The group’s investment strategy incorporates the following:

• New acquisitions should exceed R50 million in value.
• Retail centres to be located preferably in lower income or previously disadvantaged areas where transport support (i.e. taxi ranks) is in close proximity.
• Centres in the lower income areas should be tenanted by at least 75% national retailers.
• Offices must be “A” grade quality, located in sought after areas with good quality tenants.
• Industrial developments must preferably be mini units; larger unit developments will be driven by tenant demand, (i.e., no “spec” developments will be undertaken) with a lease term of at least fi ve years and good quality tenants.

The portfolio is continuously assessed to ensure that any risks to properties are identifi ed timeously and remedial action taken where required. This could entail a revamp or expansion of a building to maximise trading opportunities or the sale of properties which are no longer considered to be core and replaced with higher quality properties in preferred locations.

The group property portfolio at 31 March 2011 consisted of 74 properties with a gross lettable area of 920 127m².

Net property revenue, excluding straight-line rental income accrual, increased from R475 million to R542.5 million (14.2%) primarily as a result of the acquisition of the R541 million portfolio from Sanlam, good rental escalations and improved recoveries of electricity and municipal consumption costs. If acquisitions and disposals are excluded, on a “like for like” basis, group net property revenue increased by 9.5% from 2010 to 2011.

Full details of the company's property portfolios are listed on the Full Property Portfolio section of this website. Particulars of the top 10 properties by value appear below.

The geographical and sectoral distribution of the group’s portfolio are shown on the Property Analysis page.