Arrowhead is a diversified South African Real Estate Investment Trust (“REIT”) focused on creating long-term shareholder value. Arrowhead holds a diverse portfolio of retail, office and industrial (collectively “commercial”) properties valued at R8.3 billion (held directly and through subsidiaries). As at 30 September 2021, Arrowhead held a 61.0% interest (2020: 60.0 %) in its subsidiary, Indluplace Properties Limited (“Indluplace”), which owns a portfolio of residential properties. The average value per direct property held as at 30 September 2021 was R78.2 million (R68.0 million as at 30 September 2020 and R57.2 million at the end of 30 September 2019). The sale of non-core assets over the last 2 years has improved the quality of the core portfolio with the average size of the asset base improving. In addition, Arrowhead held an 8.6% interest (2020: 8.6%) in Dipula Income Fund Limited (“Dipula”) at 30 September 2021.