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Futuregrowth Community
Property Fund
Quarterly report
March 2021
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Introduction
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The Fund has purchased and developed 34 shopping centres
The Crossing Shopping Centre over the past 20 years, providing services to a target market
of approximately 10 million people in the low-to-middle
income market. There are currently 20 shopping centres in
the portfolio, located in eight of the nine provinces and
varying in size between 1 700m2 and 40 000m2. These
centres are typically tenanted by supermarkets, clothing,
banking and furniture retailers.
Futuregrowth Asset Management (Pty) Ltd is the Fund
Manager. The property and asset management component,
such as the leasing, marketing, refurbishment and expansion
of the properties, is managed by Capital Land Asset
Management (Pty) Ltd.
The objectives of the Fund are both commercial and social. Kanyamazane Centre
Properties are selected for their potential for strong income
The Futuregrowth Community Property Fund (the Fund) growth. The community surrounding the Fund’s shopping
Motherwell Shopping Centre
specialises in the acquisition of new and existing centres benefits through increased employment
shopping centres that cater to the needs of opportunities and access to a wide range of quality shopping
underserviced communities in rural areas and townships facilities and commercial services. Each shopping centre is a
throughout South Africa. The Fund forms part of catalyst for the development of municipal infrastructure in
Futuregrowth’s suite of developmental investments. The the area and the enhancement of transport infrastructure.
targeted return is CPI + 4%. Current assets under In this report, in addition to the usual portfolio update, we
management in the Fund total R4.7 billion. look at the Fund’s developmental impact, particularly in job
creation, and link the Fund’s activities to the UN Sustainable
Development Goals (SDGs).
Finally, we showcase three of our community impact projects
in the education space:
1. The Barefoot No More school shoe project;
2. The Lap Desk project; and
3. We introduce you to two new bursary students in the
Rialto Project.
Futuregrowth Community Property Fund as at 31 March 2021 2
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Fund mandate
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Fund facts
Unlisted shopping centres in townships and rural areas
Asset class
(can include listed properties)
Return target CPI + 4%
Asset exposure Max 50% per province (market value)
limits Max 25% per single asset (market value)
Min 90% of Fund in property or property related
Liquidity instruments (market value)
Max 10% in cash or units in a money market fund
Approval process Board of Directors and Property Committee
Heidelberg Mall
Diepsloot Mall
Futuregrowth Community Property Fund as at 31 March 2021 3
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Current properties
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The Crossing Alexandra Plaza Moutse Mall Heidelberg Mall
The Fund currently has 20 properties situated in 8 Shopping Centre 21 576m2 13 621m2 34 165m2
18 621m2 Thulamahashe Plaza
provinces. 21 821m2
Diepsloot Mall
Please visit www.communitypropertyfund.co.za for 11 521m2 Mkhuhlu Plaza
further information on the properties in the portfolio. 10 787m2
Sontonga Mall
11 238m2
Kabokweni Plaza
Gateway Mall 15 236m2
Township/Rural/Urban exposure 9 080m2
Kanyamazane Centre
Eyethu Orange
Farm Mall 13 842m2
26 818m2
19.0%
Nkomazi Plaza
19 676m2
Township
46.0%
Rural Kamaqhekeza Plaza
14 724m2
Urban
35.0%
Maxwell Centre
6 651m2
Bridge City
39 265m2
Setsing IV
8 743m2
Kuyasa Centre
10 038m2
Opera Place Motherwell Shopping
2 246m2 Centre
17 587m2
Futuregrowth Community Property Fund as at 31 March 2021 4
Clickperformance
Fund to edit Master title style
Income
Click toyield improves
edit Master with
subtitle higher collection rates
style
16.00% The Fund delivered a total return of
13.51%
2.75% for the quarter, which consisted
13.28%
13.22%
13.20%
12.92%
entirely of income. The total return for
14.00% the 12-month period ending March
11.89%
2021 was 7.31%, which comprised a
capital loss of 0.52% for the year and
12.00% an income return of 7.83%.
9.70%
9.57%
9.53%
9.43%
9.06%
The income yield improved during the
8.68%
10.00%
8.38%
quarter due to improved collection rates
7.86%
and full rentals being received from
7.31%
6.87%
tenants. The key aim during the course
8.00%
of 2021 will be to keep vacancies to 5%
or below, so as to continue driving
4.84%
income in the portfolio in a tough
4.60%
6.00%
economic environment.
