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Interim performance reflective of ongoing COVID-19-related pressure on tenants and the trading environment

Benefit of strategic actions and initial signs of recovery coming through in early H2 trading

  • Distributable earnings of R199 million weighed down by Covid-19 implications
  • Rental income including rental discounts of R26 million, down 10.8% at R899 million
  • Generally strong level of collections, averaging 95% over the period
  • 3% increase in vacancies due to weak trading environment and unusual leasing cycle
  • Seven non-core properties disposed of for a total of R26 million
  • Active balance sheet management and liquidity planning protected the business
  • Robust and encouraging post-reporting period property fundamentals

Wednesday, 21 April 2021 – JSE listed REIT Octodec Investments Limited, today reported its results for the six months ended 28 February 2021, against a weak economic environment exacerbated by the COVID-19 pandemic and country lockdown. COVID-19 implications saw some residential tenants return to their family homes, increased unemployment, certain business failures and overall reduced affordability which weakened the trading environment and impacted the Group’s performance.Tenant relief of R26 million, mainly in the form of discounts selectively granted to the worst affected tenants, was greatly reduced compared to the past six months and rental collections remained high averaging 95%. However, the rise in vacancies, particularly in the residential and retail shops sectors, lower rentals on renewal of leases added to the loss of rental income which ended down 10.8% for the half-year. Despite property costs being mostly contained, and reduced administrative and finance costs, distributable earnings declined to R199 million.Jeffrey Wapnick, Managing Director of Octodec commented: “The social and economic fallout from COVID-19 lockdown restrictions weighed on our tenant base and consequently on our performance. Octodec has survived 63 years of economic cycles and we are confident that we have taken the necessary steps to proactively respond to challenges and position the business to benefit from a recovery. Octodec’s resilience is underpinned by, management’s intimate knowledge of the portfolio and markets, the diversified portfolio and granular tenant base, strong cash generation and prudent financial management.”Occupancy levels were down 3% overall, driven mainly by the usual peak in residential vacancies experienced at the end of the calendar and academic year, followed by a delayed uptick in leasing in the new year. Commercial vacancies, save for retail shops, were relatively stable owing to continued demand for Octodec’s quality offering and active leasing. The retail shopping centres portfolio comprising mainly convenience and neighbourhood centres, proved to be defensive given its limited vacancies and ongoing support from consumers.

During the period, a digital leasing system was implemented and an emphasis was placed on digital marketing to attract new tenants. The rollout of Wi-Fi to residential buildings was expedited with a few completed during the period, ensuring that these buildings remain relevant and attractive to tenants. Additionally, furnished apartments and shared accommodation were introduced at The Fields in Hatfield with a second phase successfully launched during the period.

Speaking to the post reporting period improvements in trading experienced, Wapnick said: “The city ‘buzz’ is back with the return of people to the city centres and virtually all retail tenants are trading. Leasing activity has picked up across sectors and we are seeing renewed confidence from national tenants to commit to leases. Residential vacancies have come down nicely following the delayed start to the tertiary academic year and rental payment patterns are becoming more predictable with collections averaging 99%. The benefits of our digital marketing push and enhanced digital leasing capabilities are also beginning to come through in the form of increased leasing activity, cost efficiencies, ease of transacting and improved customer service as well as an extension of our target market reach.

In line with the decision taken by management to preserve cash, Octodec did not undertake any major new developments and instead focused on maintaining and carrying out smaller upgrades of properties or lease-driven projects. The business completed the refurbishment of Leo’s Place, a residential property in Tshwane Arcadia, at a total cost of R11.7 million, which included a recreational area and the renovation of the common areas to a more contemporary look that appeals to the younger occupants.

Octodec continued with active marketing of the properties held for sale and entered into numerous conditional agreements with buyers. In the current environment, it is difficult for buyers to secure funding, drawing out the disposal process. During the period, the Group disposed of seven properties for a total consideration of R26.3 million. Three of these properties transferred for a total consideration of R6.5 million and transfer of the remaining properties is expected to take place before the end of the financial year.

