The register of land and buildings is open for inspection at the registered office of the company.

2020

The fair value for the above freehold land and buildings (including the properties held for sale) amounted to R240 million as per the latest valuation performed in September 2020 (September 2019: R1 015 million based on a valuation at September 2018). The valuation was performed by an independent valuer who holds a recognised and relevant professional qualification and has recent experience in the location and category of the investment property being valued.

The fair value measurement of the properties is considered a level 3 measurement in accordance with IFRS 13. The calculation of the fair values of the properties was based on the income approach method in which the estimated net annual rent for the forward period of 120 months is capitalised at an appropriate rate of interest to reflect the perceived risk in the investment. A period of 120 months was considered appropriate because this was the determined expected future net income. The average capitalisation rate applied in determining the properties fair value was 9.67% (September 2019: 9.2%).

There are no known restrictions on the realisable value of the investment properties.

There are no direct costs incurred (including repairs and maintenance).

There are no unobservable inputs for which a reasonable change in an input would result in a significantly higher or lower fair value measurement. There are also no significant unobservable inputs for which there are interrelationships which significantly influence the valuation.