investor presentation june 2015 - grit...this presentation and any materials distributed in...

Investor presentation

June 2015

This document has been prepared and issued by and is the sole responsibility of the management of Delta International Property Holdings Limited (the “Company”) and its subsidiaries. Noinformation made available in connection with this presentation may be passed on, copied, reproduced, in whole or in part, or otherwise disseminated, directly or indirectly, to any other person.The contents of this presentation are to be kept confidential.

This document does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities of the Company nor shall it orany part of it nor the fact of its distribution form the basis of, or be relied on in connection with, any contract commitment or investment decision in relation thereto nor does it constitute arecommendation regarding the securities of the Company. Investors and prospective investors in securities of the Company are required to make their own independent investigation andappraisal of the business and financial condition of the Company and the nature of the securities.

This document and its contents are directed only at and may only be communicated in the United Kingdom to (i) persons who have professional experience in matters relating to investments fallingwithin Article 19 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “FPO”), or (ii) high net worth entities and other persons to whom it can otherwise lawfully becommunicated falling within Article 49(2)(a) to (d) of the FPO, all such persons in (i) and (ii) together being referred to as “relevant persons”. It is being made on a confidential basis and is furnished tosuch persons solely for their information. By accepting this material the recipient confirms that he or she is a relevant person. This document must not be acted on or relied on by persons who are notrelevant persons. Any investment activity to which this communication relates is available only to relevant persons and will be engaged in only with relevant persons. Persons who are not relevantpersons should not attend the presentation and should immediately return any materials relating to that meeting currently in their possession.

Securities of the Company may not be offered or sold in the United States absent registration under the US Securities Act of 1933, as amended (the “Securities Act”) or pursuant to an exemptionfrom, or in a transaction not subject to, the registration requirements of the Securities Act. No public offer of securities of the Company is being made in the United States. Neither this documentnor any copy of it may be taken or transmitted into the United States, its territories or possessions or distributed, directly or indirectly, in the United States, its territories or possessions. Neitherthis document nor any copy of it may be taken or transmitted into Australia, Canada or Japan or to any person in any of those jurisdictions. Any failure to comply with this restriction mayconstitute a violation of US, Australian, Canadian or Japanese securities law. The distribution of this document in other jurisdictions may be restricted by law and persons into whose possessionthis document comes should inform themselves about, and observe, any such restrictions. Subject to certain exceptions, securities of the Company may not be offered or sold within the UnitedStates, Canada, Australia or Japan or to any national, resident or citizen of Canada, Australia or Japan.

This presentation and any materials distributed in connection with this presentation may include certain forward-looking statements, beliefs or opinions, including statements with respect to theCompany’s business, financial condition and results of operations. These statements, which contain the words “anticipate”, “believe”, “intend”, “estimate”, “expect”, “forecast” and words of similarmeaning, reflect the Directors’ beliefs and expectations and involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. No representation ismade that any of these statements or forecasts will come to pass or that any forecast results will be achieved. There are a number of factors that could cause actual results and developments to differmaterially from those expressed or implied by these statements and forecasts. Past performance of the Company cannot be relied on as a guide to future performance. Forward-looking statementsspeak only as at the date of this presentation and the Company expressly disclaims any obligations or undertaking to release any update of, or revisions to, any forward-looking statements in thispresentation. No statement in this presentation is intended to be a profit forecast. As a result, you are cautioned not to place any undue reliance on such forward-looking statements.

This document speaks as of the date hereof. No reliance may be placed for any purposes whatsoever on the information contained in this document or on its completeness, accuracy or fairness.This information is still in draft form and has not been legally verified. The financial information included herein is in draft form and unaudited. The Company, its advisers and each of theirrespective members, directors, officers and employees are under no obligation to update or keep current the information contained in this presentation, to correct any inaccuracies which maybecome apparent, or to publicly announce the result of any revision to the statements made herein except where they would be required to do so under applicable law, and any opinionsexpressed in them are subject to change without notice. No representation or warranty, express or implied, is given by the Company, or any of its subsidiary undertakings or affiliates or directors,officers or any other personas to the fairness, accuracy or completeness of the information or opinions contained in this presentation and no liability whatsoever for any loss howsoever arisingfrom any use of this presentation or its contents otherwise arising in connection therewith is accepted by any such person in relation to such information.

