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Photo: Maxwell Centre, Empangeni
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Futuregrowth Community
Property Fund
Quarterly report
June 2020
Futuregrowth
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Community
title style
Property Fund
Introduction
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and vary in size between 1 700m2 and 40 000m2. These 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.
Properties are selected for their potential for strong income
growth. The community surrounding the Fund’s shopping
centres benefits through increased employment
opportunities and access to a wide range of quality shopping
facilities and commercial services. Each shopping centre is a
catalyst for the development of municipal infrastructure in
the area and the enhancement of transport infrastructure.
The Futuregrowth Community Property Fund (the Fund) In this quarterly report we showcase Maxwell Centre,
specialises in the acquisition of new and existing shopping situated in Empangeni in northern KwaZulu-Natal. The
centres which cater to the needs of underserviced centre is a linear centre, with retail split over two levels and
communities in rural areas and townships throughout South some office space. It is easily accessible from the R34, which
Africa. The Fund forms part of Futuregrowth’s suite of is the main road running through Empangeni. Details on the
developmental investments. The targeted return is CPI + centre can be found on pages 12 to 13 of this report.
4%. Current assets under management in the Fund total
R4.5bn. We also include a feature on Phumzile Mchunu, who
operates the Unjani Clinic at Maxwell Centre, an exciting
The Fund has purchased and developed 34 shopping centres achievement by one of our Rialto Project Scholars, Joshua
over the past 20 years, providing services to a target market Mbana, and an update on the Fund’s COVID-19 Food Parcel
of approximately 10 million people in the low to middle Project.
income market. There are currently 20 shopping centres in
the portfolio which are located in eight of the nine provinces
Maxwell Centre
30 June 2020 2
Futuregrowth
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Community
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Property Fund
Fund
Clickmandate
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Asset class Unlisted shopping centres in townships and rural areas (can include listed properties)
Return target CPI + 4%
Max 50% per province (market value)
Asset exposure limits
Max 25% per single asset (market value)
Min 90% of Fund in property or property related instruments (market value)
Liquidity
Max 10% in cash or units in a money market fund
Approval process Board of Directors and Property Committee
30 June 2020 3
Futuregrowth
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Community
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Property Fund
Fund
Clickperformance
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14.74%
16.00%
13.68%
Property is a long-term investment, and since inception the Fund has
13.37%
13.25%
13.03%
been delivering a return of CPI + 7.81% on an annualised ungeared
12.12%
14.00% basis, with a low degree of volatility and low correlation to financial
markets.
10.36%
12.00% The Fund delivered a total return of 0.75% for the quarter. The total
return for the 12-month period ending June 2020 was 7.20%.
9.61%
9.56%
9.49%
8.94%
8.81%
8.50%
10.00% 7.63%
7.20%
8.00%
6.24%
6.06%
4.44%
6.00%
4.19%
3.81%
3.42%
3.18%
2.73%
4.00%
1.14%
0.75%
0.52%
2.00%
0.23%
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 30 June 2020
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.
30 June 2020 4
Futuregrowth
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Property Fund
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commentary
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The South African property market continues to feel the While the properties in the Fund underwent a
impact of COVID-19, which has put pressure on all property comprehensive valuation exercise (through an independent For the purpose of the June 2020 valuations, the valuer
sectors and resulted in businesses rethinking how they valuer) at the end of June 2020, the operating situation for looked at factors such as the vacancy rate applied,
utilise space. The impact may have a lasting impact on our tenants continues to change. escalation rates and market rentals, and adjusted these
property companies unless they adapt. based on experience to date and expectations of trading
Furthermore, the rising long-term interest rates in South conditions post lockdown. It is unlikely that significant
Shopping centres located in township and rural areas have Africa (arising from the higher fiscal deficit, national rating blanket changes would be made to capitalisation rates, as
been quite resilient and have performed significantly better downgrades and foreign sale of bonds) will likely result in these are based on a number of centre-specific factors and
than urban area shopping centres. higher discount rates on property net earnings. do not get impacted by short-term market volatility. It is
however possible that capitalisation rate assumptions will
The ability of our shopping centres to weather the While the Fund will likely suffer asset mark-downs, move when the new normal is reached later in the year and
COVID-19 storm is largely due to the fact that these negative factors will be buffered by the valuers have a better idea of what this looks like.
