DIV - Diversified - Acquisition Of Evaton Plaza An
DIV
DIV
DIV - Diversified - Acquisition Of Evaton Plaza And Nquthu Plaza
Diversified Property Fund Limited
(Incorporated in the Republic of South Africa)
Registration number 2005/029685/06
Share code: DIV & ISIN: ZAE000072369
("Diversified" or "the company")
ACQUISITION OF EVATON PLAZA AND NQUTHU PLAZA
INTRODUCTION
Linked unitholders are advised that Diversified has entered into an agreement to
acquire 50% of Evaton Plaza for R81,9m and 50% of Nquthu Plaza for R45,8m.
DETAILS AND RATIONALE FOR THE ACQUISITION
The acquisition of these properties is in line with Diversified`s strategy to
focus on rural retail properties.
The purchase agreements for Evaton Plaza (26 220 m2) and Nquthu Plaza (14 812
m2) were entered into with The John McCormick Family Trust and provide for an
effective date of 1 July 2007. The average monthly rental income attributable to
these properties amounts to R54.36 per m2.
Diversified`s directors are of the opinion that the purchase consideration
represents the fair value of the properties.
CONSIDERATION AND FINANCIAL EFFECTS
The net cash consideration payable by Diversified will be funded from the
company`s existing borrowing facilities.
The acquisition has no material effect on earnings per linked unit, headline
earnings per linked, distribution per linked unit, net asset value per linked
unit or net tangible asset value per linked unit as at 31 December 2006 and
these effects are therefore not disclosed.
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
2 July 2007
Sponsor
Java Capital (Proprietary) Limited
Date: 02/07/2007 16:01:08 Produced by the JSE SENS Department.
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