Disclaimer

Table of contents

Ref Section Page

1 Overview of Delta International 3

2 Overview of the Portfolio 7

3 Financial Overview 12

4 Target Jurisdictions 14

5 Directors & Management 22

6 Conclusion & Contact Details 25

Overview of Delta International

Delta International (“Delta”) is a property company focused exclusively on income generating properties in selected African countries (excluding South Africa)

Key Highlights

1H15 result declared US6.63 cents

per share distribution

— Treated as foreign dividend for

SA investors

2 properties owned (Anfa and

Anadarko)

Acquisition of Hollard building

completed in January 2015

Portfolio size ~US$169m (post

acquisition of Hollard building)

> 01. Interim results

Acquisition of Vodacom building

and Zimpeto Square (~US$59m)

Retire a portion of debt associated

with acquisition of Hollard building

> 02. Capital Raise

A-grade portfolio located in

economic capitals of Morocco and

Mozambique

5 modern properties without

development risk

Attractive mix of retail and office

High quality tenants with long term

leases

— 31% of income from Anadarko

and Vodacom

94% occupancy

Attractive expansion opportunity of

Anadarko building

> 03. Post Capital Raise• High growth

opportunites in Africa

• Attractive USD

forward yield of 7%

• Annual growth of 5%

• Pipeline with strong

counterparties

• Lease profile beyond

2021

• Blue chip tenants

• Dual listed on the JSE

and SEM

• Individual SA foreign

dividend tax of 15%

Only JSE listed property company with an exclusive focus on pan Africa (ex South Africa)

1: Current basket weightings are USD 40%, EUR 60%. Source: Bloomberg

Investment Highlights

Exposure to selected African economies with track record of growth and high visibility of future growth

Diversified portfolio (geographic and asset type) of high quality properties with no development risk

Management team with significant experience and relationships across Africa

Transition from Bermuda stock exchange to the Stock Exchange at Mauritius complete (primary listing). Transition from JSE

AltX to JSE Main Board expected to be complete by mid June 2015

Attractive earnings and distribution yield combined with contracted growth

Leases generally to “blue chip” international tenants with medium/ long lease terms and denominated in either US dollars

(Mozambique) or Moroccan Dirhams (Central bank policy is to peg currency to basket of EUR and USD1)

Delta International is primary listed in Mauritius with a secondary listing on the JSE AltX. The

company is expecting to move its secondary listing on the AltX to being primary listed on the JSE

Main Board by mid June 2015

External ManCo

External ManCo facilitates efficient tax treatment (effective

management in Mauritius)

— Tax efficiency of cash flow

Should Freedom be internalised this will be done at a fixed

price of US$650,000

Repatriation

Delta has tax opinions confirming tax consequences of

repatriation of cash to SA (via Mauritius)

Process required to repatriate free cash flow is confirmed

Group Structure

Moroccan

AssetCo

Mozambican

AssetCos

Mauritian HoldCoBahrain HoldCo

Delta International

OpCo (Mauritius)

Mauritius Listed

CompanyJSE Listed Company

Freedom Asset

Management

(Mauritius)

Management

Agreement

Delta International Property Holdings

Overview of the Portfolio

Modern retail and office assets with attractive tenant mix located in African countries with strong fundamentals

1: Based on purchase price excl. acquisition costs

2: Pre-tax cap rate. Calculated as a weighted average of property operating income divided by market value of property

3: Vacant space relates to street retail component of Anfa Place with the shopping centre itself being 100% occupied . Zimpeto Square is 100% occupied

