No. 789456
Portfolio Valuation Report
Northstar Capital — FY2026 Annual Portfolio
For Northstar Capital
Reference
PORT-2026-001
As-at date
31 May 2026
Purpose
Annual financial reporting (IFRS 13)
Asset count
3
Market value
ZAR 580,500,000
Currency
ZAR
1. Engagement summary
This rollup summarises the 3-asset portfolio held by Northstar Capital, valued by Acme Valuers Ltd as at 31 May 2026 for the purpose of annual financial reporting (ifrs 13). Each asset has been valued in accordance with International Valuation Standards (IVS) and the RICS Valuation – Global Standards (Red Book). Per-asset reports are appended in the auditor pack and may be inspected via the per-asset reference.
Three core investment-property assets revalued for FY2026 financial reporting. The Midrand asset is held under a long leasehold and is included for completeness pending acquisition close-out.
2. Headline metrics
Portfolio market value
ZAR 580,500,000
Number of assets
3
Weighted cap rate
8.2%
Average occupancy
96.2%
3. Per-asset summary
| # | Asset | Reference | Date | Method | Market value | Cap rate | Occupancy | Cert. |
|---|---|---|---|---|---|---|---|---|
| 1 | Umhlanga Retail Centre Umhlanga Ridge, Durban | VAL-2026-002 | 31 May 2026 | income capitalisation | ZAR 348,000,000 | 8.5% | 96.2% | |
| 2 | Midrand Logistics Park Halfway House, Midrand | VAL-2026-003 | 31 May 2026 | — | — | 9.3% | 100.0% | |
| 3 | Rosebank Office Tower Rosebank, Johannesburg | VAL-2026-001 | 31 May 2026 | income capitalisation | ZAR 232,500,000 | 7.8% | 92.5% | |
| Portfolio total | ZAR 580,500,000 | 8.2% | 96.2% | |||||
The certification column reflects sign-off status of the per-asset report at the time this rollup was generated. Detailed reasoning, comparable evidence and assumptions for each asset are contained in the corresponding per-asset report.
4. Methodology & cross-references
Each asset has been valued using the approach most appropriate to its sector and tenure (Comparable Sales for residential and land; Income Capitalisation, DCF or Depreciated Replacement Cost for income-producing commercial assets). The full methodology, comparable schedule, scope of work, assumptions and certificate of value are set out in each per-asset report. Click an asset above to open its full report, or download the audit pack for the concatenated bundle.