millions of South Africans living in townships and following notable facts:
rural areas: We have instructed the independent valuer to conduct
- The valuations of all our properties, and generally in the
valuations for 30 September and 31 December 2020, to
- cannot receive online deliveries efficiently; industry, are based on a 10-year discounted cash flow
ensure that investors’ units in the Fund are accurately
methodology. A material part of the valuation sits in the
- cannot afford bulk online purchases; valued.
terminal value in year 10, while the reduced income is
- are cash-based consumers; and likely to be concentrated in year 1.
Inflated values
- need access to social grant payouts, which they can get - The Fund remains ungeared, so the properties’ fixed It is also important to note that the property valuations of
in many of our centres. costs do not include interest charges. listed property companies are often conducted by
- The Fund is known to be defensive in weak economic management and directors themselves, as the JSE only
Returns requires them to value one third of their properties through
times, due to having a higher percentage of tenants that
The Fund delivered a total return of 7.20% for the 12 an independent valuer each year. This could lead to biases
provide essential goods and services, relative to some of
months ending June 2020, which consisted of a capital write and inflated property values.
the listed property companies that own malls.
down of 0.66% and income return of 7.86%.
Independent valuations We have historically compared the Fund’s property
Revaluations of property portfolios are likely to be valuations to the listed property sector and believe that
Based on our discussions with the independent valuer, a
commonplace during 2020, as investors across the property listed property companies could potentially have overvalued
new post-COVID-19 normal will only be reached later in the
market are impacted by reduced net income. properties by as much as 15% to 20% on similar profiled
year and it is currently difficult to predict what this will look
like. properties.
30 June 2020 5
Click to editCommunity
Futuregrowth Master title style Fund
Property
Current
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The Crossing Alexandra Plaza Moutse Mall Heidelberg Mall
Maxwell Centre is the featured property in this report. Shopping Centre 21 576m2 13 621m2 34 165m2
18 621m2 Thulamahashe Plaza
Please see http://communitypropertyfund.co.za/ for 21 821m2
information on the other properties in Diepsloot Mall
11 521m2
the portfolio. Mkhuhlu Plaza
10 787m2
Sontonga Mall
11 238m2
Kabokweni Plaza
Township/Rural/Urban exposure
Gateway Mall 15 236m2
9 080m2
Kanyamazane Centre
Eyethu Orange
19.0% Farm Mall 13 842m2
26 818m2
Township
46.0% Nkomazi Plaza
Rural 19 676m2
Urban Kamaqhekeza Plaza
35.0% 14 724m2
Maxwell Centre
6 651m2
Bridge City
39 265m2
Setsing IV
8 743m2
Kuyasa Centre
10 038m2
Opera Place Motherwell Centre
2 246m2 11 126m2
30 June 2020 6
Futuregrowth
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Property Fund
Portfolio
Click tostatistics:
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styletenant profile
Total vacancy trend Tenant profile by GLA
12.0%
10.0%
14.6%
8.0%
6.0% Large & listed tenants
4.0% 3.3% 18.2% National tenants & franchises
2.0% 3.1%
Other
0.0% 67.2%
Oct 2019
Apr 2020
Oct 2014
Oct 2015
Oct 2016
Oct 2017
Oct 2018
Apr 2016
Apr 2019
June 2019
June 2020
April 2015
Jun 2015
Jun 2016
April 2017
Jun 2017
April 2018
Jun 2018
Feb 2015
Feb 2016
Feb 2017
Feb 2018
Feb 2019
Feb 2020
Dec 2014
Aug 2015
Dec 2015
Aug 2016
Dec 2016
Aug 2017
Dec 2017
Aug 2018
Dec 2018
Aug 2019
Dec 2019
The vacancy rate has been improving since the start of the year, moving down from
5.5% to 3.3%. If we take into account tenants that signed new leases, but have not Large, listed, national and franchise tenants occupy 85.4%. These are well known
taken occupation, then vacancies are set to reduce further to 3.1% provided that no tenants such as Shoprite, Pep, Ackermans, Capitec Bank, Spar, Boxer, Pick n Pay and
other tenants at this point in time file for liquidation or vacate their premises. Cashbuild, which have a national footprint and a large number of stores.
