PAP
PAP
PAP - Pangbourne Properties - Announcement
Press release
Pangbourne Properties Limited
(Incorporated in the Republic of South Africa)
(Registration number 1987/002352/06)
Share Code: PAP & ISIN: ZAE000005252
("Pangbourne" or "the Company")
Press release for Pangbourne Properties Limited regarding the potential sale of
Pangbourne`s interest in Enigma Property Fund to LBREP and Edge Properties.
Exclusive discussions with Lehman Brothers Real Estate Partners and Edge
Properties (Pty) Limited with respect to Enigma Property Fund
Pangbourne, the property loan stock company listed on the JSE (Ticker PAP), has
entered into exclusive discussions with Lehman Brothers Real Estate Partners
("LBREP") and Edge Properties (Pty) Limited ("Edge Properties") with respect to
the possible acquisition by LBREP and Edge Properties of Pangbourne`s stake in
the Enigma Property Fund (Pty) Limited ("Enigma"), an unlisted property venture.
The venture has Grade A retail and office assets under ownership and management
of R 1.1 billion including the Edward Nathan Sonnenbergs building in Sandton,
and has several other assets within the development pipeline.
Lehman Brothers Real Estate Partners makes direct private equity and mezzanine
investments in properties, real estate companies and service businesses
ancillary to the real estate industry primarily in North America, Europe and
Asia, as well as in other international markets, through private investment
vehicles aggregating over $5 billion of equity commitments. Investments are
typically structured as property ownership, joint ventures, mortgage interests
and investments in debt and equity.
Craighall
17 January 2008
Sponsor
Deloitte and Touche Sponsor Services (Pty) Limited
Date: 17/01/2008 14:44:43 Produced by the JSE SENS Department.
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