capital & Counties Intu Redefine Int MAS Tradehold

Stenprop Atlantic Leaf Texton Vukile New Frontier

791

663

899

765 755

840

805

905

825

844

789

790

Jul 16 Aug 16 Sep 16 Oct 16 Nov 16 Dec 16 Jan 17 Feb 17 Mar 17 Apr 17 May 17 Jun 17

7DIVIDEND HISTORY

27

.0

38

.00

40

.00

44

.68

44

.83

47

.95

37

.51

39

.25

42

.99

47

.08

52

.16

54

.85

64

.51

77

.25

82

.99

91

.75

96

.99

10

2.8

0

0

30

60

90

120

2012 2013 2014 2015 2016 2017

Growth 6,0%

Dividend history: Excluding unrealised/capital once offs

27

.0

38

.00

40

.00

44

.68

51

.52

47

.95

37

.51

39

.25

45

.97

50

.09

52

.16

54

.85

64

.51

77

.25

85

.97

94

.77

10

3.6

8

10

2.8

0

0

30

60

90

120

2012 2013 2014 2015 2016 2017

Dividend history: Including unrealised/capital once offs

8BUSINESS UPDATE

• Nosiphiwo Balfour appointed as CEO effective 17 July. Previously Non Executive

Independent Director since June 2014

• Inge Pick appointed as CFO effective 18 September. Jo Pohl remains as Acting CFO until

30 September to ensure smooth handover

• Shaheeda Mia appointed as Non Executive Independent Director and Chairperson of

Social & Ethics Committee

• Kyansambo Vundla appointed Chairperson of Remuneration & Nomination Committee

• John Macey appointed as Lead Independent Director

• Potential appointment of Senior UK Asset Manager

Executive

management

and Board

update

• UK office firmly established. Junior Asset Manager in place since July 2016

• Strong in-country Property and Asset Managers with large network and on the ground

experience

• Lease for Texton new premises signed at cheaper rental, part of broader plan in rationalising

costs

UK

Office

9BUSINESS UPDATE

Date Key work stream

15 September Texton shareholder approval of the Proposed Internalisation at the general meeting

30 September Effective date of the Proposed Internalisation

• Well progressed and 51,7% letters of support and irrevocable undertakings received

• Competition Commission approval obtained on 24 August

Please see key dates below:

• Alignment of staff and management’s interests with Texton shareholders

• Perceived conflicts of interest arising from the external management model will be eliminated

• Increased cost savings in Texton in the medium term

Manco

Internalisation

Rationale

10BUSINESS UPDATE

• Low economic growth associated with the current South African environment coupled with

economic uncertainty in the UK will continue to create a challenging operating environment

for Texton

• Whilst the portfolio has shown resilience, the downward pressure on rentals combined with

a sluggish economy impacting tenants, will have to be closely monitored and efficiently

managed

• The Fund has been focused on active asset management to ensure tenant retention and

improved efficiencies and major vacancies that were a concern in the previous period have

been filled which has led to the vacancy rate reducing from 9,0% to 4,9%

• We are aiming to increase exposure to prime industrial assets in South Africa and alongside

reducing our office space we recognise that from an acquisition perspective high-yield assets

in the commercial sector are limited

• Over the past year the Fund has reduced exposure to smaller assets, below R50 million

threshold, which are management intensive and this has assisted our cost base

We expect it to remain a challenging operating environment

however we are continuing to position the portfolio defensively

Asset

Management

11BUSINESS UPDATE

• Our BEE shareholding is currently at 17,8% and a level 5 rating achieved to 30 June 2017

Further initiatives in place to improve rating in line with Property sector codes

