INVESTOR ROADSHOW - Arrowhead Properties · investor roadshow May / June 2015 This document has been prepared and issued by and is the sole responsibility of the management of Indluplace

INVESTOR ROADSHOW

May / June 2015

This document has been prepared and issued by and is the sole responsibility of the management of Indluplace Properties Limited (the “Company” or Indluplace) andits subsidiaries. Nor information made available in connection with this presentation may be passed on, copied, reproduced, in whole or in part, or otherwisedisseminated, directly or indirectly, to any other person. The contents of this presentation are to be kept confidential.

This document does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities ofthe Company nor shall it or any part of it nor the fact of its distribution form the basis of, or be relied on in connection with, any contract commitment or investmentdecision in relation thereto nor does it constitute a recommendation regarding the securities of the Company. Investors and prospective investors in securities of theCompany are required to make their own independent investigation and appraisal of the business and financial condition of the Company and the nature of thesecurities. Any decision to purchase securities in the context of a proposed offering of securities, if any, should be made solely on the basis of information contained inan offering circular or prospectus published in relation to such an offering.

This presentation and any materials distributed in connection with this presentation may include certain forward-looking statements, beliefs and opinions, includingstatements with respect to the Company’s business, financial condition and results of operations. These statements, which contain the words “anticipate”, “believe”,“intend”, “estimate”, “expect”, “forecast”, and words of similar meaning, reflect the Director’s beliefs and expectations and invoke risk and uncertainty because theyrelate to events and depend on circumstances that will occur in the future. No representation is made that any of these statements or forecasts will come to pass orthat any forecast results will be achieved. There are a number of factors that could cause actual results and developments to differ materially from those expressed orimplied by these statements and forecasts. Past performance of the Company cannot be relied on as a guide to future performance. Forward-looking statementsspeak only as at the date of this presentation and the Company expressly disclaims any obligations or undertaking to release any update of, or revisions to, anyforward-looking statements in this presentation. No statement in this presentation is intended to be a profit forecast, as a result, you are cautioned not to place anyundue reliance on such forward-looking statements.

This document speaks as of the date thereof. No reliance may be placed for any purposes whatsoever on the information contained in this document or on itscompleteness, accuracy or fairness. This information is still in draft form and has not been legally verified. The financial information included herein is in draft formand unaudited. The Company, its advisers and each of their respective members, directors, officers and employees are under no obligation to update or keep currentthe information contained in this presentation, to correct and inaccuracies which may become apparent, or to publicly announce the result of any revision to thestatements made herein except where they would be required to do so under applicable law, and any opinions expressed in them are subject to change withoutnotice. No representation or warranty, express or implied, is given by the company, or any of its subsidiary undertakings or affiliates or directors, officers or any otherperson as to the fairness, accuracy or completeness of the information or opinions contained in this presentation and no liability whatsoever for any loss howsoeverarising from any use of this presentation or its contents otherwise arising in connection herewith is accepted by any such person in relation to such information.

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Circa13.1% of the total listed USA REIT market and circa 15.6% of the MCSI Global IndexSA at c. 2% has no focused residential funds

Provides diversification from commercial property for traditional property investorsShould attract new investors, including existing residential participants

Increased urbanisation and a decrease in number of people per householdIncreasing size of the ‘GAP’ market (don’t qualify for housing grants but cannot access bond finance) limited availability of well located land for new housing developments and an increase in real house prices

Residential REITs are significant components of developed REIT markets

Strong investor support for a residential REIT

Strong supply/demand fundamentals should result in low vacancies and consistent rental growth

Significant acquisition pipeline from existing market participants

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‘First to market’ advantage

Substantial existing portfolio that is ungeared

Proven track record in the

residential sector(as an unlisted subsidiary of Arrowhead)

Proven ability to acquire yield

enhancing portfolios

Strongly incentivised

proven executive management team

with significant residential property

experience

Experienced property

management teams with

knowledge of each portfolio

Strong independent board with residential property

experience

Acquired Jika 1 and Honey Park portfolios in 2014

Acquired a further R1,1 billion of residential propertiesup to listing

Significant acquisition pipeline on listing

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70% Shareholder

INDLUPLACE anticipated to trade at a lower yield than Arrowhead resulting in a larger pool of yield enhanced margin on acquisitions

INDLUPLACE better positioned for equity deals with existing residential portfolio owners who want to retain exposure to residential asset class