Octodec finished the period on a sound financial footing with sufficient facilities available to honour commitments. Cash generation during the period remained strong at R388 million and unutilised available banking facilities totalled R313 million. Management proactively addressed short term loan expiries and extended swap maturities while also managing covenant headroom and flexibility. The group’s LTV was 44.2%, well within bank covenant levels of 50% despite the 4,3% devaluation of the property portfolio to R11.3 billion.

We are comfortable with the Group’s financial position and our solid banking relationships continue to serve us well in our proactive and constructive engagements with funders, who are supportive. Cash flow discipline remains a key focus and we are closely monitoring vacancies and rental payment trends to ensure robust liquidity planning and management,” commented Anthony Stein, FD of Octodec.

Due to ongoing uncertainty around subsequent waves of infection and further lockdown restrictions, no interim dividend has been declared. The decision around a final dividend will be made at the time of the release of the annual results. Management is committed to the Group strategy and is continuously exploring innovative initiatives to unlock value in the properties.

While we remain cautious on the outlook and it is early days, we are encouraged by the green shoots we are seeing in improved occupancies, collections and leasing activity since March and are hopeful that this is an indication that the worst is behind us. We will continue to be responsive to the dynamic environment by actively managing the portfolio and factors within our control, positioning the Group to navigate the headwinds and take advantage of a change in tide,” Wapnick concluded.

Growthpoint develops Africa’s first NTT data centre in Centralpoint Innovation District

Growthpoint Properties (JSE: GRT) has commenced the turnkey development of the first NTT data centre in Africa at Centralpoint Innovation District in Samrand, Johannesburg.

The cutting-edge development of Johannesburg 1 Data Centre – dubbed JOH1 – is being developed by Growthpoint on behalf of NTT Ltd., the world-leading global technology services provider, and Dimension Data, the South African systems integrator and managed services provider which represents the NTT Ltd. business in the Middle East and Africa.

Growthpoint provides space to thrive with innovative and sustainable property solutions. It has established itself as one of South Africa’s leaders in developing signature buildings tailored to leading local and multi-national brands and businesses’ exacting requirements.

NTT operates one of the largest data centre platforms in the world, with over 160 data centres spanning more than 20 countries and regions.

The multi-million-Rand, 12-month development project, which broke ground in September 2020, can currently be seen rising out of the ground. It will comprise 6,000sqm of IT space and 20 MW of IT load facility. JOH1 will also feature high-end offices with an NTT Technology Experience Lab (TEL), all supported by specialised state-of-the-art security solutions. 

The data centre is being built to tier-three standards. The JOH1 project is scheduled for practical completion in the fourth quarter of 2021 and NTT intends to launch it in 2022.

Designed to the leading international standards of NTT Ltd.’s Global Data Centres division, the opportunity to develop JOH1 in Centralpoint Innovation District was identified locally in South Africa by Dimension Data and Growthpoint as early as 2017. The site’s ideal proximity to an electrical substation with ample generation capacity provides the massive advantage of extremely cost-effective electrical infrastructure set-up.

Estienne de Klerk, Growthpoint’s SA CEO, says, “We are pleased to support the growth strategy of the Global Data Centres division of NTT Ltd. and to see this collaboration with our esteemed partner Dimension Data coming to fruition. Growthpoint is thrilled that NTT selected our Centralpoint Innovation District to increase its capabilities and global capacity and chose the Growthpoint development team for its first data centre in Africa.”

South Africa leads the market for data centres in Africa, and Joburg is the country’s data centre capital. The Growthpoint-owned 42-hectare Centralpoint Innovation District enjoys a premium position in a high-demand hub for data centres and technology businesses in the city. It is distinguished by a unique combination of functionality and appeal. Security, power availability, diverse fibre connectivity, easy access of the highway and customized designs are key considerations for businesses in this market, and Centralpoint offers this all at an extremely high level. It also features beautiful, landscaped gardens in a well-maintained public precinct managed by a dedicated property owners association.