• It has always been Texton’s intention to prioritise an Enterprise Development strategy in line

with the ambits of the Property Charter

• In November 2016, Texton committed to support small to medium sized black-owned

businesses who were entrants to the property and general business sectors. This was

initiated through the utilisation of 332m² vacant office space at Investment Place by creating

an entrepreneur hub in a serviced office space. There was a significant uptake of space and

as at year end this space is fully let with 82% of the space occupied by Level 1 and 2

contributors

• Due to the successful implementation of this, Texton is considering the roll-out of a similar

initiative at Vunani Office Park

• Greening is an important element of our business and the portfolio of assets is kept under

constant review, as part of Texton’s ongoing greening strategy. During the year, a smart

metering initiative was approved and rolled out across 33 properties within the portfolio

• Kempstar solar project

› Texton is currently considering the implementation of a solar power initiative at Kempstar Mall

› The site has been identified as an excellent opportunity given a number of factors including

the energy consumption (load profile), large roof surface and exposure to the sun

Transformation

Greening

FINANCIAL

SUMMARY

13INCOME STATEMENT (EXTRACTS)

Reviewed

30 June 2017

R’000

Audited

30 June 2016

R’000

Change

%

Revenue 598 829 572 233 4,6

Property expenses (158 068) (171 521) 7,8

Net property income 440 761 400 712 10,0

Loss / profit from joint venture (1 613) 5 053 -131,9

Other income 5 581 2 033 174,5

Other operating expenses (17 623) (11 253) -56,6

Foreign exchange gains / losses 35 711 (10 695) 433,9

Asset management fees (25 610) (27 908) 8,2

Operating profit 437 207 357 942 22,1

Finance income 97 665 84 877 15,1

Finance costs (159 520) (130 820) -21,9

Fair value adjustments (47 642) 11 945 -498,8

Capital items (8 522) (52) -16 289,0

Profit before income tax 319 188 323 892 -1,5

Income tax (14 326) -

Profit for the year 304 862 323 892 -5,9

14DISTRIBUTABLE EARNINGS

* Declared and paid post reporting period

Reviewed

30 June 2017

R’000

Audited

30 June 2016

R’000

Change

%

DISTRIBUTABLE EARNINGS:

Investment property income 589 165 561 362

Property expenses (158 068) (171 521)

Loss / profit from Joint Venture (1 613) 5 053

Non-cash flow related to joint venture 5 217 -

Other income 5 581 2 033

Other operating expenses (17 623) (21 948)

Asset management fees (25 610) (27 908)

Net finance cost (58 801) (43 496)

Finance income 97 665 84 877

Finance cost (159 520) (130 820)

Finance cost amortisation 3 054 2 447

Accrued distribution included in share price - 29 784

Distribution of foreign exchange gain 22 586 37 369

Dividends on treasury shares 25 767 19 166

Total distribution 386 601 389 894

Number of shares in issue (‘000) 376 066 376 066

Dividend per share (cents) 102,80 103,68 -0,8

Interim dividend 47,95 51,52 -6,9

Final dividend* 54,85 52,16 5,2

Rebased dividend per share (cents) 102,80 96,99 6,0

15NET PROPERTY INCOME PER GEOGRAPHIC SEGMENT

South Africa R’000 United Kingdom* R’000 Total R’000

30 June 2017 2016 % 2017 2016 % 2017 2016 %

Contractual rental revenue 370 204 359 660 2,9 111 318 98 950 12,5 481 522 458 610 5,0

Recoveries 107 643 102 752 4,8 0 0 107 643 102 752 4,8

Investment property income 477 847 462 412 3,3 111 318 98 950 12,5 589 165 561 362 4,9

Straight-line rental adjustment 9 664 10 871 -11,1 0 0 9 664 10 871 -11,1

Revenue 487 511 473 283 3,0 111 318 98 950 12,5 598 829 572 233 4,7

Property expenses (154 727) (168 938) 8,4 (3 341) (2 582) -29,3 (158 068) (171 521) 7,8

Net property income 332 784 304 345 9,3 107 978 96 367 12,1 440 761 400 712 10,0

Gross expense ratio 31,74% 35,69% 3,00% 2,61% 26,40% 29,97%

* The average exchange rate for the year ended 30 June 2017 was R17,26 : 1£ (2016: R21,47 : 1£)