Increased ability to do yield enhancing acquisitions should allow INDLUPLACE to grow distributions from the residential portfolio more quickly than Arrowhead

As 70% shareholder in INDLUPLACE, Arrowhead will benefit from INDLUPLACEdistribution growth

Arrowhead will be a long term holder of INDLUPLACE but, if yield gap between Arrowhead and INDLUPLACE becomes significant, INDLUPLACE equity may (in the long term) become a source of acquisition capital

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R’0004 months Sep 2015

Year endingSep 2016

Rental income 63 405 195 497

Recoveries 7 940 24 588

Rental income and recoveries 71 345 220 085

Property operating expenses (21 236) (66 739)

Net property income 50 278 158 515

Administrative expenses (2 248) (7 282)

Net interest received 3 590 15 962

Dividend 51 451 162 026

Shares in issue (thousands) 193 373 193 373

Dividend per share (cents) 26.6 83.8

R’000 Pro forma

Investment property 1 598 619

Current assets 194 014

Trade and other receivables 5 551

Share scheme loans 175 794

Cash and cash equivalents 12 669

Assets 1 792 633

Equity and reserves 1 786 896

Trade and other payables 15 962

Equity and liabilities 1 792 633

Shares in issue (thousands) 193 373

NAV and TNAV per share (cents) 924

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12 month forward yield from listing 8.2%

FY2016 forward yield 8.4%

Current dispute with Monash, INDLUPLACE has cancelled the agreement

No income from Honey Park in the forecast

Net income of R16m from Honey Park for FY 2016, which equates to a property yield of 9.8%, would add 9.1 cents to the DPS for FY 2016 and take the yield to 9.3%*

* These figures are illustrative and have not been reported on

S i g n i f i c a n t u p s i d e f r o m H o n e y P a r k

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Property acquisitions of R800m on 1 October 2015 and 1 October 2016

Property yield 10%

LTV after the acquisitions 35%

Interest rate on debt funding 9%

Yield on new equity 8%

Annual growth in property values 6%

Growth in net property income 7%

If the property portfolio was doubled over two years, the acquisitions could be mainly debt funded which should result in significant double-digit growth in distributions:

Could result in DPU of 88.3 cents for FY 2016 (against 83.8 cents forecast)

Equating to a yield of 8.8% compared to the listing price of R10.00 per share

Could result in DPU of 102.2 cents for FY 2017 An increase of 15.6% over the prior dividend of 88.3 cents per share

These figures are illustrative and have not been reported on

A s s u m p t i o n s :

Portfolio valuation R1 607.8m

Total residential units 3 690

Residential – normal units 3 139

Residential – student units 551

Vacant units 424

Vacant units attributable to Honey Park 333

Vacancy % excluding Honey Park units 2.5%

Residential escalations assumed 7.5% - 8.0%

GLA 9 469m2

Weighted average rental R111/ m2

Weighted average escalation 8.0%

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R e t a i l

Gauteng82,3%

Mpumalanga17,7%

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Property Location ValuationResidential

normal units

Residential student

units

Total residential

units

Residential units

Retail GLA

Rm Number Number Number % m²Jika 2 Various, Gauteng 522.3 1 495 - 1 495 40.5 3 894Jika 1 Various, Gauteng 365.1 872 - 872 23.6 1 529Highveld View Witbank, Mpumalanga 290.5 450 - 450 12.2 -Honey Park Honey Park, Gauteng 164.0 - 333 333 9.0 -Park Village

1Vanderbijlpark, Gauteng 89.1 - 116 116 3.1 -

Germiston Germiston, Gauteng 71.0 228 - 228 6.2 140Bree Street Block Johannesburg, Gauteng 57.0 94 - 94 2.5 3 906Amberfield Village

1Vanderbijlpark, Gauteng 48.8 - 102 102 2.8 -

Total 1 607.8 3 139 551 3 690 100.0 9 469

Note 1: 50% owned with partner investors. Statistics represent the units owned by INDLUPLACE, being half of the total number of units in each Village with the remaining units owned by partner investors

Note 2: Based on forecast rentals for the property portfolio (excluding Honey Park) for March 2015. Leases with lease holidays have been pro rata adjusted

