Investor presentation 1
Disclaimer This document has been prepared and issued by and is the sole responsibility of the management of Delta International Property Fund Limited (the “Company”) and its subsidiaries. No information made available in connection with this presentation may be passed on, copied, reproduced, in whole or in part, or otherwise disseminated, directly or indirectly, to any other person. The contents of this presentation are to be kept confidential. This document does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities of the Company nor shall it or any part of it nor the fact of its distribution form the basis of, or be relied on in connection with, any contract commitment or investment decision in relation thereto nor does it constitute a recommendation regarding the securities of the Company. Investors and prospective investors in securities of the Company are required to make their own independent investigation and appraisal of the business and financial condition of the Company and the nature of the securities. This document and its contents are directed only at and may only be communicated in the United Kingdom to (i) persons who have professional experience in matters relating to investments falling within Article 19 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “FPO”), or (ii) high net worth entities and other persons to whom it can otherwise lawfully be communicated falling within Article 49(2)(a) to (d) of the FPO, all such persons in (i) and (ii) together being referred to as “relevant persons” . It is being made on a confidential basis and is furnished to such persons solely for their information. By accepting this material the recipient confirms that he or she is a relevant person. This document must not be acted on or relied on by persons who are not relevant persons. Any investment activity to which this communication relates is available only to relevant persons and will be engaged in only with relevant persons. Persons who are not relevant persons should not attend the presentation and should immediately return any materials relating to that meeting currently in their possession. Securities of the Company may not be offered or sold in the United States absent registration under the US Securities Act of 1933, as amended (the “Securities Act”) or pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. No public offer of securities of the Company is being made in the United States. Neither this document nor any copy of it may be taken or transmitted into the United States, its territories or possessions or distributed, directly or indirectly, in the United States, its territories or possessions. Neither this document nor any copy of it may be taken or transmitted into Australia, Canada or Japan or to any person in any of those jurisdictions. Any failure to comply with this restriction may constitute a violation of US, Australian, Canadian or Japanese securities law. The distribution of this document in other jurisdictions may be restricted by law and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. Subject to certain exceptions, securities of the Company may not be offered or sold within the United States, Canada, Australia or Japan or to any national, resident or citizen of Canada, Australia or Japan. This presentation and any materials distributed in connection with this presentation may include certain forward-looking statements, beliefs or opinions, including statements with respect to the Company’s business, financial condition and results of operations. These statements, which contain the words “anticipate”, “believe”, “intend”, “estimate”, “expect”, “forecast” and words of similar meaning, reflect the Directors’ beliefs and expectations and involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. No representation is made that any of these statements or forecasts will come to pass or that any forecast results will be achieved. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by these statements and forecasts. Past performance of the Company cannot be relied on as a guide to future performance. Forward-looking statements speak only as at the date of this presentation and the Company expressly disclaims any obligations or undertaking to release any update of, or revisions to, any forward-looking statements in this presentation. No statement in this presentation is intended to be a profit forecast. As a result, you are cautioned not to place any undue reliance on such forward-looking statements. This document speaks as of the date hereof. No reliance may be placed for any purposes whatsoever on the information contained in this document or on its completeness, accuracy or fairness. This information is still in draft form and has not been legally verified. The financial information included herein is in draft form and unaudited. The Company, its advisers and each of their respective members, directors, officers and employees are under no obligation to update or keep current the information contained in this presentation, to correct any inaccuracies which may become apparent, or to publicly announce the result of any revision to the statements made herein except where they would be required to do so under applicable law, and any opinions expressed in them are subject to change without notice. No representation or warranty, express or implied, is given by the Company, or any of its subsidiary undertakings or affiliates or directors, officers or any other personas to the fairness, accuracy or completeness of the information or opinions contained in this presentation and no liability whatsoever for any loss howsoever arising from any use of this presentation or its contents otherwise arising in connection therewith is accepted by any such person in relation to such information. 2
Table of contents Ref Section Page 1 Overview of Delta International 4 2 Management and directors 11 3 Overview of the property portfolio 16 4 Relevant tax considerations 23 5 Financial overview 26 6 Funding considerations 28 7 Conclusion and contact details 30 3
1. Overview of Delta International 4
Delta International at a glance Delta Property Fund Limited is pleased to announce the recent listing of an exciting new opportunity to invest alongside it in Africa’s high growth Real Estate sector Offer size Issue of 58 172 408 shares US$2 per share Offer price Listing location Primary listing on the Bermuda Stock Exchange and secondary listing on the Johannesburg Stock Exchange Initial shares issued were utilized to acquire Anfa Place Shopping Centre and the Anadarko Office Building. The proceeds raised on the issue of the additional Application of proceeds shares will be utilized to fund the acquisition of the Hollard/KPMG and Vodacom Office Buildings which are set to transfer by the latest 30 September 2014 c.70% Free float Anticipated market cap at date of US$116.3 million transfer of all acquisitions Number of properties 4 Morocco and Mozambique Location of properties Geographic spread Pan Africa (excluding South Africa) US$213 million Valuation of the property portfolio 53 373m 2 Gross lettable area (“GLA”) 7.80% Indicative 12 month forward yield Sectoral profile Retail: 58%; Office: 42% 93% Occupancy rate Weighted average rental / m 2 US$28.50 Weighted average escalation 5.47% Lease expiry profile 66% of contracted lease income expires beyond March 2021 Gearing levels c.50% loan to value (of which 70% will be fixed) Funding costs Average all-in rate of c.6.33% Asset management External Currency Primarily US$ (note that the Moroccan asset’s income is in Moroccan Dirhams which will be converted to US$) 5
Recommend
More recommend