16BALANCE SHEET (EXTRACTS)

Reviewed

30 June 2017

R’000

Audited

30 June 2016

R’000

Change

%

ASSETS

Non-current assets 5 237 499 5 498 451 -4,7

Investment property 4 850 417 5 001 844 -3,1

Investment in joint venture 247 906 262 938 -5,7

Other financial assets 72 565 132 108 -45,1

Other non-current assets 10 319 8 027 28,6

Restricted cash 56 292 93 534 -39,8

Current assets 310 193 324 569 -4,4

Trade and other receivables 49 866 42 440 17,5

Investment property reclassified as held for sale 100 750 133 000 -24,2

Restricted cash 5 153 25 134 -79,5

Cash and cash equivalents 154 424 123 995 24,5

Total assets 5 547 692 5 823 020 -4,7

LIABILITIES

Non-current liabilities 1 415 849 1 932 586 26,7

Other financial liabilities 1 400 896 1 928 971 27,4

Deferred tax 14 953 3 615 -313,6

Current liabilities 810 469 296 110 -173,3

Current portion of other financial liabilities 720 742 215 429 -234,6

Trade and other payables 89 727 80 681 -11,2

Total liabilities 2 226 318 2 228 696 0,1

17DEBT PROFILE

• Excludes Broad Street Mall which is accounted for as an Investment in Associate

** The closing exchange rate at 30 June 2017 was R17,04 : 1£ (2016: R19,58 : 1£)

Bank loans (draw down facilities)*

SA

R’000

UK**

R’000

Total

R’000

Standard Bank loan 896 448 896 448

Investec loan 320 228 320 228

HSBC 345 988 345 988

Nedbank loan 113 266 113 266

Santander 363 756 363 756

Total debt 1 009 714 1 029 972 2 039 686

Total property-related debt 896 448 1 029 972 1 926 420

Value of Investment Property 3 359 274 1 591 892 4 951 167

LTV* 26,7% 64,7% 38,9%

LTV (less cash) 35,7%

Weighted average cost of debt 9,13% 3,17%

% fixed debt 102,6% 68,9% 84,6%

18DEBT MATURITY PROFILE TO JUNE 2022

22

.7%

47

.7%

29

.6%

0.0

%

31

.2%

0.0

%

35

.3%

33

.6%

0%

10%

20%

30%

40%

50%

FY 2018 FY 2019 FY 2020 FY 2022

South Africa United Kingdom

Facility expiring profile

19INTEREST RATE, CURRENCY SWAP & PUT OPTION PROFILE

* Hedged 100% against interest rate risk

20

0

17

0

10

0

22

5

22

5

20

,31

0

0

5,000

10,000

15,000

20,000

25,000

0

50

100

150

200

250

Jul2017

Feb2019

Feb2020

May2020

May2021

Aug2021

£’0

00

R’m

SA UK

SA and UK: Interest rate swaps*

2,9

00

2,9

00

30

,80

1

7,7

10

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

Dec2017Put

Jun2018Put

Sep2021

Currency

Jan2022

Currency

Currency hedges (£’000)

PROPERTY

PORTFOLIO

Summary

2121

Note 1: An exchange rate of £1 : R17,03535 used to value UK properties

Gauteng 60,6%

Western Cape 9,2%

KwaZulu-Natal 3,8%

North West 1,3%

Eastern Cape 1,0%

Free State 0,8%

Northern Cape 0,3%

England 22,6%

Wales 0,4%

Geographical spread

by GLA

Gauteng 44,9%

Western Cape 9,5%

KwaZulu-Natal 4,3%

Free State 1,0%

Eastern Cape 0,8%

North West 0,3%

Northern Cape 0,2%

England 38,0%

Wales 1,0%

Geographical spread

by value

Office 58,7%

Retail 25,3%

Industrial 16,0%

Sector split

by value

Office 52,7%

Industrial 31,8%

Retail 15,5%

Sector split

by GLA

CONSOLIDATED PORTFOLIO AT A GLANCE

June 2017 June 2016

Property portfolio value R5 508 billion¹ R5 774 billion

Number of properties 54 57

Total GLA 407 803m² 427 831m²

Vacancy 4,9% 9,0%

22TOP 5 PROPERTIES BY VALUE PER GEOGRAPHY

Property name Geography Sector GLA Value (R’000)

