Valuation of properties
It is Redefine’s policy to revalue the entire property portfolio on an annual basis. Properties valued at less than R20 million are valued by the directors on the basis of capitalising first year income into perpetuity. Properties worth more than R20 million are valued and certified by professional, registered third party independent valuers under the guidelines of the South African Institute of Valuers. The Ambit portfolio, acquired by ApexHi immediately prior to the merger, was valued by third party valuers.
| % of | |||
|---|---|---|---|
| Property | total | ||
| Number of | value | portfolio | |
| Properties valued | properties | R000 | (by value) |
| Below R20 million by directors | 157 | 1 750 068 | 9.7 |
| Above R20 million independently | 246 | 16 401 650 | 90.3 |
| Total | 403 | 18 151 718 | 100.0 |