4.08%
3.67%
3.22%
2.83%
2.75%
4.00%
2.15%
1.72%
0.60%
2.00%
0.44%
0.00%
3 Months 1 Year 3 Years * 5 Years * 7 Years * 10 Years * 15 Years * 20 Years * Since
Inception *
Community Property Composite Benchmark performance (CPI + 4%) Outperformance
As at 31 March 2021
Since inception date (GIPS Performance): January 2000; Fund start date: June 1996
Source: Futuregrowth/ *Annualised/ It is important to note that these are ungeared direct property returns.
Futuregrowth Community Property Fund as at 31 March 2021 5
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Portfolio edit Master title style
Vacancies and
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Master profile
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Total vacancy trend Large, listed, national and franchise tenants occupy 85% of the gross lettable area (GLA)
in the Fund’s centres. These are well known tenants such as Shoprite, Pep, Ackermans,
12.0% Capitec Bank, Spar, Boxer, Pick n Pay and Cashbuild, which have a large number of stores
and a footprint across South Africa.
10.0%
The current tenant profile of the Fund ensures that the income stream is of a high quality.
8.0%
Tenant profile by GLA
6.0%
4.0% 5.0% 15%
2.0% Large & listed tenants
National tenants & franchises
0.0% 18%
Apr-17
May-19
Mar-15
Mar 2021
Feb-18
Jul-18
Oct-19
Mar-20
Aug-15
Nov-16
Sep-17
Dec-18
Aug-20
Jan-16
Jun-16
Jan-21
Other
67%
The total portfolio vacancy is currently 5%. Independent retailers unable to survive the
impact of COVID-19 are the main reason for the rise in vacancies. The leasing team is
focused on targeting a vacancy rate of 4% or below by the end of the year.
Futuregrowth Community Property Fund as at 31 March 2021 6
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Measuring developmental impact
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Futuregrowth actively measures and manages for Beside the core metrics, we use key performance indicators
impact. Our impact measurement and management (KPIs) to standardise our impact measurement across the
approach draws on industry accepted standards and underlying investee companies to enable us to report on
aligns with the UN Sustainable Development Goals the impact achieved.
framework, Principles for Responsible Investment (PRI),
Global Impact Investing Network (GIIN)’s Impact Impact of our investments Input Activities
Reporting, and Investment Standards (IRIS+). Our We believe it is important to have an explicit objective that
approach continues to evolve and draw on industry best is defined and agreed upfront – and expressed as a set of
practice. deal-specific impact metrics. These KPIs measure the
“success” of each investment, and these are collated and
Impact Output
reported to our clients as evidence of the impact of their
Social impact metrics investment.
We have a set of core metrics across all deals in our
portfolios. Key Performance Indicators (KPIs) Outcome
1. Input: amount invested to finance activities.
2. Output: The immediate results of activities.
3. Outcome: The short- to mid-term social impact as
Jobs created a result of activities.
BBBEE
level
4. Impact: The long-term changes in the lives of the
beneficiaries as a result of the outcomes above.
Core
metrics
SMMEs
supported Transformation
Gender equality
Futuregrowth Community Property Fund as at 31 March 2021 7
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Local to edit Master
economic title style
development
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Job creation
In January 2021, we conducted
a biannual review of the
employment information for
the Community Property Fund
portfolio which revealed these 8 219
Permanent jobs 94%
job creation numbers.
Positively, 78% of these jobs 10 739
are from staff living in the local
community. 94% are held by
Total job 2 520 held by PDIs
PDIs, 62% are held by women numbers Temporary jobs
and 68% by youth - indicating
the strong developmental
created
impact of our fund
investments.