Foretrust SA Office 26 780 370 000

Greenstone Hill Office Park SA Office 19 493 330 300

Bryanston Gate Office Park SA Office 16 651 234 100

Golddurb SA Retail 11 183 196 490

Edcon SA Office 27 450 175 220

Total 101 557 1 306 110

Total SA 313 662 3 359 500

32,4% 38,9%

Broad Street Mall UK Retail / Office 18 994 556 800

Chobe Tesco UK Office 9 323 323 672

Bawtry UK Industrial 25 294 309 186

Stanford House UK Office 5 196 187 389

Camborne Retail Park UK Retail 4 465 179 030

Total 63 272 1 556 077

Total UK 94 141 2 148 693*

67,2% 72,4%

* The closing exchange rate at 30 June 2017 was R17,04 : 1£ (2016: R19,58 : 1£)

PROPERTY

PORTFOLIO

South Africa

24

South Africa (R3,36 billion which equates to 61,0% by value as at June 2017)

• Office sector (30 assets)

› A & B-grade commercial office properties

› Avoid overpriced A-grade ‘trophy’ buildings

› B-grade office space has been defensive given high vacancies

in sector A and P-grade offices due to oversupply

• Industrial sector (10 assets)

› Light industrial / warehousing with small office component

› Stable nodes

› Stable tenants, longer lease, triple net where possible

› Good access to motorways and arterial roads

• Retail sector (3 assets)

