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SAC
SAC
SAC - SA Corporate - Revision to the acquisition of a portfolio of 51
properties and withdrawal of cautionary announcement
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")
ANNOUNCEMENT REGARDING A REVISION TO THE ACQUISITION OF A PORTFOLIO OF 51
PROPERTIES AND WITHDRAWAL OF CAUTIONARY ANNOUNCEMENT
1. Introduction
Unitholders are referred to the announcements dated 7 May 2007 and 28 May
2007, in which it was advised that SA Corporate had entered into
agreements dated 3 May 2007 ("the agreements") with the Collins Property
Group to acquire a portfolio of 51 properties known as Buffcol ("the
property portfolio") for a total purchase price of R1 022 282 365.
2. Amendments to the agreements
As a consequence of pre-emptive rights in favour of certain tenants in the
portfolio having been exercised by those tenants, the property portfolio
has been reduced by 12 properties with a combined price allocation of R94
770 430. These properties, which are tenanted by Shell and Tiger Wheel and
Tyre, are generally smaller, specific use buildings, the details of which
are as follows:
Property Location Sector Gross Single or
lettable multi
area tenanted
m2
Cnr Marcia and Gauteng Industrial 1 529 Single
Broadway, Bruma
William Nicol Gauteng Industrial 1 171 Single
Drive, Lonehill
The Triangle, Cape Industrial 1 173 Single
Somerset West
156 Old Main KZN Retail 1 100 Single
Road, Isipingo
563 Berea Road, KZN Retail 900 Single
Durban
467 Main Road, KZN Retail 1 500 Single
Tongaat
655 Rachel De Gauteng Retail 2 809 Single
Beer Street,
Pretoria North
Kabani, Cape Retail 1659 Single
Motherwell
20 Kirsten Ave, Cape Retail 655 Single
Kommetjie
22 Kerk Street, Mpumalanga Retail 900 Single
Middelburg
549 Gert Maritz Gauteng Retail 1 566 Single
Street,
Pretoria North
2A Seeiso St, Gauteng Retail 2 237 Single
Attridgeville
Total
Property Weighted Purchase Value of
average price of property R
rental per property R
m2
R
Cnr Marcia and 84.13 18 732 457 18 400 000
Broadway, Bruma
William Nicol 52.97 9 032 580 8 800 000
Drive, Lonehill
The Triangle, 59.45 10 155 013 10 800 000
Somerset West
156 Old Main 63.39 8 273 187 6 800 000
Road, Isipingo
563 Berea Road, 46.64 6 112 800 5 500 000
Durban
467 Main Road, 31.75 6 935 063 6 800 000
Tongaat
655 Rachel De 14.08 5 761 084 4 700 000
Beer Street,
Pretoria North
Kabani, 22.26 5 378 851 4 100 000
Motherwell
20 Kirsten Ave, 56.67 5 406 131 4 600 000
Kommetjie
22 Kerk Street, 45.06 5 906 117 5 200 000
Middelburg
549 Gert Maritz 28.02 6 389 148 5 600 000
Street,
Pretoria North
2A Seeiso St, 20.53 6 687 999 6 400 000
Attridgeville
Total 94 770 430 87 700 000
In addition to the cancellation agreements in respect of the above
properties, an agreement dated 20 June 2007 has been reached in respect of
an additional property which has been acquired and included in the property
portfolio ("the revised property portfolio"), details of which are as
follows:
Property Location Sector Gross Single or
lettable multi
area tenanted
m2
84 Oxford Cape Retail 8 422 Multi
Street, East
London
Property Weighted Purchase Value of
average price of property R
rental per property R
m2
R
84 Oxford 35.08 38 000 000 38 000 000
Street, East
London
Notes:
1. There is a current vacancy of 0,9% on the above property.
2. The valuations of the above property was arrived at by the independent
registered valuer, Broll CB Richard Ellis, as at 30 June 2007
The amendments to the agreements as set out above result in a revised total
purchase price of R964 514 079.
3. Funding of the acquisition of the revised property portfolio
The acquisition of the property portfolio is to be funded by the issue of
244 180 780 new SA Corporate units at a clean price of 395 cents per unit,
which units are to be renounced by the vendor in favour of third party
investors. The issue price is approximately 2.6% higher than the volume
weighted average price for the last 14 days, before taking into account any
adjustment for the pro rata distribution for the six month period ending 30
June 2007, which is yet to be declared.
Application for the listing of the 244 180 780 new SA Corporate units will
be made to the JSE Limited ("JSE").
4. Financial information relating to the acquisition of the revised property
portfolio
Based on the pro forma consolidated financial information of SA Corporate
following the acquisition of SA Retail Properties Limited and the Sharemax
portfolio as set out in the circular dated 28 March 2007 ("the pro forma
consolidated financial information"), the pro forma financial effects of
the acquisition of the revised property portfolio on SA Corporate`s net
asset value per unit ("NAV") and net tangible asset value per unit ("NTAV")
are set out below. This pro forma financial information has been prepared
for illustrative purposes only and because of its nature may not give a
true picture of SA Corporate`s financial position, nor the effect and
impact of the acquisition of the revised property portfolio on SA Corporate
going forward. The pro forma financial information is the responsibility of
the directors of SA Corporate Real Estate Fund Managers Limited.
Before the After the % Change
acquisition acquisition of
of the the revised
revised property
property portfolio (2)
portfolio (1)
NAV (cents) 342 348 1,75
NTAV (cents) 304 315 3,61
Units in issue (`000) 1 720 169 1 964 350
Notes:
1. Based on the pro forma consolidated financial information.
2. Based on the assumption that the acquisition of the revised property
portfolio took place on 31 December 2006.
3. The total purchase price was funded by way of a vendor placing where 244
180 780 units were placed and issued at a clean price of 395 cents per unit.
The costs relating to the acquisition of the revised property portfolio were
written off to unitholders` funds and funded through existing debt facilities.
The forecast property information relating to the acquisition of the
revised property portfolio for the four months ending 31 December 2007 and
year ending 31 December 2008 is set out below. The forecast financial
information has not been reviewed or reported on by SA Corporate`s auditors
in terms of Section 8 of the JSE Listings Requirements and is the
responsibility of the directors of SA Corporate Real Estate Fund Managers
Limited.
Description Forecast for Uncontracted Forecast for Uncontracted
the four revenue as a the year revenue as a
months ending % of the ending 31 % of the
31 December total December 2008 total
2007 (1) revenue (1) revenue
R`000 % %
R`000
Revenue 27 337 0.2 86 261 2.4
Operational 25 916 81 696
net income
Notes:
1. Profit after tax has not been disclosed as it has been assumed that all
income before distribution will be distributed to unitholders.
5. Suspensive conditions of the acquisition of the revised property portfolio
The acquisition of the revised property portfolio is still subject to the
following suspensive conditions:
* approval from the relevant competition authorities; and
* JSE and other statutory and regulatory approvals, to the extent
required.
6. Withdrawal of cautionary announcement
Unitholders are referred to the cautionary announcement dated 7 May 2007
and the further cautionary announcement dated 28 May 2007. Further to the
information set out in this announcement, unitholders need no longer
exercise caution when trading in SA Corporate units.
Durban
20 June 2007
Investment bank and sponsor
Nedbank Capital
Date: 20/06/2007 16:07:01 Produced by the JSE SENS Department.
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