COVID-19 has not had a negative impact on vacancies to date and we are seeing an
increased demand for space due to this segment of the market being less reliant on The current tenant profile of the Fund ensures that the income stream is of a high
online retail. The competition commission ruling on the abolishment of exclusivity quality.
arrangements in leases has also had a positive impact on the ability of the leasing
team to attract more tenants.
However we do expect vacancies to increase as time passes and businesses start
feeling the longer term impact of COVID-19. Edcon is likely to close a number of
stores across the portfolio, and the leasing team has lined up Boxer to replace them
at two of our sites.
30 June 2020 7
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Tenant category by GLA Tenant category by rental
8.4% 11.9%
Essential Essential
45.4%
50.1%
Large non-essential Large non-essential
41.6%
SMME SMME
42.7%
We have started classifying our tenants into essential, non-essential or SMME categories. The portfolio has a high percentage of essential tenants who contribute 45% of the net
rental income every month and occupy 50% of the gross lettable area.
Due to the COVID-19 lockdown, the SMMEs in particular are in for difficult times. In terms of the portfolio, the SMMEs/non-national tenants make up approximately 11.9% of the
portfolio on a revenue basis.
We will need to monitor the SMMEs closely in order to potentially assist them through the short to medium term. Our arrears process is proactive and designed to identify tenant
stress before it becomes terminal, thereby assisting SMMEs in difficulty.
30 June 2020 8
Futuregrowth
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Property Fund
Featured
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Maxwell
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Tenant analysis by GLA (m2) Vacancy rate (retail as % of retail GLA) Centre layout
9%
Large & listed tenants
15% Occupied
76%
National tenants & Vacant
franchises
Other
100%
Key facts Highlights
Classification Convenience Centre - Situated on Maxwell Street which is easily
Region KwaZulu-Natal accessible from the R34, the main road
LSM 3–6 running through Empangeni.
Total GLA 6 651m2 - Convenience centre with an office
Occupancy 100% component.
- Diverse tenant mix.
Anchor tenant Boxer
National tenants account for approximately 91% of the occupied gross lettable
area. The centre is anchored by a Boxer store. Other national tenants include
Tenant mix
Pep, Chicken Licken, Beauty Zone, Standard Bank, Ithala Bank, Finbond Bank,
Old Mutual Finance and the South African Post Office.
30 June 2020 9
Futuregrowth
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Property Fund
Featured
Click to Personality: Phumzile
edit Master subtitle Mchunu, Unjani Clinic – Maxwell Centre
style
Unjani Clinic is a network of primary healthcare clinics, “The community have expressed their gratitude for our
owned and operated by black women, which provides presence and the services we offer. We often have clients
accessible, affordable and quality healthcare to communities come back to thank us for our quality service, and, in turn,
in low income areas. These clinics provide employment for refer more community members to make use of our
up to three nurses from each local community. services as they have complete trust in us caring for them.”