› Lower LSM

› Commuter based

› Value orientated

› Defensive locations

› Good tenant profile

SA PROPERTY PORTFOLIO

SA footprint

25SA PORTFOLIO AT A GLANCE

Office 76,5%

Retail 13,6%

Industrial 9,9%

Sector concentration by Value – 30 June 2017

Office 61,1%

Industrial 27,5%

Retail 11,4%

Sector concentration by GLA – 30 June 2017

June 2017 June 2016

Property portfolio value R3 359 billion R3 534 billion

Number of properties 43 48

Total GLA 313 662m² 347 146m²

Vacancy 5,4% 10,6%

2626SA IMPROVED DIVERSIFICATION

Office 76,5%

Retail 13,6%

Industrial 9,9%

Sector split

by value

Office 61,1%

Industrial 27,5%

Retail 11,4%

Sector split

by GLA

Gauteng 78,7%

Western Cape 11,9%

KwaZulu-Natal 4,9%

North West 1,7%

Eastern Cape 1,3%

Free State 1,1%

Northern Cape 0,4%

Geographical spread

by GLA

Gauteng 73,7%

Western Cape 15,5%

KwaZulu-Natal 6,9%

Free State 1,7%

Eastern Cape 1,3%

North West 0,6%

Northern Cape 0,3%

Geographical spread

by value

27SA LETTING UPDATE

For the six months ended 30 June 2017

New leases

• Total new leases signed – 15 275m²

• Greenstone Hill Office Park, Fraser Alexander – 2 099m²

• Blue Strata House, Mota-Engil Construction – 1 806m²

• Alrode, Fullserve – 1 348m²

• Investment Place, Graca Machel Trust – 1 249m²

• Belvedere Place, Aegis – 850m²

• VOP, Africa Data Forum – 422m²

• Woodmead, Tile Africa – 527m²

33

Renewed leases

• Total renewed leases signed – 21 489m²

• Alrode, Bobcat – 6 589m²

• Bryanston Gate, City Lodge – 1 562m²

• Hermanstad, Modern Packaging – 1 394m²

• Standard Bank Harrismith – 1 086m²

22

Disposals

• Benstra 7 818m² R 42 250 000

• Kya Sands (5 assets) 11 726m² R 34 500 000

• Mabe Business Park 1 642m² R 8 000 000

• Electron 1 183m² R 2 500 000

• 54 Bompas Road 750m² R 13 500 000

23 119m2 R 100 750 000

9

28SA PORTFOLIO PERFORMANCE

Average rental

Office R142,03/m²

Retail R181,94/m²

Industrial R51,57/m²

• Sought-after office space

• Solid performance from office and retail assets allows for increased

rental income

• Long term leases with contractual escalations agreed at inception

Vacancy 5,4%

• Vacancy at June 2016 was 10,6% (36 840m²) and is currently at 5,4%

(17 023m²)

• A number of new leases were entered into with the largest vacancies

being filled at Greenstone Office Park (2 099m²), Blue Strata (1 806m²)

and Alrode (1 348m²)

Average contractual

rental escalation

7,4% • Was 6,9% at June 2016 and currently at 7,4%

• New leases concluded with rental escalations of 7-8%

Average

reversion rate2,5%

• Was at -2,8% at 30 June 2016 and currently at 2,5% (positive)

• 30 627m² of new leases and 48 493m² of renewed leases concluded for

the financial year ended June 2017

• Certain industrial leases reverted to market rental. Problematic assets

are currently being disposed

29SA OCCUPANCY AND RENTALS

Tenant grading by GLA

Large national tenants, large listed tenants

and major franchises 53,5%

Government 16,5%

Other 24,6%

Vacant 5,4%

30SA VACANCY AND LEASE EXPIRY PROFILE

0.0

%

6.6

%

3.0

%

5.4

%

11.8

%

3.2

%

13.4

%

10.6

%

0%

5%

10%

15%

Retail Industrial Office Total

June 2017 June 2016

Vacancies June 2017 June 2016

Rentable area 5,4% 10,6%

5.4

%

33.9

%

16.5

%

14.8

%

29.3

%

0.0

%

42.0

%

15.4

%

13.8

%

28.8

%

Vacant2017

June2018

June2019

June2020

> June2020

GLA % Revenue %

Lease expiry June 2017 by GLA and RevenueVacancies June 2017 by GLA

2018 Major renewals – Alrode 6 589m², Bryanston Gate 1 562m²,

Hermanstad 1 394m², SBSA Harrismith 1 086m²

PROPERTY

PORTFOLIO

United Kingdom

32

United Kingdom (R2,149 billion which equates to 39,0% by value as at June 2017)

• 11 properties throughout the UK

› Office (3 assets)

› Retail (5 assets)

› Industrial (3 assets)

• Investment mandate to acquire assets with yields greater than 6,5%

• Long leases (10+ years); triple net leases where possible

• Attractive nodes within the UK, targeting stable secondary nodes

• A & B grade properties; avoid overpriced “trophy” assets

• AAA tenants

• Detailed market research ensures reduced risk per transaction

GainsboroughMowbray House

UK PROPERTY PORTFOLIO

UK footprint

Gainsborough – acquired in August 2016

Mowbray House – acquired in August 2016

33UK PORTFOLIO AT A GLANCE

June 2017

Property portfolio value¹ R2 149 billion

Number of properties 11

Total GLA 94 141m²

Vacancy 3,5%

England 98,1%

Wales 1,9%

Geographical profile

by GLA

England 97,4%

Wales 2,6%

Geographical profile

by value

Retail 43,6%

Office 30,9%

Industrial 25,5%

Sector concentration

by value

Industrial 46,0%

Retail 29,4%

Office 24,6%

Sector concentration

by GLA

1: Includes 50% of Broad Street Mall and an exchange rate of £1 : R17,03535 used to value UK properties on 30 June 2017

34UK PORTFOLIO PERFORMANCE

Average rental

Office R227,98/m²

Retail R207,59/m²

Industrial R 67,81/m²

• Strong covenants providing minimum risk with rentals

• Majority of tenants have excellent Dun and Bradstreet risk ratings

• Leases with long unexpired terms

• Majority of leases on fully repairing and insuring lease terms (triple net leases)

