ACP - Acucap Properties Limited - Disposal of Tell
ACP
ACP
ACP - Acucap Properties Limited - Disposal of Tellumat Building
ACUCAP PROPERTIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2001/021725/06)
Share code: ACP & ISIN: ZAE000037651
("Acucap")
DISPOSAL OF TELLUMAT BUILDING
INTRODUCTION
Linked unitholders are advised that Acucap has entered into an agreement to
dispose of the Tellumat building (the "property") to an entity in the Faircape
Group of Companies ("Faircape") with effect from the transfer date (the
"disposal").
RATIONALE FOR THE DISPOSAL
In line with Acucap`s stated shift in its industrial strategy towards investment
in modern, distribution-orientated industrial parks, offering critical mass in
good locations, Acucap is pleased to announce the disposal of the Tellumat
Industrial property, being the last of its stand-alone industrial assets.
CONSIDERATION FOR THE DISPOSAL
The consideration for the disposal is R100 million, payable in cash on the
transfer date. The proceeds will be utilised to retire debt.
DETAILS OF THE PROPERTY
The property is described as Erf 127260 Cape Town, at Retreat and has a rentable
area of 22,060 m2. The weighted average rental per m2 is R32.07.
The property was valued at R68 million by independent valuer, MRB Gibbons of
Magnus Penny (Proprietary) Limited as at 31 March 2007.
CONDITION PRECEDENT
The disposal is subject to the approval of the Competition Commission.
FINANCIAL EFFECTS
The disposal will not have a significant effect on net asset value or
distribution per linked unit and accordingly financial effects have not been
disclosed.
CATEGORISATION OF THE TRANSACTION
The disposal is not categorisable in terms of section 9.5(a) of the Listings
Requirements of the JSE Limited.
Cape Town
28 September 2007
Sponsor
Java Capital (Proprietary) Limited
Date: 28/09/2007 13:48:01 Produced by the JSE SENS Department.
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