| Thu 17 Jan 2008, 11:38 | | SAT - SA Reit - Announcement Regarding The Acquistion Of Erf 38746, Bellville |
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SAT - SA Reit - Announcement Regarding The Acquistion Of Erf 38746, Bellville
SA REIT LIMITED
(formerly Shops for Africa Limited)
(Incorporated in the Republic of South Africa)
(Company registration number 2000/018084/06)
Share code: SAT ISIN: ZAE000104196
("SA Reit" or "the Company")
ANNOUNCEMENT REGARDING THE ACQUISTION OF ERF 38746, BELLVILLE
1 Introduction
Shareholders are advised that SA Reit has entered into an agreement dated 2
October 2007 ("the agreement") with Golden Circle Investments 103
(Proprietary) Limited to acquire the property known as Erf 38746, Bellville
("the property"), consisting of vacant land situated at 19 Mispel Road, Tyger
Valley, Cape Town ("the acquisition"). The acquisition became effective on 11
January 2008, the date of transfer of the property.
2 Rationale for the acquisition
The acquisition has been made in line with the Company`s strategy of
growing its property portfolio with high quality properties having
development potential. This property is strategically situated in the heart
of the Tyger Valley commercial precinct and is ideally suited for an A-
grade mixed use development.
3 Consideration for the acquisition
The consideration for the acquisition is R25 000 000, of which R10 600 000
was paid out of internal cash resources and the balance of R14 400 000 from
borrowings.
4 Pro forma financial information
The financial effects of the acquisition on SA Reit`s earnings per share,
headline earnings per share, net asset value per share and net tangible
asset value per share have not been disclosed as these effects are not
material.
5 Suspensive conditions of the acquisition
All the suspensive conditions pertaining to the acquisition of Erf 38746,
Bellville have been fulfilled.
6 Property details
Details regarding the property are set out below:
Property Location Sector Area Single or Weighted Vacancy
m2 multi average by
tenanted rental rentable
per m2 area
R m2
Erf 38746, Western Vacant 7 916 N/A N/A N/A
Bellville, Cape land
City of
Cape Town
The property has been valued at R24 000 000 by Mills Fitchet Magnus Penny,
an external independent valuer registered as a professional valuer in terms
of the Property Valuers Profession Act, No 47 of 2000.
7 Categorisation of the acquisition
The acquisition is a Category 2 transaction in terms of the Listings
Requirements.
Cape Town
17 January 2008
Investment bank and sponsor
Nedbank Capital
Date: 17/01/2008 11:38:54 Produced by the JSE SENS Department.
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