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ACP
ACP
ACP - Acucap Properties - Disposal Of Non-Core Atlas Properties
ACUCAP PROPERTIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2001/021725/06)
Share code: ACP & ISIN: ZAE000037651
("Acucap")
DISPOSAL OF NON-CORE ATLAS PROPERTIES
INTRODUCTION
Linked unitholders are advised that Acucap has, via its wholly-owned
subsidiaries, Atlas Properties and Advent Properties, entered into agreements
to dispose of thirty five non-core properties (the "sale properties") to Blend
Property Group (Proprietary) Limited (the "disposal").
RATIONALE FOR THE DISPOSAL
Acucap`s strategy of owning a small number of larger assets has enabled
Acucap`s asset management team to focus significant attention on every property
in the portfolio, thereby optimising the performance of each asset.
The Atlas portfolio acquired by Acucap pursuant to Acucap`s acquisition of all
of the Atlas units earlier this year (the "Atlas acquisition") reflects a
significantly different composition to Acucap`s. The 10 largest properties
comprise 80% of the portfolio value, with the remaining 20% being in respect of
37 smaller properties, 35 of which have been identified as non-core assets and
suitable for disposal. The residual Atlas portfolio of 10 large and 2 medium-
sized properties now fits comfortably within the Acucap strategy. In addition,
the assets complement both Acucap`s sectoral bias towards retail, and its
geographic spread, with a strong Cape Town weighting that balances Acucap`s
presence in the Gauteng commercial market. The rationalisation of the combined
portfolio will ensure that the asset management team retains focus on the core
assets. Regrettably, the disposal will also lead to the rationalisation of the
staff complement in the former Atlas administration business unit, since the
number of leases under administration will reduce by over 220 or 33%.
CONSIDERATION FOR THE DISPOSAL
The sale properties are being disposed of in a single transaction, with effect
from their date of transfer, for a cash amount of R278,145,000. The cash
proceeds will be utilised to settle most of the gearing incurred by Acucap
pursuant to the Atlas acquisition.
DETAILS OF THE SALE PROPERTIES
Property Address Location Sector Weighted
name average
rental per
m2
1 Belville, 309 Durban Western Cape Offices 54.37
Tyger Road,
Manor Belville
2 Pinelands, Cnr Lonsdale Western Cape Offices 48.94
Lonsdale and Gardener
Ways,
Pinelands
3 Databuild Oak Avenue, Gauteng Offices 27.19
Randburg
4 Wynberg, 4th Street, Gauteng Industrial 9.86
Donrod Wynberg
House
5 Randburg, Cnr Harley Gauteng Offices 35.56
Harley Street and
Street Surrey
Avenue,
Ferndale
6 Lundbeck Oak Avenue, Gauteng Offices 30.66
Randburg
7 Braamfonte 35 Melle Gauteng Offices 16.57
in, Melle Street,
Street Braamfontein
8 Rosebank, 17 Baker Gauteng Offices 32.59
17 Baker Street,
Street Rosebank
9 Kramervill 3 Kramer Gauteng Offices 27.39
e, Kramer Road,
Road Kramerville
10 Woodmead, 12 Saddle Gauteng Offices 61.89
Saddle Drive,
Drive Woodmead
11 Sandton, 53B Wierda Gauteng Offices 52.76
Pathway Road East,
Wierda
Valley
12 Sandton, 39 Wierda Gauteng Offices 74.28
Wierda Road West,
Valley Wierda
Valley
13 Illovo, US Cnr Oxford Gauteng Offices 133.18
Government and Chaplin
Roads,
Illovo
14 Phoenix, 160 Aberdare Kwazulu Natal Industrial 24.14
Robertsons Drive,
Foods Phoenix
15 Pinetown, 36 Kings Kwazulu Natal Retail/ 18.33
Kings Road Road, Offices
Pinetown
16 Klerksdorp Radium Gauteng Warehouse 5.33
Great Street,
Western Uraniaville
Distributo
rs
17 Sandton, 45 Wierda Gauteng Offices 74.28
Atlas Road West,
house Wierda
Valley
18 Strijdom Hammer Gauteng Industrial 35.11
Park, Avenue,
Bactlab Strijdom
systems Park
House
19 Centurion, Cnr Lenchen Gauteng Offices 29.97
Fleetcall & Heuwel
Avenues,
Centurion
20 Rivonia, 359 Rivonia Gauteng Offices 38.43
Gibb House Boulevard,
Rivonia
21 Sandton, 134 Grayston Gauteng Offices 58.21
Grayston Drive,
Mews Sandown
22 Rivonia, Cnr Wessels Gauteng Offices 51.19
Master Rd & 10th
Computer Ave, Rivonia
House
23 Randburg, 376 B Oak Gauteng Offices 27.63
Oak Avenue Ave,
(Fibrecom) Ferndale
24 Randburg, 376 D Oak Gauteng Offices 42.22
Oak Avenue Ave,
(M&M Ferndale
House)
25 Randburg, 376 A Oak Gauteng Offices 27.72
Oak Avenue Ave,
(MSA Ferndale
House)
26 Randburg, 372 B Oak Gauteng Offices 30.18
Oak Avenue Avenue,
(Seagate) Ferndale
27 Randburg, 376 C Oak Gauteng Offices 25.57
Oak Avenue Ave,
(Tuscany) Ferndale
28 Strijdom Sable Close, Gauteng Industrial 22.31
Park, Strijdom
Prosort Park
House
29 Sandton, Delphi Str. Gauteng Industrial 16.05
Radem Lab Eastgate
Supplie
30 Sandton, Pongola Gauteng Offices 73.06
Sandhavon Crescent
Office
Block
31 Sandton, Commerce Gauteng Offices 13.75
Softline Crescent
House
32 Centurion, Cnr South Gauteng Offices 30.93
Suidpark 3 Str &
Lenchen Ave
33 Centurion, Cnr South Gauteng Offices 29.44
Suidpark 4 Str &
Lenchen Ave
34 Strijdom Cnr Hammer Gauteng Industrial 21.99
Park, Ave &
Tecnetics Gerhardus
Str.
