NOTES TO THE FINANCIAL STATEMENTS — NOTE 13

13.  Non-current assets classified as held-for-sale 
  
   Note     June 2017 
R000 
   June 2016 
R000 
  
Total investment property classified as held-for-sale                   
Assets        426 681     1 243 591    
   Investment property  2.1     415 182     1 224 090    
   Building appurtenances and tenant installations        3 616     6 685    
   Trade and other receivables        6 324     9 471    
Cash and cash equivalents        1 559     3 345    
Liabilities        13 074     27 868   
   Trade and other payables        13 074     27 868    
Net classified as held-for-sale        413 607     1 215 723   
Movement in assets held-for-sale                  
Investment property, building appurtenances and tenant installations                  
Opening balance        1 230 773     1 225 773   
Disposals        (868 125)        
Additions (includes cost and fair value adjustments)       59 569     8 428   
Depreciation        (3 421)    (3 428)  
Transfer to held-for-sale                  
Closing balance        418 796     1 230 773   
Working capital                  
Opening balance        (15 050)    (12 278)  
Disposals        16 277         
Additions        (6 416)    (2 772)  
Closing balance        (5 189)    (15 050)  
Net classified as held-for-sale        413 607     1 215 723   

Non-current assets held-for-sale include Willowbridge North, Lakefield Office Park and vacant land in Greenstone Park, Johannesburg. Subsequent to year-end, Willowbridge North was sold for R225 million. It is anticipated that transfer will take place in September 2017.

During the year the following buildings were sold:

   Sale price     Transfer date    
Somerset Value Mart  R185 million     September 2016    
Glenfield Office Park  R180 million     December 2016    
Willowbridge South  R460 million     March 2017    
Glenwood Office Park  R42 million     May 2017    
Total  R867 million          

Although Lakefield Office Park was classified as held-for-sale at 30 June 2016, efforts to dispose of this property are continuing and Hyprop is confident that it will be sold. Hyprop is actively engaging with potential purchasers. The property continues to be measured under IAS 40 and all requirements of IFRS 5 have been met (refer to note 1.10 Investment property and note 2 – Investment property).


NOTES TO THE FINANCIAL STATEMENTS — NOTE 13