JOH1 is Growthpoint’s fourth development in this vibrant, growing business community. Others include the 10,000sqm Bakers SA Limited’s warehouse and distribution facility and regional offices, the 27,000sqm Sterling Industrial Park comprising eight freestanding units built over two phases and the Centralpoint Innovation District’s Property Owners Association’s offices.

Leon Labuschagne, Growthpoint’s Head of Industrial Development, says, “The projects to date have been tailored for third-parties as well as Growthpoint’s portfolio of assets because Centralpoint is such a prime location. The Centralpoint district development is market-driven and responds to the demand for quality, efficient, high-tech, logistics and warehousing facilities in great locations.”

Centralpoint is conveniently located in Midrand, just off the N1 Samrand off-ramp between Johannesburg and Pretoria with easy access to the east and west of Johannesburg and Pretoria. It enjoys superb highway access to the N1 North and South, and N14, easy connection to the R21 on route to OR Tambo via Olifantsfontein road, and is well served by public transport.

Vukile invests R90m-plus in a value-adding upgrade for the landmark Daveyton Mall

Vukile Property Fund (JSE: VKE), the leading retail REIT (real estate investment trust), has commenced the strategic upgrade of Daveyton Mall in the Ekurhuleni Metro, Gauteng.

A pioneering property, Daveyton Mall is one of the first township malls developed in South Africa. It opened in 1993 with more than 60 shops focused on easy, convenient shopping for Daveyton residents.

Today, nearly 30 years later, this successful mall’s retail mix is still led by its original anchor tenant, Pick n Pay, with OBC Chicken, Mr Price, Pep, Jet and various national and local brands, including Ackermans, Clicks, Sport Scene, KFC and Debonairs.

Laurence Rapp, CEO of Vukile, says Daveyton Mall has a remarkable history and legacy and is a prize asset in Vukile’s core portfolio of defensive, dominant shopping centres. The mall stands out among its best-located retail properties, positioned at the gateway to Daveyton in a bustling hub opposite a busy taxi rank adjacent to community and council buildings.

“Daveyton Mall is an excellent shopping centre asset that trades phenomenally well across all retail categories and enjoys huge tenant demand and a very loyal customer base that deserves the best. At Vukile, we strive for retail spaces that all stakeholders can be proud of and enjoy, and aim to create exceptional experiences with safe, comfortable and conducive environments for our tenants and customers. Our R90.4m investment in Daveyton Mall’s strategic upgrade will ensure it is optimised for the next generation of shoppers,” says Rapp.

He adds, “As a strong long-term business, Vukile continues to invest in our core portfolio to generate sustained results from these shopping centres well into the future. The upgrade of Daveyton Mall has been a long time coming, and with various delays, including the uncertainty of Covid-19, you could even say it is overdue. The time has come to move forward with this major modernisation project. We have settled on the best possible scheme to add value to a key asset, and we are confident this upgrade is a good, low-risk, defensive investment in an excellent asset that serves a great community.”

As is Vukile’s way, the refurbishment of Daveyton Mall is centred around its customers. The new upgrade will put Daveyton’s rich artistic legacy front-and-centre with a unique new look inspired by its community. Artistic splashes of bright colour will be incorporated into its new glossy modern aesthetic, which also includes spaces to showcase the work of local artists.

All shopper-facing areas of Daveyton Mall will be modernised, inside and out. Its landmark Eiselen Street exterior façade will be remodelled with its entrances transformed into welcoming beacons, additional tenant signage communicating its interior purpose and improved traffic flows for cars using its free parking.

Inside, the upgrade will add more natural light, shiny new tiling throughout and fresh bathrooms. Higher and brighter shopfronts will be better configured to make space for more retailer variety, and its retail area will be increased by some 2,000sqm. Better shopper flows and sightlines are on the cards, and tenant adjacencies will also be improved.