Residential -normal 79,2%

Residential - student14,3%

Retail 6,5%

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Unit type Average size Average rental Units Units Vacant units Vacancy

m2 R per month Number % Number %

Room 15 1 144 241 7.7% - -

Bachelor 35 2 788 718 22.9% 18 2.5%

One bedroom 45 3 563 615 19.6% 39 6.3%

Two bedroom 62 5 153 1 440 45.9% 20 1.4%

Three bedroom 75 5 274 107 3.4% 13 12.1%

Other - - 18 0.6% 1 5.6%

Total 3 139 100.0% 91 2.9%

2,9%

76,6%

15,4%5,2%

0,0% 0,0%

Vacant Monthly Sep-15 Sep-16 Sep-17 After

71,6%

20,2%

8,2%0,0% 0,0%

Monthly Sep-15 Sep-16 Sep-17 After


0,0% 0,0%8,5%

91,5%

0,0%


60,4%

0,0% 0,0% 3,6%

35,9%

0,0%


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Unit type Beds per unit Average rental Units Units Vacant units1 Vacancy

Beds R per month Number % Number %Two bedroom 4 5 886 435 78.9% 333 76.6%Three bedroom 6 11 262 116 21.1% - -Total 551 100.0% - -

Honey ParkThe Honey Park property portfolio consists of three complexes comprising 333 residential units that were let to Monash University South Africa Limited (“Monash”) for student housing. Monash has repudiated the lease agreement which was accepted by the company during April 2015. Approximately 190 units remain occupied. The forecasts were prepared assuming no rental income is earned from the property for the duration of the forecast period. Accordingly, all of the 333 Honey Park residential units have been treated as vacant.

36,3%

9,2%

22,2%

11,3%

2,0%


1,9%

29,1%

7,3%

23,2%

11,5%

0,0%


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A8,1%

B13,2%

C78,7%

The spaces are mostly inner city street level retail rented to small businesses and entrepreneursAlthough some longer leases have been entered into mostly with more established businesses and franchises, 29% of GLA is let on a month-to-month basis similar to the residential practise. There is high demand for street level retail space in busy areas in the inner city and experience has shown that vacated spaces are re-let very quicklyAll of the retail GLA is situated in GautengThe weighted average rental per month is R111/m2 and the weighted average escalation is 8.0%.

O v e r v i e w

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Approach

INDLUPLACE follows a strategy of contracting property managers with high-levels of industry experience, efficient systems, a strong operating track-record and specific knowledge of the properties and the areas in which the properties are situated

In most cases, this involves appointing the actual sellers who have previouslymanaged the properties

Use of property managers operating in specific jurisdictions enables INDLUPLACE to access new locations with relative ease

Similarly, the intention is to partner with local management companies that fit INDLUPLACE’s criteria for future acquisitions

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Overview of property managers

Jika 1 & 2 2 residential portfolios were purchased from Jika (since renamed Citiq) who will manage the properties for at least the first two years Citiq has been active in the CBD and surrounds from 2005 and has built up a stellar track record of developing and managing inner city apartment blocks on a yield guarantee basisCitiq offers property letting, arrears management, debt collection, reporting infrastructure, experienced staff and efficient systemsAfter the sale of the 2 portfolios to INDLUPLACE, Citiq will still be heavily invested in the inner city predominantly in the form of student housingCitiq currently manages about 6 000 residential units (including the INDLUPLACE units)

Honey Park

Managed by JHI who is currently managing Arrowhead’s commercial portfolio

Amberfield &

Park Village

Arrowhead has partnered with African Property Partners on these properties and they have jointly appointed Amorispan as property managerThe team behind Amorispan were part of the original developers of the property and have been managing the properties ever since

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Overview of property managers

Highveld View

CSI, a subsidiary of the original developers, Zotec Developments (part of Cosmopolitan Projects / Central Developments), has been managing the property and tenants

CSI will manage the letting and property management for the next two years on a guaranteed yield basis

CSI has been operating since 2004 and currently manages around 7 000 units

Bree Street Block and Germiston

Mafadi Property Management (Mafadi) has been appointed to manage these properties

Mafadi is a specialist inner city property management company which started in 2011 and currently manages approximately 3 000 residential units

Mafadi assisted the sellers of the Bree Street Block with certain functions in the past and has a good working knowledge of the properties

Mafadi is also property manager of Arrowhead’s Maboneng precinct interests. Mafadi managed the Germiston buildings for the sellers and will continue

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Gerald Leissner(73)Chief Executive OfficerCA(SA)