Retail Office Total

Number of Properties 2 3 5

Acquisition Cost (US$m) 121 97 218

Independent Property

Value ($m)

123 102 226

Weighted Average

Acquisition Yield1

8.6% 8.8% 8.7%

Weighted Average

Capitalisation Rate2

8.4% 8.6% 8.5%

WALE (years by income) 7.2 years 7.4 years 7.3 years

GLA (sqm) 35,643 23,410 59,053

Occupancy (by GLA) 90.1%3 100.0% 94.0%

Portfolio Summary by Geography and Type (by Asset

Value)

Portfolio Metrics

Portfolio Overview

56%44%

Retail Office

51%49%

Morocco Mozambique

Top 10 Tenants (by Income)

20%

11%

3%

3%

2%2%

2%2%2%2%

51%

Vodacom

Anadarko

Sal & Calderia Advogados

H&M

GIFI

BP

KPMG

Retail Masters, S.A

EDCON Mocambique, LDA

Marks & Spencers

Other

The funds from the capital raise, which was completed on 15 April 2015 will primarily be used to

acquire the Vodacom headquarters and Zimpeto Square in Mozambique

Shopping centre located 13km north of Maputo, Mozambique

— Located in a densely populated area and junction of key arterial to

Mozambique’s north

— Significant development and building activity in the vicinity

Property is 3 years old with 100% occupancy

4,764m2 GLA covering 2 floors and an outdoor parking area

— Available bulk of 3,000m2 provides expansion potential

Key tenants include Extra Supermarket, Edgars Active, JET,

PEP, Vodacom, Millenium Bank and FNB

Vodacom Building

Landmark building in Maputo located in new “downtown”

business node

10,660m2 consisting of 14 levels plus 5 levels of

basement parking

10 year triple net lease (5.9 years remaining) with Vodacom

Zimpeto Square

Recent acquisitions

Zimpeto Square

Vodacom Building

Anadarko Building

Portfolio: Retail

Zimpeto Square Shopping Centre

Location Casablanca, Morocco Maputo, Mozambique

Sector Retail Retail

% owned/ acquired 100% 100%

Land title Freehold Leasehold (50+50 years)

Valuation US$112.9m1 US$10.6m

GLA (m2) 30,879 4,764

Development potential n/a Yes – 3,000m2 available bulk

# Parking bays 1,148 136

Anchor tenant Carrefour, M&S, H&M, Virgin Megastore Retail Masters, Edcon

Anchor lease expiry/ WALE June 2021 (3+3+3 year leases)2 / 7.5 years May 2024 / 6.5 years

Average escalation 10.0% every 3 years3 4.2%

Vacancies 11.4%4 0%

Forecast NOI US$8.8m US$1.0m

Acquisition Date July 2014 April 2015

Anfa Place Shopping Centre

1: Based on USDMAD rate of 9.0695 (Source: Moroccan Central Bank - 31 Dec 2014)

2: Lease can be cancelled with 6 months notice prior to the end of each 3 year period

3: Weighted average escalation p.a. of 6.9% - includes step up rental for the initial 3 year lease term on certain leases. Normalised annual escalation of 3.2%

4: Vacant space relates to street retail component of Anfa Place with the shopping centre itself being 100% occupied

Portfolio: Office

KPMG/ Hollard BuildingAnadarko Building

Location Maputo, Mozambique Maputo, Mozambique Maputo, Mozambique

Sector Office Office Office

% owned/ acquired 100% 100% 100%

Land title Leasehold (50+50 years) Leasehold (50+50 years) Leasehold (50+50 years)

Valuation US$40.5m US$18.2m US$43.4m

Grade A A A

GLA (m2) 7,805 4,945 10,660

Development potential Phase 2 – 5,223 m2 for Anadarko n/a n/a

# Parking bays 185 99 336

Anchor tenant Anadarko KPMG, Hollard, BP Vodacom

Anchor lease expiry/ WALE May 2028 / 9.7 years Feb 2018 / 3.5 years Dec 2020 / 5.9 years

Average escalation 4.0% p.a. 4.1% p.a 5.0% p.a.

