|
It is Redefine’s policy to revalue the entire property
portfolio on an annual basis.
Properties valued at less than R20 million are valued
internally by the directors. Properties worth more than
R20 million are valued and certified by professional,
registered independent valuers under the guidelines of
the South African Institute of Valuers.
The value of properties at 31 August 2010 was R19,2 billion,
excluding vacant land.
The average property value is R48,4 million, with the
average value per square metre R5 330/m2.
The initial average yield of the portfolio, based on
Redefine’s budgeted net income for the year to August
2011, is 10,5%.
SUMMARY OF PROPERTIES VALUED (EXCLUDING VACANT
LAND)
| |
|
|
%
of total |
| |
Number
of |
Property
value |
portfolio |
| Properties valued |
properties |
R000 |
(by
value) |
| Below R20 million by directors |
117 |
1 197 746 |
6 |
| Below R20 million
by independently |
29 |
406
464 |
2 |
| Above R20 million by independently |
240 |
17 043 176 |
89 |
| Value of undivided
shares by JV partners |
3 |
232
240 |
1 |
| Value of non-current assets held for
sale (assumed at selling price) |
8 |
351 359* |
2 |
| Total |
397 |
19
230 985 |
100 |
# Erf 755 Denver is vacant land, included in the
valuation, but not included in the number of properties
|