Vacancy 3,5%

• The small percentage of vacancy in the UK comes from Broad Street Mall (retail)

and Fountain House (office)

• Texton owns 50% of this asset in a joint venture

• Total vacant GLA as at 30 June 2017 is 3 318m²

Average

contractual

rental

escalation

1,9%

• Stable escalations in the United Kingdom

• Majority of rentals based on upwards only increases linked to the open market

value, consumer price index or retail price index

• UK has 11 assets with escalations ranging from 1,7% to 3,0%

35UK OCCUPANCY AND RENTALS

Tenant grading by GLA

Large Listed 82,0%

Government 0,9%

National 8,0%

Other 5,6%

Vacancy 3,5%

36UK VACANCY PROFILE BY GLA

Vacancy profile

3.5

%

2.3

%

1.4

%

0.7

%

92

.1%

0.0

% 3.8

%

2.3

%

1.1

%

92

.8%

Vacant2017

June2018

June2019

June2020

> June2020

GLA % Revenue %

Lease expiry June 2017 by GLA and RevenueVacancies June 2017 by GLA

Vacancies June 2017 June 2016

Rentable area 3,5% 2,1%

2.4

%

0.0

%

1.1

%

3.5

%

0.0

%

0.0

%

2.1

%

2.1

%

0%

1%

2%

3%

4%

Retail Industrial Office Total

June 2017 June 2016

37BROAD STREET MALL / FOUNTAIN HOUSE

• Over the last 6 months there have been 21 rental transactions at Broad Street Mall

that have been concluded or are with solicitors

• Enhancing net income, as well as a delivery of wider asset and development

initiatives

• There has been a major drive in the centre to improve footfall and create a desirable

location for tenants

• Retail nationally has seen a decrease in footfall growth however at Broad Street Mall

there continues to be an increase year on year to date

• Focus has been put on the remodelling as well as provision for further new kiosks in

the centre of the mall

Salient features

• Value R556 800 414

• GLA 18 993m²

• Vacancy 17,5%

• Average rental per square meter R193

Top tenants:

› NBC Apparel TK Maxx 1 938,9

› JG Foods (Grapetree) 1 938,9

› Marshall Group Ltd 1 717,7

› Sally Salon Services Limited 981,6

› A. Levy & Son Ltd (Blue Inc) 619,6

OUTLOOK

39OUTLOOK: KEY CONSIDERATIONS

Distribution

growth

• Sustainable distribution growth is a key focus in the pressurised macro economic environment

• Once-off capital items will no longer be distributed and growth will be derived from escalations, active

asset management, cost management and yield accretive transactions

• We are confident that portfolio rationalisation and opportunistic yield enhancing acquisitions where

identified will support distribution growth

Prospects

• Low economic growth associated with the current South African environment coupled with economic

uncertainty in the UK will continue to create a challenging operating environment for Texton

• Retention of geographic diversification between UK and South Africa is still a key objective. Over the

medium to longer term, we are aiming to increase exposure to prime industrial assets in South Africa

alongside reducing our office space however we recognise that from an acquisition perspective yield

attractive assets in the commercial sector are limited

• The ongoing downward pressure on rentals, with a sluggish economy impacting tenants, will have to be

closely monitored and efficiently managed

• The finalisation of the Manco Internalisation will align the fund with best practice and we hope to realise

further cost efficiencies

4040SALIENT DATES

Dividend declaration date 4 September 2017

Last date to trade 19 September 2017

Shares trade ex-dividend 20 September 2017

Record date 22 September 2017

Payment date 26 September 2017

ANNEXURES

42SA TOP 10 PROPERTIES BY VALUE

Property name Geography Sector GLA Value (R’000)

