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Castleview Property Fund

Castleview Portfolio

The acquisition of the I Group portfolio in September 2022 resulted in the company acquiring a diversified, well-located and quality portfolio of South African and Polish direct, and South African and USA indirect assets across all property sectors and repositioned the company as a mid-tier REIT with a net asset value of c. R8.45 billion and assets of c. R22 billion.

Castleview takes meaningful equity positions, which are diversified in the underlying REIT properties, to ensure engagement with the REIT management and the ability to steer the REIT’s strategy. Castleview has influence and board representation in all of its REIT positions.

Castleview currently holds the following strategic investments across a variety of property-related entities:

Real Estate Investment Trusts

Castleview owns 58.6% of the shares in issue of Emira Property Fund. Emira is a diversified real estate investment trust (“REIT”) company, with a property portfolio of predominantly South African assets, and a growing component of offshore assets. The Company listed on the JSE in November 2003, in the real estate investment trusts sector. In line with its strategic objectives, Emira’s property portfolio spans multiple sectors, namely office, retail – including USA retail – and industrial, with a new element of residential, with a total value of R16,3 billion.

Emira in turn has a 68.2% shareholding in in Transcend Residential Property Fund, a residential REIT listed on the JSE. Transcend Residential Property Fund Limited was converted to a public company on 22 August 2016 and listed on the Main Board of the JSE in 12 February 2020. It focuses on specialised residential property assets and currently holds a portfolio of 21 properties, comprising 4 012 units, located primarily in Gauteng, as well as the Western Cape, South Africa with a value as at February 2023 of R2,26 billion.

Industrial

Castleview has significant exposure, with board representation, to a R10,5 billion industrial and logistics portfolio through its 26% shareholding in Collins Property Projects, which is a subsidiary of JSE-listed Collins Property Group Ltd.

This shareholding percentage allows investment by Castleview into a defensive, yet fast growing sub-sector.

Community Retail

Castleview has a community shopping centre joint-venture in Poland with JSE-listed REIT Redefine Properties. The portfolio comprises 12 well located community shopping centres located in various cities around Poland, as well as 3 office buildings, with total assets of €710 million. Castleview is increasing its stake in EPP Community Properties annually via a dividend reinvestment plan.

Community Retail in South Africa

Castleview currently owns a direct retail property portfolio in South Africa of 7 community shopping centres valued at R1,1 billion that provides sustainable and proven cash-flows, and where the anchor tenants are expected to achieve high and stable turnover figures over time. These properties are either wholly-owned or on an undivided share basis with partners. The retail centres are of a community type, and are located near public transport or in fully built-up areas.

Residential

Castleview has invested in iRes Fund, a Western Cape based, income-producing residential portfolio valued at R370 million that comprises units in a variety of property developments around the province.

Residential Development

Castleview also has 6 residential sites in Cape Town, Western Cape, valued at R340m which have been developed for disposal or will be developed once the appropriate rights have been secured.