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SAC
SAC
SAC - SA Corporate - Press Release - SA Corporate Reshapes Board
SA Corporate Real Estate Fund
(formerly Martprop Property Fund)
(Incorporated in the Republic of South Africa)
Share Code: SAC & ISIN Code: ZAE000083614
A Collective Investment Scheme in property registered in terms of the
Collective Investment Schemes Control Act, No. 45 of 2002 and managed by SA
Corporate Real Estate Fund Managers Limited
(formerly Marriott Property Fund Managers Limited)
(Registration number 1994/009895/06)
("SA Corporate" or "the fund")
SA CORPORATE RESHAPES BOARD
SA Corporate Real Estate Fund which has grown to become one of the largest
listed property funds in 2007, has reshaped its board following the
acquisition of SA Retail Properties Limited and the conclusion of a BEE
transaction.
SA Corporate`s chairman, Ben Kodisang, said that as result of the BEE deal
Women Investment Portfolio Holdings Ltd and Kensani Properties have an 11%
interest in the fund, and Louisa Mojela and Musa Ncgoba had been appointed
directors. Mojela is CEO of Wiphold and Ncgoba, who is a national
councillor for SAPOA and has played a leading role in property charter
initiatives, is CEO of Kensani Properties.
John Swain, chairman of the audit committee of SA Retail Properties Ltd,
which was recently acquired by SA Corporate, and Wayne van der Vent, head
of property at the Public Investment Corporation, a major unitholder of the
fund, have also joined the board.
Malcolm Wyndham and Colin Young have resigned.
"Colin Young is responsible for the launch of the innovative institutional
Triangle Property Funds at Old Mutual Investment Group Property Investments
and his resignation is in the interest of good corporate governance to
avoid any potential conflict of interest," said Kodisang.
"Peter Sparks, formerly managing director of SA Retail, has joined the
board as an executive director to focus on sourcing investment
opportunities. He joins an executive team of Craig Ewin, CEO, Roger Perkin,
who will focus on investment performance and extracting value from the
portfolio, and Lauren Tapping, financial director. "
Ewin said the level of support for SA Corporate`s investment strategy had
helped the fund to achieve a number of firsts in the listed property sector
in 2007.
"The R3.5 billion acquisition of SA Retail was the largest single corporate
action in the sector. This was the first reverse listing under the new JSE
listing requirements. The R1 billion funding of the Sharemax portfolio
acquisition was the largest single capital raising exercise in the sector.
Another first was the finalisation of the BEE transaction with no financial
support from the fund.
"To be R1 billion oversubscribed in our recent capital raising and to
receive more than 99% approval from SA Corporate investors for the SA
Retail acquisition and 99% acceptance of the offer by SA Retail unit
holders justifies the merits of the transactions and also suggests that our
efforts to raise the bar in investor relations is paying dividends. "
Ewin said the appreciation in the price of SA Corporate units since the
start of 2007 meant that unitholders in the two funds had gained more than
R1,3 billion in incremental value.
"We are looking to build on this momentum to be a market leader in terms of
investment rating and earnings growth."
ends
28 May 2007
Investment bank and sponsor
Nedbank Capital
Date: 28/05/2007 14:05:01 Produced by the JSE SENS Department.
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