Creating a new bright, airy interior for the mall will be an eco-friendly exercise by illuminating its courts with natural sunlight. New bulkheads will bring the mall in line with the latest trends while allowing light into the mall. It will also receive added energy-saving interior and exterior lighting. The new outside lighting supports Daveyton Mall’s remarkably customer-centric trading hours – open from 7am daily until at least 7pm on weekdays and 6pm on weekends and holidays.

A highlight of the upgrade is the all-new food court, which will add an entirely new dimension to Daveyton Mall. It will introduce sit-down dining with inside and outside seating areas. While currently somewhat at odds with the context of Covid-19, the new seating and pause areas planned for Daveyton Mall meet the long-term vision for the mall’s future aligned with its customers’ love of meeting, connecting and enjoying a genuinely social shopping experience. Daveyton Mall’s food court will feature the menus of Romans Pizza, Pedros Chicken, Chicken Xpress, and more.

Taking this legacy mall confidently into the future, Vukile will introduce cutting-edge innovations. In an exciting move, Daveyton Mall customers can look forward to free Wi-Fi access. The upgrade also supports the operation of the mall and its tenants, with state-of-the-art CCTV and foot counting systems. What is more, it will be equipped with a standby generator to power its common areas during electricity outages.

Construction of the upgrade began on 8 March for completion by 10 December 2021, in time for the festive season. The mall will trade as usual during the entire construction process. The development will take place in three phases to minimise disruptions for shoppers and tenants. Most interior work will be done after regular trading hours.

Rapp concludes, “Daveyton is a strong, engaged community that is proud of its mall, and we are proud to have worked well together over many years. As we build the future of Daveyton Mall, we are particularly pleased to build on our relationships with this great community.”

 

/ends

 

Released by:

Vukile Property Fund

Laurence Rapp, CEO

Tel: 011 288 1032

www.vukile.co.za

Twitter : @VukilePropFund

Facebook : @vukilepropertyfund

 

For more information contact Anne Lovell on 083 651 7777 or Anne@marketingconcepts.co.za

Attacq’s Liquidity Position Strengthens

  • Liquidity improved to R1.3 billion at period end 
  • Generated R885.1 million in cash proceeds post interim-period end through part disposal of  investment in MAS Real Estate Inc. 
  • Group interest cover ratio of 1.40 times 
  • Distributable income per share declined by 57.5% 
  • Rental collection rate for the South African portfolio improved to 100.6% 
  • South African portfolio valuation decreased by 3.2% on a like-for-like basis South African portfolio occupancy levels improved to 96.4% 
  • 31 791m2in developments under way since period end; over 85.0% pre-let Ellipse Waterfall development passed R1.0 billion in sales 

Tuesday, 23 March 2021. Attacq Limited (“Attacq”), the JSE-listed REIT developing Waterfall City, today released its financial results for the six months ended 31 December 2020, against a subdued  economic backdrop, exacerbated by the COVID-19 pandemic and associated lockdowns. 

The group’s distributable income per share declined by 57.5%. The decline is mainly due to R53.8  million in rental discounts granted, and MAS not paying a dividend for the period given the uncertainty  caused by the pandemic. In the comparative period, a MAS dividend of R121.2 million was received.  The rental relief provided, continued in the 2021 financial year and during this period was mainly to  support gyms, restaurants, cinemas and hotels in the South African portfolio which were more severely  affected by the lockdown restrictions.  

Commenting on the results Melt Hamman, CEO of Attacq said, “2020 was an extraordinary year with  significant uncertainty, resulting in continued pressures on the overall economy and property  sector. However, Attacq’s diversified and quality property portfolio and; diligent capital  management plus its debt reduction plan has supported us during this period and will ensure  the company is well-positioned to benefit from a future recovery.” 

