10 Aug - 2 min read

update on properties damaged during unrest in Kwazulu-Natal and Gauteng

update on properties damaged during unrest in Kwazulu-Natal and Gauteng

SA Corporate Real Estate Limited
(Incorporated in the Republic of South Africa)
(Registration number 2015/015578/06)
Share code: SAC     ISIN: ZAE000203238
(Approved as a REIT by the JSE)
("SA Corporate" or “the Company”)

UPDATE ON PROPERTIES DAMAGED DURING UNREST IN KWAZULU-NATAL AND
GAUTENG

Shareholders are referred to the Company’s announcement released on SENS on 13 July
2021 regarding SA Corporate’s properties affected by looting and associated damage
during the recent unrests in Kwazulu-Natal and Gauteng.

SA Corporate has submitted its initial provisional claim in respect of damage to its affected
properties to its insurers on 7 August 2021. Total damages, including loss of income, are
estimated at R558.243 million, with R557.468 million relating to certain of the Company’s
retail shopping centres in KwaZulu-Natal, R700 000 in respect of its industrial properties
and R75 000 in respect of Afhco’s inner-city properties in Johannesburg.

The SA Corporate group’s SASRIA insurance cover is sufficient to cover this claim, which
represents 3.1% of the Company’s total assets reflected in its annual financial statements
as at 31 December 2020.

Other than at Springfield Value Centre, trading has resumed at all of SA Corporate’s retail
shopping centres where the damage was relatively minor, and the remaining restoration
is being undertaken in a phased manner planned to be completed by October 2021. A
significant portion of Springfield Value Centre is to be rebuilt in phases with the anticipated
completion date of the final phase estimated to be October 2022.


10 August 2021
Cape Town

Sponsor: Nedbank Corporate and Investment Banking, a division of Nedbank Limited

Date: 10-08-2021 02:47:00
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.
Information on this Website is provided for general information purposes only and is not a substitute for professional advice. ASX Information (including company announcements and prices) is delayed by at least 20 minutes. JSE Information (including company announcements and prices) is delayed by at least 15 minutes. Reliance on the information you access on or from this Website is solely at your own risk. We make no representation or warranty in relation to the future performance of the companies that appear on this Website. Investment in securities involves risk and you should obtain independent professional legal, financial, investment or company advice before acting on any of the information you access on this Website. Using, browsing or otherwise accessing this Website is subject to our Terms and Conditions and our Privacy Policy.

© 2021 Listcorp. ABN 60 166 140 307

Never miss news from SA Corporate Real Estate Fund Limited (JSE:SAC) when you join Listcorp.