Since 2015, nine Unjani Clinics have been established across Unjani clinic has enabled Phumzile to achieve her lifelong
the Community Property Fund portfolio, and to date have dream to provide quality healthcare to the most
received a total of 119 782 patient visits. underserviced members of her community, “We know how
Phumzile Mchunu grew up in Nongoma, Zululand, KwaZulu- expensive private medical care is, and with the
Natal and currently resides in Empangeni. She attended overwhelmed local clinics [who have] a shortage of
Empangeni High School and went on to complete her medication and staff, we are able to bridge the gap
Nursing Diploma at Ngwelezana Nursing College in between the two. Access to quality healthcare at an
Empangeni. She then specialised in Primary Health Care at affordable price has been made very easy through Unjani
the University of KwaZulu-Natal. Phumzile qualified as a clinic”.
registered Nurse in 2012 and began her nursing career at
Molweni Clinic in Durban. Phumzile’s ultimate goal has been to run her own clinic, but
she lacked confidence in her ability to operate as a Nurse
Phumzile joined the Unjani Clinic family in 2019, and was and manage a business at the same time. Unjani Clinic has
originally based in Clermont in Pinetown but due to the low provided Phumzile with mentorship and support in order to
number of patient visits and numerous break-ins she sought address this. She attests: “Starting your own business can
a new location. With support from Unjani Clinic and Capital be daunting, but [Unjani] has made it so easy, knowing that
Land, an area was identified at Maxwell Centre in you always have the support you need. I have been
Empangeni and the clinic opened in February 2020. equipped with all the skills necessary to run my own
successful business. I’m grateful. I would also encourage
The clinic has been well received by the community and to other nurses not to shy away from starting their own
date has received over 1 090 patient visits, an average of businesses. Our communities really need us to serve them!”
12 patients per day. Since opening, Phumzile has employed
two full-time clinic assistants and one part-time cleaner to
assist with the rising demand and patient visits. She notes:
30 June 2020 10Futuregrowth
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Property Fund
Community Impact:
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Master Project Scholar
style Joshua Mbana wins Lawhill’s Writing Competition
The Rialto Project is a registered non-profit company with the purpose of
bridging the education divide in South Africa, and in so doing making a
difference in the lives of individuals, families and communities. Founded in
2019 by Capital Land Asset Management and Futuregrowth Asset
Management, the Rialto Project provides and manages educational
bursaries to leading schools across South Africa for deserving learners.
The Rialto Project currently supports six high-school students in the
Western Cape and Eastern Cape, as well as one matriculant who is
undergoing an internship at Maersk Shipping in Cape Town.
Rialto Project students, Joshua Mbana (Grade 12), Kumeshnie Nair (Grade
12) and Liyema Hogwana (Grade 10) attend Simon’s Town School Lawhill
Maritime Centre in Cape Town. In May, Lawhill launched a Writing
Competition where they invited their students to share their best and
worst COVID-19 Lockdown experiences, as well as the lessons they had
learnt during lockdown and what they were most grateful for. A total of 23
entries were received, and an external judging panel selected Joshua
Mbana’s submission as the winning story. (Read his submission on the
following page of this report.)
30 June 2020 11Futuregrowth
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Property Fund
Community Impact:
Click to edit Rialtosubtitle
Master Project Scholar
style Joshua Mbana wins Lawhill’s Writing Competition
Learning under Lockdown Learning under lockdown feels like being trapped inside a glass dome. Your movement
By Joshua Mbana is restricted like a vessel in bad weather. You cannot take those two to three minutes to
stretch your legs and have a quick chat with a friend in between classes. Instead you are
Be careful what you wish for, Joshua. sitting in the same chair, for prolonged periods of time.
These words would constantly echo in my mind every time I felt an overwhelming sensation One major advantage of learning under lockdown is how it gives one the leisure of going
of frustration while at home during lockdown, and when I would struggle to grasp the at your own pace, in your own space. It really gives one a sense of independence as you
various, overly-complicated mathematics and physical sciences concepts that were assigned fund your own learning experience. You get to choose the subject you would like to
to us, the students, to learn and understand, during this pandemic-induced lockdown. invest your time in, and the actual time of day you would like to start investing your
Fun fact, I was born and raised in the small dusty town of Uitenhage, I have three older time, all with the assistance of a carefully drawn up timetable.
brothers, making me the youngest of my surname, and my parents are still happily married.