Vacancies 0% 0% 0%

Forecast NOI US$3.5m US$1.5m US$3.5m

Acquisition Date July 2014 Jan 2015 April 2015

Vodacom Building

Financial Overview

Financial Overview

For the 3 months ended For the 6 months ended

31 Mar 2015

USD ’000

31 Dec 2014

USD ’000

Net property income 3 131 5 166

Rental income 4 349 6 837

Property operating expenses (1 218) (1 671)

Other income - 66

Administrative expenses (376) (572)

Net finance costs (1 176) (1 683)

Disposal of investment in subsidiary - -

Realised foreign currency gain 276 516

Retained profit not distributed - -

Taxation (556) (530)

Distributable income / (loss) for the period 1 299 2 963

Dividend per share (cents) 6.63

Net asset value per share (cents) 179.87 193.24

Net asset value per share (excluding deferred taxation) (cents) 200.57 211.10

Cost to income % 28.0% 24.4%

Gearing level 54.6%* 49.5%**includes debt on deposits paid in respect of the acquisition of the Vodacom and Hollard Buildings

Target Jurisdictions

Ghana

Population (million) 25.9

GDP (USDbn) 47.2

Real GDP growth rate (%) 7.1

GDP / Capita (USD) 1 822.9

CPI (%) 11.7

Credit rating B-

Nigeria


GDP (USDbn) 515.0



CPI (%) 8.5

Credit rating BB-

Zambia


GDP (USDbn) 27.0



CPI (%) 7.0

Credit rating B+

Angola


GDP (USDbn) 134.3



CPI (%) 8.8

Credit rating BB-

Mozambique


GDP (USDbn) 15.3


GDP / Capita (USD) 592.5

CPI (%) 4.2

Credit rating B

Morocco


GDP (USDbn) 104.1



CPI (%) 1.9

Credit rating BBB-

Current presence countries

Existing opportunities

Target countries

Delta International’s key target countries in Africa

Sources: EIU, Standard & Poor’s

Note

1. 2013 information

2. Credit rating based on Standard & Poor’s local currency rating

Growth over the next 10 years is expected to be driven by development of the country’s abundant

natural resourcesDelta Investment Thesis

One of the world’s five fastest growing economies over the last

decade

Resource-based underpin of economy combined with agriculture

Increasing presence of multinationals as economy grows and to

cater for growing prosperity of population

Business environment is attracting FDI

Significant shortage of modern real estate

Consistently attractive real GDP growth since the end of the civil war in 1992,

averaging ~8.0% over the last 10 years. This trend is expected to continue

over the next 10 years driven by the development of Mozambique’s natural

resources

— Coal production in the Tete province: Expected to reach ~76 mtpa in 2015

from almost no production in 2009

— Natural gas discoveries offshore northern Mozambique: Expected to result

in an O&G industry of a magnitude similar to that of Western Australia

2 consortiums led by US-based Anadarko and Italian ENI have pledged

to invest >~US$80bn in to the development of these gas reserves

Production is expected in 2020 after which export revenues will add to

GDP growth

Economic Snapshot

Mozambique

22

23

24

25

26

27

28

29

30

31

32

4%

6%

8%

10%

12%

14%

16%

Po

pu

latio

n (

m)

Rea

l G

DP

Gro

wth

(Y

oY

)

Population (m) Real GDP Growth (YoY)

2013 Nominal

GDP of

US$15.6bn

Source: BMI, African Development Bank, African Markets revealed Standard bank May 2014

29

30

31

32

33

34

35

36

37

2.0%

2.5%

3.0%

3.5%

4.0%

4.5%

5.0%

5.5%

Po

pu

latio

n (

m)

Rea

l G

DP

Gro

wth

(Y

oY

)