Gerald is a chartered accountant with 50 years’ experience in the property industry, both in South Africa and abroadHe is the CEO of INDLUPLACE and of Arrowhead which listed on the JSE in December 2011 and which made a foray into residential property in 2013Gerald was a non-executive director of the Johannesburg Housing Company, which led a pioneering path in the development of social housing in the Johannesburg inner cityGerald was the CEO of ApexHi Properties Limited (“ApexHi”) from its founding in 2001 until ApexHi was acquired by Redefine Properties Limited (“Redefine”) in 2009, after which he served as a non-executive director of Redefine. He retired from Redefinewhen Arrowhead was formed

Imraan Suleman(43)Executive directorBCom (Hons) Acc, CA(SA)

Imraan is a chartered accountant and the financial director of Arrowhead He joined Java Capital in 2005 from one of the big four audit firms for which he had worked in both South Africa and the UKAt Java Capital, Imraan advised clients on a wide range of transactions including listings, mergers and acquisitions, capitalraisings and empowerment transactions He is a non-executive director of the Johannesburg Housing Company, which provides homes to more than 12 000 people in the low to middle income communities

Mark Kaplan(34)Executive directorBBusSc, Finance (Hons)

Mark is an executive director of INDLUPLACE and the chief operating officer of ArrowheadHe was previously managing director of Aengus Property Holdings, which pioneered up-market student accommodation in South Africa

Carel de Wit(48)Financial directorBSc Building Science

Carel has extensive experience in a variety of commercial property investments and developments including the managing of the Johannesburg Housing Company portfolio of more than 4 000 rental units situated mainly in the Johannesburg inner cityCarel was appointed as the financial director of INDLUPLACE with effect from the listing date

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Executives will be issued 10% of the shares in INDLUPLACEat listing price

Issue price will be 100% geared and interest will be at a rate equivalent to the distributions on the shares

Variable interest rate means that the executives only benefit if the shares price increases and are taking significant risk

Results in significant alignment between executives and INDLUPLACE shareholders (including Arrowhead)

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Gregory Kinross (42)Lead independent non-executive director BCom, B.Acc. CA (SA)

After qualifying as a CA(SA) in December 1997, Gregory started his own private equity business

Previous positions include CEO of McCarthy Bank Limited, CEO and President of Tau Capital Corp, founder and President of CIC Energy Corp and director of Talon Metals Corp

Gregory is again pursuing private equity opportunities through Genesis Innovo Capital (Pty) Ltd, a partnership with Genesis Capital Group

Clifford Abrams (45)BCom, B Acc, CA(SA), Registered auditor

Clifford is a CA(SA) and has been in private practice for the past 15 years

He is the proprietor of Clifford Abrams & Associates

He has held various community positions

Ayesha Rehman (64)Diploma in Financial Accounting

Ayesha was the Chief Financial Officer of the Johannesburg Housing Company and held this position since 1998

She was previously an accountant at the Joint Education Trust

Ayesha retired in February 2015

Certificates in Management, Project Management and Property Management

Taffy Adler (64)ChairmanBA, BPhil in African Studies, MSC in Building Science

CEO of the Housing Development Agency whose mission is fast-tracking the acquisition and release of state, private and community owned land for human settlement developments

Previously CEO of the Johannesburg Housing Company

Selwyn Noik (68)CA(SA)

Managerial position at Pioneer Holdings & Finance Corporation Limited, a listed property company for over 10 yearsExecutive director of Reichmans Limited and after its acquisition by Investec, he became Group Secretary of Investec

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Issuer Indluplace Properties Limited (“INDLUPLACE”)

OfferPrivate placement of approximately R400m

Indicative offer price of R10 per share

Listing location “REITs Residential” sector of the Main Board of the JSE

Year-end and distribution periods

Financial year-end is September

Quarterly distributions (for the 3 month periods ended March, June, September and December)

First distribution period is for the month of June 2015

Bookrunner Java Capital

Timing

Offer opens Wednesday 3 June 2015 09h00

Offer closes Wednesday 10 June 2015 12h00

Listing Friday 19 June 2015

Deta i led forecast

Indiv idua l port fo l io/b ui l d i n g prof i les

Annexures

Note 1: The lease agreement for the Honey Park premises was terminated in April 2015. It is assumed that no rental income is earned from the property for the duration of the forecast period. Ongoing operating expenditure has been provided for

