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Inner City Unrest

Considering the sensational nature in which content is shared by news and especially on social media, our formal communication related to recent events in the inner city is as follows.

The TUHF Group takes the recent unrest in the inner city of Johannesburg very seriously. It is a result of criminal action by a small group of people, ostensibly targeting foreign owned businesses, but spilling over indiscriminately. We condemn the unrest in the strongest possible sense. These random acts of violence and theft targeted hardworking people, both local and foreign. It also seeks to undermine the enormous socio-economic progress achieved in the inner city by its residents, its entrepreneurs and its investors.

TUHF, through its inner-city officer, Pressage Nyoni, and its property professionals maintained constant communication with SAPS, JMPD, the Metro’s MMC for Safety and Security and most specifically, its clients during this period. The reaction of our clients to protect their property and that of the enforcement agencies are to be commended.

We know, from this oversight and our reliable sources that –
–   Affected TUHF Funded areas include – Hillbrow, Yeoville, Turffontein, Rosettenville, Malvern and Jeppestown.
–   The targets of the looting and arson were mostly commercial spaces.
–   This criminal activity was clearly orchestrated, and our current concern is that the source of the orchestration is currently unknown.TUHF will continue to cooperate with the authorities in their efforts to identify where the source.

From a TUHF investment perspective, we are aware of some damage to only two financed properties, estimated to be less than R100 thousand. While this is small relative to our portfolio of approximately R2 billion investment in Joburg, it does not detract from the seriousness of the situation. TUHF’s financed buildings are mostly residential in nature and our clients were extremely proactive in protecting their properties. Lastly all our properties are comprehensively insured with additional SASRIA insurance.

We are continuing to monitor the situation, taking action where appropriate: –
–   Closely monitoring the situation by cooperating with our clients, city agencies and officials and other inner-city players and representatives
–   Publicly calling on all the agencies of government to follow the Presidents television address to stop this re-occurring and to convict perpetrators
–   Monitoring rent collection and other operational activities of our clients
–   Continuing to invest in Local Economic Development, Livelihoods and the further Regeneration of our target areas within the objective of Inclusive Growth and Transformation.

With 16 years of consistent growth downtown and TUHF’s significant contribution to urban regeneration, we are confident in the resilience of our clients and inner-city residents. We are equally confident that the inner cities of our major metros, TUHF’s target areas, remain a viable and sustainable investment destination.

Please contact us directly should you wish to discuss the situation or to ask questions at 010 595 9000.

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