Since the start of the pandemic, management’s focus has been on the group’s liquidity and capital  structure. In doing so, available liquidity as at 31 December 2020 improved to R1.3 billion (30 June  2020: R1.1 billion) and an interest cover ratio (ICR) of 1.40 times was achieved. 

The South African portfolio improved the occupancy rate of 96.4%, compared to 93.6% at 30 June  2020. Rental income declined by just 1.3% to R1.12 billion which is testament to the resilience of the  property portfolio. 

“Our client-centric, proactive and collaborative approach allows us to listen with understanding  and therefore enables us to provide bespoke solutions to our clients’ unique business needs. 

At Attacq, we pride ourselves on providing an authentic client experience to create sustainable  value for all our stakeholders. This is reflected in our clients’ willingness to remain within our  portfolio and high occupancy rates,” said Jackie van Niekerk, incoming CEO of Attacq. 

Despite the current unprecedented trading conditions, the portfolio attracted the likes of Boehringer  Ingelheim, Auditor-General South Africa, FNB and Cotton On. Newly let spaces in our retail portfolio  are testament to the quality of our retail assets and demand from retailers. Examples of this at the Mall  of Africa include: Gap, Kauai, Paul’s Ice Cream, Hydraulics and Yokico. 

Waterfall City, the mixed-use development where people can work, live and play, remains a key driver  in Attacq’s core business. For the six months under review, one midi warehouse of 4 603m2 GLA was  completed, with the Nexus Courtyard Hotel, Building 4 at Corporate Campus and 269 residential units  under construction at period end. The Courtyard Hotel opened for trade on 1 March 2021 whilst the first  two towers of Ellipse, Newton and Kepler, are expected to be completed by the end May 2021 with  transfers commencing before the end of June 2021. “The developments at Waterfall remain a strong  proposition for all stakeholders and Attacq continues to see healthy levels of enquiries for  quality safe, sustainable spaces,” commented Hamman. 

Attacq’s reduced its shareholding in MAS post period end, the Group disposed of R885.1 million MAS  shares resulting in Attacq’s shareholding in MAS decreasing to 10.9%. Raj Nana CFO of Attacq said, “Our strategic focus on capital management and liquidity in order to improve our debt capacity  has been a key priority for Attacq. The disposal proceeds will be deployed towards paying down  our interesting-bearing debt, reducing our euro debt and funding upcoming development  opportunities. Attacq is currently trading under cautionary relating to the proposed disposal of  an investment property; the proceeds of which will be utilised to further reduce debt.” 

To support the preservation of liquidity, the board resolved in June 2020 not to pay a final dividend for  the year ended 30 June 2020, nor an interim dividend for the first half of FY21. 

“Although we still anticipate short to medium term challenges, our strong business  fundamentals put us on a good trajectory for growth. We remain focused on creating remarkable  experiences where people can connect whilst striving towards our vision of becoming the best  provider of community spaces,” concludes van Niekerk. 

-Ends-

ENQUIRIES 

Attacq Limited +27 12 010 3489 

Minisha Patel +27 82 920 4426 

Instinctif Partners +27 (0) 11 447 3030 

Boitumelo Matjila +27 (0) 73 265 0231 

Tshene Wedi +27 (0) 82 659 831 

Website: www.attacq.co.za 

NOTES TO EDITOR 

Attacq Ltd is a leading Real Estate Investment Trust (REIT), with an awardwinning property portfolio  worth over R24 billion in total asset value. Attacq delivers exceptional and sustainable growth through  its real estate investments and its developments in Waterfall City, Waterfall Logistics Hub and retail  precincts. Supported by one of the most comprehensive and diverse real estate asset portfolios in South  Africa, Attacq creates safe, sustainable spaces where people can connect, unwind and thrive. 