Foretrust SA Office 26 780 370 000

Greenstone Hill Office Park SA Office 19 493 330 300

Bryanston Gate Office Park SA Office 16 651 234 100

Golddurb SA Retail 11 183 196 490

Edcon SA Office 27 450 175 220

Hermanstad Industrial Park SA Industrial 44 329 168 500

Wellington Road SA Office 10 019 154 040

Vunani Office Park SA Office 8 621 150 200

Belvedere Place SA Office 10 873 140 200

Woodmead Commercial Park SA Retail 13 197 138 000

Total 188 596 2 057 050

Total SA 313 662 3 359 500

60,1% 61,2%

43UK TOP 10 PROPERTIES BY VALUE

* Values assume a conversion rate of £1 : R17,03535 as at June 2017

Property name Geography Sector GLA Value (R’000)

Broad Street Mall UK Retail / Office 18 994 556 800

Chobe Tesco UK Office 9 323 323 672

Bawtry UK Industrial 25 294 309 186

Stanford House UK Office 5 196 187 389

Camborne Retail Park UK Retail 4 465 179 030

Mowbray House UK Office 5 360 153 659

Caterpillar UK Industrial 10 117 127 210

Chevelon UK Retail 1 737 119 247

Gainsborough UK Industrial 7 912 110 730

Parc Pensarn Wales Retail 1 783 54 939

Total 90 180 2 121 862

Total UK 94 141 2 148 693

95,8% 98,8%

44

Acquisitions

RECENT ACQUISITIONS

Property name Location Sector Acquisition date Acquisition price

Mowbray House Nottingham, UK Office August 2016 £9 732 307

Coveris, Heapham Road Gainsborough, UK Industrial August 2016 £6 419 585

£16 151 892*

Mowbray House Coveris, Heapham Road

* Excludes acquisition costs

45RECENT ENHANCEMENTS

Property name: Bryanston Gate Office Park

Location: Bryanston, Johannesburg

Value: R234 100 000

Major tenants: Prime Meridian, City Lodge Hotels, TwinSaver Group

Occupancy: 80,2%

GLA: 16 651 sqm

Acquisition date: April 2014

B-grade multi-tenanted commercial office park well located in Bryanston, Johannesburg

The property and buildings are currently being refurbished to a more contemporary aesthetic

Before After

46RECENT DISPOSALS

Progress has been made in rationalising the SA portfolio, and in line with Texton’s stated strategy

of disposing of non-core properties, we are in the process of disposing the following properties

Property name GLA Location Sector Purchaser

Acquisition

price

(R)

June 2017

valuations

(R)

Sales

price

(R) Status

Expected

transfer date

54 Bompas Road 750 Dunkeld Commercial Leghvanh (Pty) Ltd 10 061 000 13 500 000 13 500 000 Offer signed October 2017

Mabe Business

Park1 642 Rustenburg Commercial Abel Sultnom 24 500 000 8 000 000 8 000 000 Transferred 21 August 2017

Elsecar 1 252 Kyasand Industrial QPG Holdings (Pty) Ltd 4 690 000 4 800 000 4 800 000 Sale is unconditional September 2017

Westsands 1 363 Kyasand Industrial QPG Holdings (Pty) Ltd 4 341 000 4 500 000 4 500 000 Sale is unconditional September 2017

Prairie 2 325 Kyasand Industrial QPG Holdings (Pty) Ltd 4 157 000 7 100 000 7 100 000 Sale is unconditional September 2017

Verona 3 933 Kyasand Industrial QPG Holdings (Pty) Ltd 7 981 000 9 500 000 9 500 000 Sale is unconditional September 2017

Eastsands 2 853 Kyasand Industrial QPG Holdings (Pty) Ltd 12 047 000 8 600 000 8 600 000 Sale is unconditional September 2017

Electron 1 183 Kyasand Industrial RW Commercial Properties CC 7 752 000 2 500 000 2 500 000 Transferred 31 August 2017

Benstra 7 818 Pretoria Commercial Tlou Integrated Tech 41 200 000 43 100 000 42 250 000 Transferred 23 August 2017

23 119 116 729 000 101 600 000 100 750 000

THANK YOU