We live in a relatively small house which caused too much commotion, and concentration If learning under lockdown has taught me anything, it has shown me how frustrating it
and comprehension are difficult, increasing the anxiety I am experiencing in my final school can be to stay in the same place for prolonged periods of time. It has taught me how
year. important it is for one’s psychological and mental health to be moving and pushing
forward in life, regardless of the current circumstances, and how frustrating it can be to
As the noise levels in the house were hindering my concentration when it came to school repeat the same routine every day, without any alterations.
work, I decided I had to take matters in to my own hands and after a heated negotiation, I
was able to convince my parents to encourage the rest of the household to, and I quote, With that said, I urge students who will hopefully read this someday, to see this learning
“pipe down”. I thank them for playing that vital role in seeing the need for a little silence in under lockdown experience as a taste of what the real world would be like if they do not
the house. work hard with their books today. They will be stuck in the same routine every day
without moving forward.
I then had to figure out how to gain access to online schooling as I do not have WiFi
access. This meant, that one would have to make a quick dash to a shop, despite lockdown It is important to always persevere and remain strong regardless of the hardships faced,
laws, to purchase the data bundles required for the various online learning sites. and to stay positive even when it feels like your whole world is under pressure.
In my opinion, online schooling is a completely different ball game compared to in-class
learning. For one, there is no teacher present to fully explain and dissect a topic or to guide Finally, this learning under lockdown has taught me to be careful what I wish for, as I
a learner in the right direction when he/she begins to go off track. had I wished, a few months prior to this lockdown, to know what it would feel like to be
home-schooled.
Not to mention those dreadful pop up adverts that come with the luxury of receiving all the
information you need online and while in the comfort of your own home. Those pop up My only wish now is to take back what I had said.
adverts can be compared to disruptive fellow classmates!
30 June 2020 12Futuregrowth
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Community
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Property Fund
Community Impact:
Click to edit MasterCOVID-19 Food Parcel Project
subtitle style
The impact of the COVID-19 pandemic
has been evident in the communities
surrounding the Community Property
Fund shopping centres – where, in
particular, there is a dire need for food
parcels.
To respond to this need, the Community
Property Fund COVID-19 Food Parcel
Project was set up. The first of the food
parcel handovers took place to families
in Carletonville and Mahikeng, on behalf
of Gateway Mall (Gauteng) and The
Crossing Shopping Centre (North West
Province) in May. These were followed
by handovers on behalf of Kuyasa and
Motherwell Shopping Centres (Eastern
Cape), Eyethu Orange Farm Mall,
Alexandra Plaza and Heidelberg Mall
(Gauteng), Mkhuhlu Plaza
(Mpumalanga), and Bridge City
(KwaZulu-Natal) in June.
The initial goal of 1 500 food parcels has
been achieved, and, based on the
success of these initial donations, this
project will continue for the next few
months.
30 June 2020 13Futuregrowth
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Community
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Property Fund
Fund
Clickfacts
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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 7 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 R4.5 billion
Minimum investment Pooled - R25 million (at manager’s discretion) Termination period 1 calendar month up to a maximum of 3 years (size dependent)
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30 June 2020 14Futuregrowth
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Property Fund
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.
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30 June 2020 15Futuregrowth
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Property Fund
Contact
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Futuregrowth Asset Management
Smital Rambhai Disclaimers
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
srambhai@futuregrowth.co.za these are therefore not guaranteed. Past performance is not necessarily a guide to future performance. Futuregrowth has
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
Block F, The Terraces, Steenberg Office Park, Tokai, 659 5300 to obtain a list of composite descriptions and/or a presentation that complies with the GIPS® standards. The
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
www.capland.co.za an advisor if necessary, with regard to its compatibility with his/her own circumstances in view of any legal, regulatory, tax and
other implications.
Please see https://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.
30 June 2020 16Click 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
www.futuregrowth.co.zaYou can also read