78% 62% 45
68%
held by held by people
from local held by youth
women living with
community
disability
Futuregrowth Community Property Fund as at 31 March 2021 8
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Alignment with Master title style
the Sustainable
Development
Click to edit Master Goals (SDGs)
subtitle style
tackling issues more commonly associated
17 1
The Sustainable Development Goals with another. NO
(SDGs), or Global Goals, came into Several countries are already taking steps
PARTNERSHIPS
POVERTY
2
effect in January 2016. They are a to translate these ambitions into tangible 16 FOR THE GOALS ZERO
universal call to action to end poverty, HUNGER
outcomes for their people. In South Africa, PEACE, JUSTICE
3
protect the planet and ensure that all a mechanism has been established for AND STRONG
people enjoy peace and prosperity. INSTITUTIONS GOOD
reporting on the 2030 Agenda, together HEALTH
Futuregrowth supports the SDGs, as with the African Union’s Agenda 2063, in 15
evidenced through our impact alignment with the National Development LIFE ON LAND
investments, thereby contributing Plan (NDP). 4
towards a sustainable economy. QUALITY
Going towards 2030, critical interventions
EDUCATION
include: improved employment 14
The 17 SDGs build on the success of the opportunities for the most vulnerable, LIFE BELOW
Millennium Development Goals, with discriminated sectors in society; WATER 5
new areas - such as climate change, strengthening multi-stakeholder
GENDER
economic inequality, innovation, partnerships; eliminating gender
sustainable consumption, peace and inequalities and gender-based violence; 13 EQUALITY
justice - included in the priorities. The and responding to the impact of the 4th CLIMATE
participating countries commit to working Industrial Revolution. ACTION 6
towards implementing this Agenda by CLEAN WATER
2030. “The SDGs are as much about AND
development and transformation as 12 SANITATION
The SDGs work in the spirit of partnership
and pragmatism to make the right choices they are about the restoration of the RESPONSIBLE
CONSUMPTION
7
now, to improve life in a sustainable way dignity of people around the world, AFFORDABLE
for future generations. They provide clear more so in South Africa with its history 11 8 AND CLEAN
guidelines and targets for all countries to of deprivation and exclusion of the SUSTAINABLE
9 DECENT ENERGY
adopt in line with their own priorities and majority of its people.” CITIES AND
10 INDUSTRY, WORK AND
the environmental challenges of the world COMMUNITIES ECONOMIC
Jackson Mthembu, the late Minister in the REDUCED INNOVATION
at large. The goals are interconnected: Presidency INEQUALITIES AND GROWTH
often the key to success in one will involve INFRASTRUCTURE
Futuregrowth Community Property Fund as at 31 March 2021 9
Fund’s IMPACT across SDGs
The clients in the Fund contribute directly to six SDGs.
Ensure healthy lives
and promote well-
being for all at all
ages by investing in
businesses that
improve the
availability of
healthcare and
medical services as
End to poverty in all its well as special
manifestations by 2030. It also medical units.
aims to ensure social protection
for the poor and vulnerable,
increase access to basic services
and support people harmed by
climate-related extreme events
and other economic, social and
environmental shocks and Promote sustained, inclusive and sustainable economic
disasters. growth, full and productive employment and decent work for
all by investing in underserved markets that unlock and
support job creation, growth and improved labour standards
and practices for improved livelihoods.
Make cities and human settlements
inclusive, safe, resilient and sustainable by
Build resilient infrastructure, promote inclusive and sustainable investing in businesses that increase the
industrialisation and foster innovation by partnering and supporting Reduce inequality within and among countries by availability of affordable housing stock near
government in financing infrastructure projects and providing access investing in businesses that promote financial, transport options and provide access to
to March
31 finance for businesses that create more inclusive and sustainable
2021 social and economic inclusion for all in order to home ownership for low- and moderate-
communities. promote inclusive growth and reduce inequalities. income populations.Click to edit
Community Master title style
impact
Moutse
Click toMall donates
edit Master 600 style
subtitle pairs of school shoes
As part of the Fund’s Barefoot No More project, 600 pairs of school shoes were handed
over to learners at Marapong Primary School in Dennilton in March 2021.
“This project makes a big difference in my community. There is high unemployment and
a large number of families depend on social grants. Some of the children don’t have
school shoes, so you can imagine how they feel getting a brand new pair of school
shoes.” says Hitler Makhumisane, Moutse Mall Centre Manager.
Moutse Mall has donated 6 744 pairs of school shoes to scholars in the Dennilton
community since 2016.
Futuregrowth Community Property Fund as at 31 March 2021 11Click to edit
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impact
Barefoot No Master
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subtitle style
40 509
Total pairs of school
shoes donated
Barefoot No More has developed a unique
school shoe for children in rural areas. The
shoes are easy to maintain; they can be
washed and do not require shoe polish; they
can stretch to accommodate a growing foot;
and do not cause blisters.