Status as an export-oriented manufacturing hub, a burgeoning tourism industry and strong private

consumption underpin growth momentum over the next 5 years

Delta Investment ThesisEconomic Snapshot

Morocco

2013 Nominal

GDP of

US$103.8bn

Long-term economic prospects remain attractive with real GDP growth

expected to average ~4% over the next decade

Political stability has allowed for continued economic reforms in Morocco

to improve education, promote tourism and develop infrastructure which

are expected to be key drivers of growth alongside its export-oriented

manufacturing sector

Strong FDI inflows from the Eurozone, GCC and development aid from

the World Bank are expected to support a pipeline of infrastructure

projects (real estate, renewable energy, manufacturing and

transportation)

Strong track record of economic growth combined with attractive

outlook

Resilient private consumption growth (contributes ~60% to GDP)

Casablanca’s position as economic capital of Morocco and its

strengthening position

Retail mall concept in infancy in Morocco


GDP growth driven by increased production of agricultural and mining resources while the current

account has grown from foreign investment fuelled by the prevalence of copper

Delta Investment Thesis

Economic Snapshot

Zambia

Zambia’s economic policy has improved significantly since 2003, resulting

in the substantial strengthening of inflation, real GDP growth and the

current account balance

Zambia has large metal reserve, particularly copper, and has potential for

growth in the mining industry

Infrastructure investment, especially in mining, power generation and

roads have been the main areas of focus to grow the economy

Zambia has continued to strengthen governance and democratic

processes, with government institutions developing and reinforcing

transparency and accountability efforts

Favourable business environment with low levels of trade protection, low

tax rates, reduced levels of red tape and equal rights for local and foreign

investors

Investment in mining drives construction in transport and energy

sectors

Growth in agricultural commodity exports will increase demand in

light industrial warehousing

Household and government consumption are the key drivers of

GDP, which will increase demand for retail and office space

Attractive business environment has been increasing Foreign

Direct Investment. Influx of multinationals will require office space

Investment in key non-miming sectors such as Tourism is

contributing to GDP growth and driving demand for retail amenities


0

5

10

15

20

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

Population (m) Real GDP growth (YoY)

Rea

l G

DP

Gro

wth

(Y

oY

)

Po

pu

latio

n (

m)

2013 Nominal

GDP of

US$26.1bn

One of the fastest growing economies in Africa. Rapidly rising middle class and a fast-growing

consumer sector having recently been classified a lower middle income country


Ghana

Ghana is expecting buoyant economic growth from 2015-2018 due to

rising oil production and strong investment inflows

Abundant natural resources and relative political stability have attracted

robust foreign investment inflows

Structural transformation expected to shift economy from agricultural

based towards industry and services

Improved macroeconomic resilience will reduce vulnerability to

commodity price shocks

Onset of domestic oil production from 2011 has been a key driver of

growth and has attracted significant FDI flows

GDP growth underpinned largely by service-oriented sectors and

industry driving, demand for office and industrial property

Political stability since multi – party democratic government

successful, encouraging foreign investment

Low restrictions on foreigners buying property

Increasing presence of foreign owned companies investing in the

resource industry will drive demand for office and industrial

property

Consumption growth from expanding middle class, will drive

demand for retail space

Source: BMI, African Development Bank, African Markets revealed Standard bank May 2014, Global Property Guide, August 6 2014

15.0

17.0

19.0

21.0

23.0

25.0

27.0

29.0

31.0

33.0

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%


Rea

l G

DP

Gro

wth

(Y

oY

)

Po

pu

latio

n (

m)