35 Stanhope Main Road, Western Cape Offices / 57.72
Centre Claremont Retail
Continued:...
Property
name
1 Belville, Rentable area Valuation Selling Price
Tyger (m2) (R) (R)
Manor
1 908 21 000 000 21 000 000
2 Pinelands
,
Lonsdale
2 175 18 500 000 18 580 000
3 Databuild
734 2 040 000 2 040 000
4 Wynberg,
Donrod
House
6 194 2 800 000 2 800 000
5 Randburg,
Harley
Street
1 690 8 200 000 8 000 000
6 Lundbeck
1 034 3 400 000 3 400 000
7 Braamfont
ein,
Melle
Street
5 057 8 400 000 8 400 000
8 Rosebank,
17 Baker
Street
2 500 10 500 000 10 500 000
9 Kramervil
le,
Kramer
Road
4 937 13 000 000 13 000 000
10 Woodmead,
Saddle
Drive
1 775 13 800 000 13 800 000
11 Sandton,
Pathway
1 829 12 500 000 12 500 000
12 Sandton,
Wierda
Valley
2 256 12 000 000 12 000 000
13 Illovo,
US
Governmen
t
1 125 10 600 000 10 600 000
14 Phoenix,
Robertson
s Foods
3 462 10 500 000 10 500 000
15 Pinetown,
Kings
Road
3 876 7 350 000 7 350 000
16 Klerksdor
p Great
Western
Distribut
ors
4 676 2 050 000 2 050 000
17 Sandton,
Atlas
house
1 199 5 750 000 5 750 000
18 Strijdom
Park,
Bactlab
systems
House
1 382 6 250 000 6 250 000
19 Centurion
,
Fleetcall
2 697 9 000 000 9 000 000
20 Rivonia,
Gibb
House
2 819 11 000 000 11 000 000
21 Sandton,
Grayston
Mews
2 261 16 000 000 16 000 000
22 Rivonia,
Master
Computer
House
801 4 700 000 4 700 000
23 Randburg,
Oak
Avenue
(Fibrecom
)
723 2 500 000 2 500 000
24 Randburg,
Oak
Avenue
(M&M
House)
814 3 500 000 3 500 000
25 Randburg,
Oak
Avenue
(MSA
House)
744 2 375 000 2 375 000
26 Randburg,
Oak
Avenue
(Seagate)
827 4 000 000 4 000 000
27 Randburg,
Oak
Avenue
(Tuscany)
629 2 250 000 2 250 000
28 Strijdom
Park,
Prosort
House
1 050 2 150 000 2 150 000
29 Sandton,
Radem Lab
Supplie
2 009 5 500 000 5 500 000
30 Sandton,
Sandhavon
Office
Block
1 158 8 200 000 8 200 000
31 Sandton,
Softline
House
2 260 4 250 000 4 250 000
32 Centurion
,
Suidpark
3
799 2 500 000 2 500 000
33 Centurion
,
Suidpark
4
695 2 200 000 2 200 000
34 Strijdom
Park,
Tecnetics
4 215 9 500 000 9 500 000
35 Stanhope
Centre
3 281 20 000 000 20 000 000
The properties were valued as at 1 August 2007 by independent valuers Mike
Gibbons, in respect of the Western Cape properties and Peter Parfitt,
in respect of the Gauteng and Kwa-zulu Natal properties.
Acucap`s directors are of the opinion that the sale consideration
represents the fair value of the sale properties as reflected in
the independent valuation reports.
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 acquisition has been categorized as a category 3 transaction in
terms of section 9.5(a) of the Listings Requirements of the JSE Limited.
Cape Town
2 October 2007
Sponsor Java Capital (Proprietary) Limited
Date: 02/10/2007 17:02:43 Produced by the JSE SENS Department.
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