Each pair of school shoes is donated in a
centre-branded book bag together with a
stationery set. Donations are made to schools
in the communities surrounding the Fund’s
shopping centres.
Futuregrowth Community Property Fund as at 31 March 2021 12Click to edit
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impact
Gateway MallMaster
Click to edit donates 770style
subtitle lap desks to local schools
770 lap desks were handed over to learners at Xhobane Primary School, Wedela Primary
School, Mbulelo Primary School and Hlangabeza Primary School in March 2021.
“These schools are all located in close proximity to Gateway Mall, and many of the
parents shop at the centre. This project makes a big difference in my community as many
children don’t have a suitable surface on which to do their homework. A lap desk is a
valuable resource which can be used at school and at home.” says Joseph Tshabalala,
Gateway Mall Centre Manager.
Gateway Mall has donated 9 201 lap desks to scholars in the Carletonville community
since 2015.
Futuregrowth Community Property Fund as at 31 March 2021 13Click to edit
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impact
Lap Desk
Click Project
to edit Masteracross
subtitlethe
styleFund
40 818
Total number of Lap
Desks donated
Lap desks are light and durable desks which
provide a solution for school children who
don’t have desks. The ‘desks’ rest on the
learners’ laps, providing them with a surface to
write on, whether they are sitting on a chair or
on the floor. As the desks are portable, they
can be taken home to provide a surface for
doing homework.
The desks are printed with educational tools
such as the alphabet, multiplication tables,
emergency contact numbers and a map of the
world. The educational material is adjusted for
the recipient age group and school. Each lap
desk is branded with the centre logo and
donations are made to schools in the
communities surrounding the Fund’s shopping
centres.
Futuregrowth Community Property Fund as at 31 March 2021 14Click to edit
Community Master title style
impact
Rialto
Click Project scholars
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subtitle Grade 10 at Lawhill
style
Seeps Evans visited Lawhill in March to meet
Zanele Jonas and Khombisile Mthethwa have
Zanele Jonas the new scholars who have both settled in
been awarded bursaries through The Rialto
well and are excited to be at Lawhill and in
Project to Simon’s Town Lawhill Maritime
Cape Town, particularly as this is the first
Centre in Cape Town. The three-year time that they have travelled interprovincially.
bursaries are funded by the Fund, which “Meeting the girls was an extremely humbling
previously sponsored bursaries for Lawhill experience for Seeps and I. Both girls were so
alumni Lutho Thomas, Joshua Mbana and excited to meet us and were bursting to tell
Kumeshnie Nair, and currently also sponsors us how thankful they are for the opportunity,
a bursary for Liyema Hogwana who is in and promised to work hard to make us proud.
Grade 11 at Lawhill. We were struck by how mentally strong both
girls are. Listening to them talk about their
Khombisile joins Lawhill from JG Zuma High work ethic and their goals and plans was
School in KwaMashu, which the Fund quite astounding. Both girls are extremely
supports through its Bridge City Academic bright and highly motivated to be successful
Prize Programme. Khombisile is the youngest and make their families proud” says
of five siblings and her mother is a domestic Stephanie.
worker. Her family is very proud of her
achievement in being awarded this bursary. The Lawhill programme accommodates
Her favourite subjects are Maths and Science scholars from Grade 10 to Grade 12 and since
and she aspires to become a scientist or a its inception more than 300 young South
business woman. Africans have passed through the
programme, many of them pursuing
Zanele joins Lawhill from Molly Blackburn successful careers in the maritime industry,
High School in Uitenhage, which is the same both ashore and at sea, while others have
school that Lutho and Josh attended prior to gone on to make their mark in other
Lawhill. Zanele is one of nine children and industries.
both of her parents are Pastors. Zanele’s
favourite subjects are also Maths and Science. For further information about The Rialto Project
Khombisile Mthethwa and Lawhill please visit www.rialtoproject.co.za.
