Impact Of Civil Unrest On Fairvest’s Portfolio
Impact Of Civil Unrest On Fairvest’s Portfolio FAIRVEST PROPERTY HOLDINGS LIMITED (Incorporated in the Republic of South Africa) (Registration number: 1998/005011/06) Share code: FVT ISIN: ZAE000203808 (Approved as a REIT by the JSE) (“Fairvest”) IMPACT OF CIVIL UNREST ON FAIRVEST’S PORTFOLIO In this announcement, Fairvest provides an update on the impact of the recent civil unrest on its portfolio. Twelve properties across KwaZulu-Natal and Gauteng have been affected. The extent of the damage to these properties is still being assessed, but is mainly limited to shop fronts, roller shutter doors, fixtures and fittings. Richmond Shopping Centre and Bara Precinct have been partially burnt, affecting a small percentage of their gross lettable area. Fairvest has deployed additional security measures at its properties and is closely monitoring them across the entire portfolio. Clean-up operations are already underway and in some instances Fairvest was pleased to receive support from local communities. All 31 other assets across the country are expected to remain open and operate normally. Fairvest has insurance in place for losses and damage, including through SASRIA. Most of our tenants will also have similar cover in place. In addition, loss of rental and security costs relating to imminent danger are also insured. Fairvest has engaged with its insurers and SASRIA has given the insurance companies authority to appoint assessors on their behalf to act efficiently. Fairvest continues to work with all stakeholders to ensure safety and security across its operations and looks forward to seeing effective actions from the authorities to bring the situation under control as soon as possible. Further updates will be provided as the situation evolves. Cape Town 15 July 2021 Sponsor PSG Capital Date: 15-07-2021 03:15:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.