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CPL
CPL
CPL - Capital - Acquisition of Industrial Properties from Diversified and
Acquisition of Siemens Office Park
Capital Property Fund
Share Code: CPL
ISIN: ZAE000001731
("Capital" or the "Fund")
(A portfolio in Capital Property Trust Scheme, a Collective Investment Scheme in
Property established in terms of the Collective Investment Schemes Control Act,
No 45 of 2002 managed by Property Fund Managers Limited ("PFM"))
(Incorporated in the Republic of South Africa)
(Registration No. 1980/009531/06)
ACQUISITION OF INDUSTRIAL PROPERTIES FROM DIVERSIFIED PROPERTY FUND LIMITED
("DIVERSIFIED") AND ACQUISITION OF SIEMENS OFFICE PARK
INTRODUCTION
Unitholders are advised that Capital has entered into an agreement to acquire
six industrial properties for a total consideration of R138,9 million from
Diversified. Further to this, Capital also entered into an agreement to acquire
Siemens Office Park in Highveld Park, Centurion for R121 million.
DETAILS AND RATIONALE FOR THE ACQUISITIONS
The acquisition of the industrial properties and office park is in line with
Capital`s strategy of focusing on offices and industrial properties.
The purchase agreements for the six properties known as Burry Koen Street, Jet
Park (10 028m2); Citrus Street, Laser Park (6 834m2); Cranberry Street, Laser
Park (5 649m2); Director Road, Aeroport (5 216m2); Jet Park Mini Factories
(9 197m2) and McCarthy, Isando (5 071m2) were entered into with Diversified
Properties (Pty) Ltd and Diversified Properties 2 (Pty) Ltd and provide for an
effective date of 1 June 2007. The acquisitions remain subject to Competition
Commission approval.
Capital`s directors are of the opinion that the purchase consideration
represents the fair value of the properties. An independent valuation was
performed by Quadrant Properties (Pty) Ltd, a professional valuer.
The purchase agreement for Siemens Office Park (10 522m2)was entered into with
Familiar Chat Investments (Pty) Ltd ("Familiar") with an effective date of 1
October 2007. Capital`s directors are of the opinion that the purchase
consideration represents the fair value of the property.
The average monthly rental income attributable to this industrial and office
portfolio amounts to R36.45 per m2.
CONSIDERATION AND FINANCIAL EFFECTS
As consideration, Capital will issue 26 711 539 units and 23 269 231 units at
R5.20 each to Diversified and Familiar respectively, on transfer of the
properties.
The acquisition has no significant effect on Capital`s net asset value per
linked unit and tangible net asset value per linked unit as at 31 December 2006,
and financial effects have therefore not been included.
CATEGORISATION OF THE TRANSACTION
The acquisition has been categorized as a category 3 transaction in terms of
section 9.5(a) of the JSE Listings Requirements.
Johannesburg
19 April 2007
Sponsor
Java Capital (Proprietary) Limited
Date: 19/04/2007 14:40:53 Produced by the JSE SENS Department.
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