2013 Nominal

GDP of

US$40.0bn

Rapid oil production growth will boost economic growth. The non-oil sectors, notably transport, light

industry, commerce and services, are expected to expand rapidly


Angola

The Angolan economy is expected to expand by 4.1% in 2014 in real

terms, driven by a rise in oil production, higher government spending and

a steady improvement in agricultural conditions

In the medium term, economic activity will largely be characterised by

government-led infrastructure investment projects

Moreover, expansionary fiscal policy will contribute to the fast growth in

many sectors including construction, transport and agriculture

The current administration will continue to implement an ambitious policy

agenda to promote more stable and inclusive growth and formal job

creation. Social and infrastructure programmes will also be implemented,

in some cases, in co-operation with private-sector investors

One third of the population lives in the capital of Luanda

Major public infrastructure investment is set to begin in 2015

Booming oil prices drive real estate prices, giving rise to

opportunity for high returns

Demand for office and retail property will increase with the growing

population in Luanda and increased consumption spending

Government investment in the Agricultural sector will lead to

increase in exports and demand for light industrial warehousing

Source: BMI, African Development Bank, African Markets revealed Standard bank May 2014, Africa.com Blog

0

5

10

15

20

25

30

35

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

Population (m) Real GDP growth (YoY)

Rea

l G

DP

Gro

wth

(Y

oY

)

Po

pu

latio

n (

m)

2013 Nominal

GDP of

US$125.4bn

Recently surpassed South Africa as the largest economy on the continent. The non-oil sector will

continue to drive growth


Nigeria

Nigeria became the largest African economy post-GDP rebasing

The large consumer market has significant potential as does the

agricultural sector

Improvements in electricity supply after the recent privatisation

programme will support services and manufacturing

Overall, real GDP growth is expected to average 6.6% from 2014-19,

supported by the more meaningful contribution of the fast-expanding

services sector

FDI is prevalent in the manufacturing and oil & gas industry

Non - oil sectors such as the film industry and domestic consumption

contribute significantly GDP growth

Growth in manufacturing industry and agricultural sector will result

in high demand for industrial property

Increasing demand for consumer goods by expanding middle class

has potential to drive growth in the retail and industrial property

market

Growth in consumer demand will require investment in logistical

infrastructure including storage, road, rail and ports. Companies

that invest in this sector will need offices and industrial property

Investment in offshore drilling of oil expected to grow GDP in the

long-term

Source: BMI, African Development Bank, African Markets revealed Standard bank May 2014, Financial Times May 5 2014,

100.0

120.0

140.0

160.0

180.0

200.0

220.0

-10.0%

-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%


Rea

l G

DP

Gro

wth

(Y

oY

)

Po

pu

latio

n (

m)

2013 Nominal

GDP of

US$508.7bn

Directors & Management

Sandile Nomvete

Chairman

Exec Dep. & Prop Dev. Prog

Sandile is the founder and CEO of Delta Property Fund, a REIT listed on the JSE with a portfolio of assets valued at

~US$700m. Sandile serves as a director on a number of other boards and has more than a decade of experience in

executive and non executive positions.

Bronwyn Anne Corbett

Interim Chief Executive

Officer

BCom (Acc) (Univ. of Natal,

PMB), CA(SA)

Bronwyn is a Chartered Accountant and CFO/COO of Delta Property Fund. Bronwyn is stepping in as the interim

CEO until a new CEO is appointed. She has more than 10 years of experience in the property sector with a specific

focus on property ownership and financing structures. Bronwyn was a cofounder of Delta Property Fund which has

built its property portfolio from R2 billion to in excess of R8 billion. Bronwyn was instrumental in both the listing of

Delta Property Fund and Delta International and has extensive experience in raising capital.

Greg Booyens

Chief Financial Officer

CA(SA), BCom (Acc) Hons

Greg is a qualified Chartered Accountant with over 10 years experience in the finance industry and was previously

CFO at MPI Property Asset Management Delta Property Fund’s management company) contributing significantly to

the rapid growth of Delta Property Fund since it listed in 2012. Prior to joining Delta, Greg held positions in treasury

and finance at UBS, Barclays PLC and Evolution Group in the UK.