Bolstered by its four key drivers, namely (1) the South African portfolio, (2) developments at Waterfall  (3) its investment in MAS Real Estate Inc. (which has a presence in Central and Eastern Europe) and  (4) the rest of Africa retail investments, Attacq is firmly positioned as one of the country’s preeminent  REIT’s, offering growing income distributions. Through its developments, Attacq is engages with diverse  communities of people centred around a shared interest. Be it a safe and secure living environment, a  shopping destination or a productive business space – Attacq’s developments are more than just  buildings; they embody the company’s collective commitment to creating, worldclass spaces in which  all people can live, work and play. 

For more information and our latest news, go to www.attacq.co.za, like us on Facebook or follow us on Twitter.

A first for the SA retail industry, Liberty Two Degrees’ entire portfolio is Green Building Council of South Africa certified

The Sandton City Precinct is certified by the GBCSA as the first 6-Star Green Star rated super-regional shopping centre in Africa.

With a focus on minimising its environmental footprint, Liberty Two Degrees (L2D), a precinct focused, retail-centred REIT, is pleased to announce that its entire retail portfolio has been certified by the Green Building Council of South Africa (GBCSA). Recognising and awarding environmental leadership, the GBCSA rates existing buildings according to the Green Star Existing Building Performance (EBP) rating tool. Focus is placed on ensuring that buildings’ ongoing operations and management are resource-efficient and environmentally responsible, with long-term sustainability goals embedded in day-to-day operational policies and plans.

The Sandton City Precinct, Africa’s leading mixed-use precinct, which includes Sandton City Shopping Centre, Atrium on 5th and the Sandton Office Tower, was awarded an outstanding 6-Star Green Star Rating for Existing Building Performance v1 by the GBCSA. This is the first super-regional mall on the African continent to achieve such a prestigious rating, representing world leadership in environmentally sustainable operational efficiencies, driven through L2D.

Jonathan Sinden, Chief Operations Officer of L2D comments, “Our Good Spaces initiatives form part of the building blocks of our ESG strategy and are fundamental to how we do business. Achieving Green Star certification is integral to this strategy, we are therefore exceptionally proud of this achievement and are pleased to be recognised by the GBCSA for our efforts to achieve sustainable operational excellence. Coupled with the commitment to our net zero journey, this is testament to our dedication to creating long-term investment value”.

Through its bold commitments and market leading initiatives that encourage creativity and innovative solutions at its properties, L2D has committed to delivering a sustainable and resilient portfolio that significantly enhances its offering. In achieving and maintaining Green Star EBP ratings at all of its properties, L2D is continuously addressing both operational sustainability strategies and outcomes, as well incrementally improving its energy and water performance to maintain high performing buildings which are in line with the company’s net zero waste, water and energy 2030 target.

Innovative initiatives such as; carrying out extensive energy audits across our portfolio coupled with ambitious energy and water targets embedded in our comprehensive policies, have substantively contributed to achieving such high ratings and are an indication of how the company’s net zero targets will be achieved”, says Brian Unsted, Asset Management Executive at L2D heading up sustainability.

Sinden adds “This achievement is exemplary of a driven and focused strategy to ensure that our impact today does not adversely affect tomorrow. There are many noteworthy elements to this certification, one of which is that it is a market first for a retail portfolio to be rated in its entirety”.

L2D and the GBCSA share the common philosophy to strive to be courageous and proactive green building thought-leadership. Recognising L2D as a mover and shaker in green initiatives, Lisa Reynolds, CEO of GBCSA comments “Congratulations to Liberty Two Degrees on the tremendous green accomplishments across their portfolio. Achieving Green Star Existing Building Performance ratings (EBP) at all of the company’s assets shows a true commitment to sustainability. These recently-rated iconic spaces are not only household names within their communities, they attract global attention and are a great showcase of the benefits of greener retail”.

L2D’s commitment to drive its Good Spaces objectives includes its tenants as a vital contributor to its net zero journey and its best-in-class assets and operational practices. L2D is also cognisant of the role it plays in how businesses interact with stakeholders, local communities and society more broadly. This achievement forms part of L2D’s strategy to address this and play a part in supporting the communities the malls serve.