Rialto Project mentors Stephanie Mort and
Futuregrowth Community Property Fund as at 31 March 2021 15KeyClick to edit Master title style
features
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Community edit Master
Fundsubtitle style
Commercial
R4.7bn risk- Investments Active in
Total net asset in new and existing 8 provinces
value adjusted shopping centres
returns
Infrastructure and services
Focused on providing quality retail facilities to previously 81% township
disadvantaged communities
and rural exposure
Catalyst for the development of local municipal and transport
infrastructure
Impact Outcomes
six
Supports
- Local job creation
Sustainable
- Local economy value-add (SMME support)
Development
- Economic empowerment of PDIs, especially women
Goals
- Community involvement initiatives
Futuregrowth Community Property Fund as at 31 March 2021 Kanyamazane Centre 16Click to edit Master title style
Fund facts
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The Fund aims to outperform the CPI by 4% per annum before the deduction of
The Futuregrowth Community Property Fund specialises in the acquisition of
taxes and fees and with income reinvested over a rolling 3-year period. It seeks to
new and existing shopping centres which cater to the needs of underserviced
Fund description Investment objective provide investors with a low cost, high value property investment that focuses
communities throughout South Africa and forms part of Futuregrowth’s suite
on emerging market retail property growth in underserviced rural communities
of developmental investments.
and high-density urban centres.
− Specifically focused on providing retail facilities to previously disadvantaged
communities, especially in areas characterised by a lack of infrastructure and
The Fund has purchased and developed 34 shopping centres located in rural services.
and township areas countrywide over the past 20 years. These centres are − Targets a niche market of low to middle income groups.
located in 8 of the 9 provinces, providing retail services and products to a − Creates jobs during the construction phase, employing artisans and labourers from
Composition primary target market of approximately 10 million people. The centres deliver Key benefits the local area.
retail services to low- to middle-income groups. They vary in size between − Creates permanent/long-term jobs during the life cycle of the centre.
1700m² and 40 000m² and are typically tenanted by supermarkets, clothing, − Provides access to retail stores and services for local communities which has major
banking and furniture retailers. health, time and social implications.
− Offers a wider range of choice to consumers with higher quality and lower prices
than previously available.
Asset & property
Fund manager Futuregrowth Asset Management Capital Land Asset Management
manager
Return target CPI + 4% Risk profile Moderate (long term returns, predictable cash flows, illiquid)
Number of properties Number of properties
20 34
owned currently funded to date
Current geographic
8 provinces Property type Retail
spread
Structure Pooled and Segregated Market segment Low to middle income bracket (township & rural)
Inception date 1 June 1996 Total net asset value R4.7 billion
Minimum investment Pooled - R25 million (at manager’s discretion) Termination period 1 calendar month up to a maximum of 3 years (size dependent)
13
Futuregrowth Community Property Fund as at 31 March 2021 17Click to edit Master title style
Glossary
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This prize is awarded annually to the top academic student in Grade 6 for junior schools The Helping Hand Project is a community focused initiative which invites members of
Academic Prize and Grade 11 for high schools in the local area. The prize consists of a floating merit Helping Hand the community surrounding a selected shopping centre to make a difference in their
Programme board which is engraved with the prize winner’s name, a gift voucher from a selected Project community by simply visiting the centre and donating their handprint. For every
shop at the Fund’s shopping mall, and fully paid school fees for the next academic year. handprint that is received, R5 will be donated towards items for a local home or charity.
Lap desks provide a portable solution for children who don’t have desks at their schools
This is a return over a period of greater than one year that has been converted into an or homes. The desk sits on the child’s lap, providing a sturdy surface to write on,
Lap Desk
Annualised return average annual return. This facilitates an easier comparison between returns over whether sitting on a chair or on the floor – at school or at home. They are branded with
Project
different periods. the Fund’s shopping centre name, and include academic information appropriate to the
age group of the recipient learners.
Barefoot No More has developed a unique school shoe which is the perfect solution for
children located in rural areas. Most of these children have not had the opportunity to
Barefoot No More own a pair of new shoes, let alone have the resources to maintain them. Donations Liquid holding Cash in the Fund held in bank accounts, call accounts and money market investments.
through this programme consist of individually sized shoes, book bags branded with the
Fund’s shopping centre name, and stationery sets for each child.
Capitalisation rate: is a measure of value and risk of a building and is calculated by
Living Standards Measure: a means of grouping the population according to their living
Cap rate dividing the net returns on rental for one year by the purchase price or market value of LSM
standards from 10 (highest) to 1 (lowest).
a building.
