The portfolio is well represented in most of the provinces, with the bulk in Gauteng and KwaZulu-Natal.

New leases and renewals of 194 813m² with a contract value of R364 million, were concluded during the year. 67% of leases that expired during the year ended 31 March 2010 were renewed.

At 31 March 2010, the portfolio’s vacancy (measured as a percentage of gross rentals) was 4.1% compared to 3.2% at 31 March 2009.

The largest vacancy in the portfolio is at Midrand Allandale which reflected a vacancy at year end of 4 527m². Every effort is being made to let these premises.