Note 2: Includes 17.58 million shares which are anticipated to be issued to the executive directors post the private placement and listing in terms of the Indluplace share purchase and option scheme

4 months ending30 September 2015

Year ending30 September 2016

R 000 R 000Contracted rental income1 19 663 37 550Uncontracted rental income 40 523 150 913Income from net income guarantee 3 219 7 034Recoveries 7 940 24 588Rental income 71 345 220 085Straight lining of rental income adjustment 169 5 169Revenue 71 514 225 254Property operating expenses (21 236) (66 739)Net property income 50 278 158 515Administrative expenses (2 248) (7 282)Operating profit 48 030 151 233Net interest received/(finance cost) 3 590 15 962Net profit 51 620 167 195Adjusted for:Straight-line rental income accrual (169) (5 169)Dividend 51 451 162 026

Shares in issue at period-end (thousands)2

193 373 193 373Dividend per share (cents) 26.6 83.8

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Note 1: Based on the independent property valuation and earnings for the 12 months commencing 1 June 2015

Based

Sector residential – normal with retail

Description

The buildings in the portfolio provide a diverse range of accommodation options from inner city high-rise buildings to suburban townhouse complexes and smaller city blocks with limited street level retailSimilarly, the unit sizes vary considerably between blocks with older buildings generally providing very spacious unitsOver the last year the average vacancy rate has been approximately 2.5% per month and the turnover approximately 1% of the units per monthThe length of stay in this type of building varies from a few months to years, with an average stay of approximately 36 monthsRental collections have generally been high with approximately 2% of rental income in arrears at month end, with bad debts of less than 1%A vacancy provision of 2.2% of residential rental has been provided for the duration of the forecast period

Net income guaranteeA guaranteed yield of not less than 10.0% of the purchase price for the 12 months ending 31 March 2015 and not less than 10.8% of the purchase price for the 12 months ending 31 March 2016

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KPIAcquisition price R354.0m

Acquisition date (effective date) April 2014

Valuation R365.1m

Forward yield1

10.6%

Number of buildings 29

Number of units 872

Room 58

Bachelor 171

One bedroom 193

Two bedroom 402

Three bedroom 46

Other 2

Vacant units 33

Residential vacancy 3.8%

Retail GLA 1 529m2


Location various, Gauteng


Description

Consists of 59 mainly residential buildings predominantly let to individuals with limited street level retail predominantly situated in inner city areas

Very similar to the Jika 1 property portfolio, which was acquired in April 2014 and is described above, although there are slightly more suburban townhouse complexes as compared to the Jika 1 property portfolio

A vacancy provision of 3.1% of residential rental has been provided for the duration of the forecast period

Net income guaranteeA guaranteed yield of not less than 10.1% of the purchase price for the 12 months ending 31 March 2016 and not less than 10.9% of the purchase price for the 12 months ending 31 March 2017

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Valuation R522.3m

Forward yield1

10.7%


Number of units 1 495

Room 108

Bachelor 481

One bedroom 362

Two bedroom 473

Three bedroom 15

Other 16

Vacant units 55


Retail GLA 3 894m²


Location Witbank, Mpumalanga

Sector residential – normal

Description

The Highveld View complex comprises 450 residential units in a single complex

The property was completed around the middle of 2014 and has been fully let since completion

The units are let to individuals, many of whom are contractors working on the mines and power stations in the Emalahleni area

The leases are mostly of twelve month duration

Tenant turnover and arrears of this complex has been extremely low from completion to date


Net income guarantee

A guaranteed yield of not less than 10.25% of the purchase price for the 12 months ending 31 March 2016 and not less than 10.95% of the purchase price for the 12 months ending 31 March 2017

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Valuation R290.5m

Forward yield1

10.2%


Number of units 450

Room -

Bachelor -

One bedroom -

Two bedroom 450

Three bedroom -

Other -

Vacant units -

Residential vacancy -

Retail GLA -

Location Honey Park, Gauteng

Sector residential – student

Description

The Honey Park property portfolio consists of three complexes (Redwood with 136 units, Rosewood with 100 units and Ironwood with 97 units)

Up to April 2015, all three buildings were let to Monash University as student accommodation when the lease agreement was terminated

Monash has repudiated the lease agreement which was accepted by the company during April 2015. The agreement has accordingly been cancelled.

Approximately 190 units remain occupied

The forecasts were prepared assuming no rental income is earned from the property for the duration of the forecast period.