Consumer Price Index - used as a measure of inflation: measures the average change
Is calculated by taking into account comparable market rentals as well as the demand
CPI over time in the price of a basket of consumer goods and services purchased by Market rental
for and availability of space in the centre concerned.
households.
Discounted Cash Flow valuation methodology is carried out by estimating the total value This is a measure of performance in retailing. It is the revenue generated for a given
DCF valuation Trading
of all future cash flows (both inflowing and outflowing), and then discounting them by area of sales space, and is presented as a monetary value per square metre. The
methodology densities
the cost of capital to find a present value of that cash. higher the figure, the more efficiently the floor space is being used.
Ungeared This refers to a return that has been generated without the use of debt funding on the
GLA Gross Leasable Area
return properties.
This is a measure of the total inflation within an economy, including commodities such When tenants enter into a lease, the rate at which their rental increases annually is the
Weighted
Headline inflation as food and energy prices, which tend to be more volatile and prone to inflationary escalation rate. The weighted escalation rate is an average of all lease escalation rates
escalations
spikes. across the portfolio weighted by the rental amount.
13
Futuregrowth Community Property Fund as at 31 March 2021 18Click to edit Master title style
Contact details
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Futuregrowth Asset Management
Disclaimers
Smital Rambhai
3rd Floor, Great Westerford, 240 Main Road, FAIS disclaimer: Futuregrowth Asset Management (Pty) Ltd (“Futuregrowth”) is a licensed discretionary financial services
Rondebosch, 7700 provider, FSP 520, approved by the Registrar of the Financial Sector Conduct Authority to provide intermediary services and
Tel + 27 21 659 5300 advice in terms of the Financial Advisory and Intermediary Services Act 37 of 2002. The fund values may be market linked or
Fax + 27 21 659 5337 policy based. Market fluctuations and changes in exchange rates may have an impact on fund values, prices and income and
these are therefore not guaranteed. Past performance is not necessarily a guide to future performance. Futuregrowth has
srambhai@futuregrowth.co.za comprehensive crime and professional indemnity in place. Performance figures are sourced from Futuregrowth and IRESS.
www.futuregrowth.co.za/
GIPS disclaimer: Futuregrowth a subsidiary of Old Mutual Investment Group Holdings (Pty) Limited is a specialist investment
Capital Land Asset Management company which manages the full range of interest bearing and developmental investments in an ethical and sustainable way.
Anton Raubenheimer Futuregrowth claims compliance with the Global Investment Performance Standards (GIPS®). Contact Futuregrowth at +27 21
659 5300 to obtain a list of composite descriptions and/or a presentation that complies with the GIPS® standards. The
Block F, The Terraces, Steenberg Office Park, Tokai, investment returns reflected are supplemental information as they are not calendar year returns and are gross-of-fees.
Cape Town, 7945 Currency: ZAR
Tel +27 21 673 3300
Fax +27 21 673 3321 This document is for information purposes only and is not intended as an offer or recommendation to buy or sell or a solicitation
araubenheimer@capland.co.za of an offer to buy or sell a financial product or security. The recipient is advised to assess the information with the assistance of
an advisor if necessary, with regard to its compatibility with his/her own circumstances in view of any legal, regulatory, tax and
www.capland.co.za other implications.
Please see www.communitypropertyfund.co.za for Personal trading by staff is restricted to ensure that there is no conflict of interest. All employees of Futuregrowth are
further information. remunerated with salaries and standard short and long-term incentives. No commission or incentives are paid by Futuregrowth
to any persons. All inter-group transactions are done on an arm’s length basis. Futuregrowth has comprehensive crime and
professional indemnity insurance.
Futuregrowth prepared this document in good faith. Although the information in this document is based on sources considered to
be reliable, Futuregrowth makes no representation or warranty, express or implied, as to the accuracy or completeness of this
document, nor does it accept any liability which might arise from making use of this information.
Futuregrowth Community Property Fund as at 31 March 2021 19Click to edit Master title style
Click to edit Master subtitle style
3rd Floor, Great Westerford
240 Main Road, Rondebosch
7700, South Africa
Private Bag X6, Newlands, 7725, South Africa
Tel: +27 21 659 5300 Fax: +27 21 659 5400
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