Greg Pearson

Executive Director

MCMI, Elec Eng

Greg is a graduate of Kingston University in London where he studied Business Management and Project

Management. Prior to joining Delta, Greg was an executive with AECOM and was responsible for expanding their

African footprint (ex- SA) resulting in his involvement in a vast array of major projects across Africa.

Directors & Management continued

Paul David Simpson

Chief Operating Officer

RIBA1

Paul has had close involvement in providing architectural input on three hundred new shopping centres across South

Africa, Africa and the Middle East. Paul’s experience ranges from major tenant input through to mall plan design of

large regional centres such as Clearwater Mall, Maponya Mall and Irene Mall. Paul also served as construction

director of Group Five Building in the Western Cape as well as 2 decades at Woolworths heading up the real estate

division.

Leon van de Moortele

Finance Manager

Bcompt (Hons), CA(SA)

After completing articles with PwC, Leon moved to the Global Risk Management Services within PwC, where he

become the Senior Manager in charge of Data Management. In 2004, he moved to Solenta Aviation where he

became Group Finance Director within 18 months. During his tenure as Group Finance Director, the group expanded

from 12 aircraft to 48 aircraft, operating in 8 African countries (including South Africa, Mozambique, Algeria, Ghana,

Gabon, Kenya, Tanzania and Cote d’Ivoire.

Peter Todd

Lead Independent Non-

Executive Director

B.Comm, LLB, H Dip Tax

Peter qualified as an attorney and then became a senior tax manager at Arthur Anderson and Associates in

Johannesburg. He joined TWS Rubin Ferguson in 1993 as a tax partner and was instrumental in listing several

companies on the JSE. In 2000, Peter set up Osiris International Trustees Limited in the British Virgin Islands ("BVI")

to provide international trust and corporate administrative services to global clients, as well as Drake Fund Advisors

which sets up and administers hedge funds in the BVI and Cayman Islands. He was a non-executive director of

Redefine International Limited from initial listing for some 9 years and has otherwise been involved in the property

industry for many years.

Maheshwar

Doorgakant

Non-Executive Director

BA (Hons) Accounting &

Finance, FCA

Maheshwar is a fellow of the Institute of Chartered Accountants of England and Wales. He is the Managing Director

of Apex Fund Services (Mauritius) Ltd (“Apex Mauritius”), which forms part of the Apex Group. Mahesh holds a

number of directorships on the Boards of numerous India and Africa focused funds and companies through which he

has acquired extensive experience and knowledge on key industries in India and its principal capital markets as well

as Africa. Mahesh is also the president of the executive committee of the Association of Trust and Management

Companies of Mauritius.

Directors & Management

Conclusion & Contact Details

Conclusion and contact details

Delta International is the first JSE-listed property fund to offer investors direct access to high growth opportunities in Africa (outside of South

Africa)

Delta International offers international investors the opportunity to participate in a high return US Dollar based listed property stock with the

assurance of strong tenant covenants

The Fund offers investors the opportunity to invest in a US Dollar yielding property share on the SEM and JSE

The promoters have a track record of achieving rapid portfolio growth whilst mitigating risk and delivering sound asset management

The Fund has carefully assessed those countries which offer the best balance of quality income assets, stability, growth and economic diversity

The strategy is the establishment of critical mass in each country such that the Fund’s resources, which will be expanded commensurate to the

portfolio size, can be optimised

The team has a comprehensive working knowledge, understanding and origination network throughout Africa and beyond. This intellectual

property will be leveraged progressively and fully to substantially grow the Fund

The acquisition pipeline at present currently comprises assets to the value of USD200 000 000

Contact Mobile Email

Sandile Nomvete +27 (0) 82 375 1739 [email protected]

Bronwyn Corbett +27 (0) 83 227 0443 [email protected]

Leon van de Moortele +27 (0) 83 457 1539 [email protected]

Greg Booyens +27 (0) 83 382 1165 [email protected]

Greg Pearson +27 (0) 82 484 9184 [email protected]

Contact details

27

Thank you

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