We recognise the larger stewardship role that our organisation must play. We constantly strive to make a positive impact, as a responsible corporate citizen and examine ways in which to engage our communities to achieve meaningful and sustainable outcomes – for us this means – building tomorrow, together,” concludes Sinden.

– Ends –

Enquiries:
Liberty Two Degrees
L2DMedia@liberty2degrees.co.za

NOTES TO EDITORS

About Liberty Two Degrees Limited

Liberty Two Degrees (L2D) is a South African precinct-focused, retail-centred REIT, reconstituted and listed as a corporate REIT ON 1 November 2018. L2D’s purpose is to continue to create experiential spaces that benefit generations, with a vision to be the leading South African, precinct-focused, retail-centred REIT. L2D’s purpose and vision guide its strategy and underpin its everyday business activities.

About Liberty Two Degrees’ portfolio
L2D has investments in a quality portfolio of iconic assets, these are:

  • Johannesburg:
    • Sandton City Complex; Eastgate Complex; and Nelson Mandela Square;
    • Sandton Sun Hotel, the InterContinental Sandton Towers and the Garden Court Sandton City;
    • Standard Bank Centre offices; and
    • Melrose Arch precinct
  • Cape Town: Liberty Promenade Shopping Centre;
  • KwaZulu-Natal: Liberty Centre Head Office and Umhlanga Ridge Office Park; Liberty Midlands Mall; John Ross Eco-Junction Estate; and
  • Bloemfontein: Botshabelo Mall

L2D is focused on continuously improving the quality of its assets, introducing innovative and unique experiences that attract tenants, shoppers and visitors to its malls in order to create sustainable value for stakeholders. L2D aims to create spaces that provide a sense of community and go beyond the ordinary shopping experience.

L2D building blocks

L2D’s aim is to create spaces that enable personal, memorable human engagements and seamless interactions between retailers and consumers, continually driving authentic encounters through community-driven engagements and a strong focus on sustainable and ethical practices. This has been articulated through the L2D strategic building blocks, which help futureproof the assets and truly set them apart in the market and sharpen the focus of L2D’s efforts and business activities. The L2D building blocks are:

  • Good Spaces: L2D’s shopping malls are ecosystems that provide trading and experiential environments for some of the world’s most iconic brands as well as brands in high demand. L2D understands the importance of partnering with its stakeholders to accelerate its positive impact on the natural environment. L2D remains bold in driving its net zero commitments, which is evident at a number of its business operations and sites. L2D continues to reduce carbon emissions, water use and waste generation as it moves towards achieving its net zero sustainability target by 2030. Supportive initiatives have been implemented to achieve this goal.
  • Smart Spaces: L2D aims to secure and sustain its leading position in the market by remaining at the forefront of innovative design thinking. The creation of smart environments that integrate technology to enhance the customer and retailer experience is a key initiative in this strategic growth area. Through Smart Spaces, L2D aims to accelerate its roadmap to create the seamless interaction between digital and physical retail
  • Interactive Spaces: Interactive Spaces is about providing an interchange of ideas and experiences within the L2D malls. The emphasis is on interaction, a fast pace, excitement, experience and stimulus, with a vision to create vibrant and diverse spaces with experience at their heart. Interactive Spaces encourages common ownership, placemaking and enjoyment of the physical environments in which L2D operates.
  • Safe Spaces: L2D’s building blocks are all underpinned by Safe Spaces. L2D aims to drive a clearly defined mall strategy that ensures the mall environments hold the highest standard of safety and security for tenants and shoppers. L2D has been affirmed by SAFE Shopping Centres, a Global certification and advisory company, as the first responsible owner in Africa to achieve international certification following a Covid-19 assessment, taking the extra steps to ensure duty of care for tenants and shoppers.
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