Exemplar, the rural retail real estate company that listed in June, has declared a maiden dividend of 19.10c per share for the three months to August, rewarding its initial investors.
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The McCormick Group, a well-known rural real estate
developer, listed Exemplar with assets of about R5.1bn.
Exemplar is run by CEO Jason McCormick, whose family’s
company has been a developer in SA for about 35 years, creating and managing
rural and semi-urban retail centres.
The fund’s properties were all developed by its biggest
shareholder, McCormick Property Development (MPD).
McCormick said MPD continued to develop a significant
pipeline of greenfields projects which, if disposed of by MPD, would be offered
to Exemplar on a right-of-first-refusal basis.
“This access to a pipeline of value- and yield-enhancing
properties is a key differentiator for Exemplar and will contribute to the
company’s objective of growing its base of quality assets, earnings and
distributions, thereby improving shareholder value,” he said.
Exemplar’s portfolio includes 20 income-generating malls
located in peri-urban townships and rural areas of SA. The properties are
all internally managed.
Flagship properties include Chris Hani Crossing in
Vosloorus, Alex Mall in Sandton’s Alexandra township, Emoyeni Mall in
Nelspruit, Blouberg Mall in Bochum and Lusiki Plaza in Lusikisiki.
During the reporting period, Exemplar agreed to
acquire Modi Mall and Kwagga after they had been redeveloped.
MPD has a R10bn development pipeline of 26 shopping centres
that will be rolled out over the next five years.
In accordance with the agreement, 6,314,284 Exemplar shares
would be issued to the vendors on or about November 26. The Kwagga redevelopment
was expected to be completed and handed over on or about December 1.
The average vacancy rate across the portfolio was 2.93% of
gross lettable area at the end of August.
04 Nov 2024
31 Oct 2024
02 Oct 2024
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