Accordingly, all of the 333 Honey Park residential units have been treated as vacant

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Acquisition date (effective date) February 2014

Valuation R164.0m

Forward yield -


Number of units 333

Room -

Bachelor -

One bedroom -

Two bedroom 333

Three bedroom -

Other -

Vacant units 333

Residential vacancy 100%

Retail GLA -

Location Vanderbijlpark, Gauteng


Description

Park Village and Amberfield Village are complexes jointly owned with a partner investor

The Park Village complex comprises 232 residential units in a sectional title scheme, of which 116 are owned by Indluplace, and is leased to the Vaal University of Technology and North West University for student housing

The units are utilised as shared accommodation with six students in a three bedroom set-up

Due to the headleases there are no vacancies, tenant turnover or arrears

Headleases

96 units are leased to the Vaal University of Technology expiring in December 2016 and 20 units are leased to North West University expiring in December 2015.

The Vaal University of Technology has an option to renew the lease agreement for a further three years on the same terms and conditions save that the monthly rental amount will escalate by 8% per annum.

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Acquisition date (effective date) February 2015

Valuation R89.1m

Forward yield1

11.2%


Number of units2

116

Room -

Bachelor -

One bedroom -

Two bedroom -

Three bedroom 116

Other -

Vacant units -


Retail GLA -

Note 1: Based on the independent property valuation and earnings for the 12 months commencing 1 June 2015Note 2: 50% owned with partner investors. Statistics represent the units owned by Indluplace.

Location Germiston, Gauteng


Description

The Germiston property portfolio consists of two buildings comprising 228 residential units which are let to individuals and limited street level retail

The larger building, Golden Views, has recently been converted from an under-used office building to residential units. The unit take-up in the newly opened building has been brisk with latest vacancy figures below 1%

Molrow House is aimed at the lower end of the market with rooms sharing facilities sharing facilities

Turnover and arrears in both buildings are generally low


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Acquisition date (effective date) March 2015

Valuation R71.0m

Forward yield1

10.6%


Number of units 228

Room 71

Bachelor 24

One bedroom 47

Two bedroom 86

Three bedroom -

Other -

Vacant units 1


Retail GLA 140m²


Location Johannesburg, Gauteng


Description

This portfolio consists virtually of a full Johannesburg inner city street block comprising Global Bakeries, Cheryl Court, USave, Film Trust House, Bree City Mall and 320 Bree Street

Cheryl Court and 320 Bree Street are two residential tower blocks let to individuals. Cheryl Court comprises 30 affordable residential units and ground floor retail, and 320 Bree Street comprises 64 affordable residential units

The retail space varies from small, inner city type retail spaces for small entrepreneurs to larger national tenants

Residential leases are predominantly for 12 months with retail leases varying between monthly leases and long leases

Both the residential and retail spaces are in high demand with vacancies of about 2% recorded over recent months

A vacancy provision of 1.6% of residential and retail rental has been provided for the duration of the forecast period

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Valuation R57.0m

Forward yield1

11.9%


Number of units 94

Room 4

Bachelor 42

One bedroom 13

Two bedroom 29

Three bedroom 6

Other -

Vacant units 2


Retail GLA 3 906m²


Location Vanderbijlpark, Gauteng


Description

Park Village and Amberfield Village are complexes jointly owned with partner investors

The Amberfield Village complex is a sectional title complex comprising 204 residential units, of which 102 are owned by Indluplace, and is leased to the Vaal University of Technology for student housing

The units are utilised as shared accommodation with four students in a two bedroom set-up

Due to the headlease there are no vacancies, tenant turnover or arrears

Headlease

Leased to the Vaal University of Technology for a period of three years expiring on 31 December 2016, with an option to renew the lease agreement for a further three years on the same terms and conditions save that the monthly rental amount will escalate by 8% per annum

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Acquisition date (effective date) November 2014

Valuation R48.8m

Forward yield1

11.8%


Number of units2

102

Room -

Bachelor -

One bedroom -

Two bedroom 102

Three bedroom -

Other -

Vacant units -


Retail GLA -

Note 1: Based on the independent property valuation and earnings for the 12 months commencing 1 June 2015Note 2: 50% owned with partner investors. Statistics represent the units owned by Indluplace

Documents

INVESTOR ROADSHOW - Arrowhead Properties · investor roadshow May / June 2015 This document has been prepared and issued by and is the sole responsibility of the management of Indluplace