| Thu 24 Apr 2008, 9:00 | | SAC - SA Corporate Real Estate Fund - BEE investme |
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SAC
SAC
SAC - SA Corporate Real Estate Fund - BEE investment in SA Corporate
SA Corporate Real Estate Fund
(Incorporated in the Republic of South Africa)
Share Code: SAC & ISIN Code: ZAE000083614
A Collective Investment Scheme in property registered in terms of the Collective
Investment Schemes Control Act, No. 45 of 2002 and managed by SA Corporate Real
Estate Fund Managers Limited ("SA Corporate Fund Managers")
Registration number 1994/009895/06)
("SA Corporate" or "The Fund")
BEE INVESTMENT IN SA CORPORATE
On 6 March 2007 it was announced that the Wipken Trust would acquire 194 384 846
units in SA Corporate.
As a consequence of the fall in the listed property index and a lower SA
Corporate unit price, the ownership of the Wipken Trust has passed to the
funders of the Trust. SA Corporate, as a property unit trust, governed by the
Collective Investment Schemes Control Act, was, and remains, legally constrained
from providing financial assistance to sustain the transaction.
SA Corporate remains committed to BEE transformation principles. Ms LM Mojela
and Mr MM Ngcobo have indicated their willingness to continue as directors and
to assist the fund with its transformation objectives.
The transfer of the Wipken Trust`s unitholding in SA Corporate does not impact
on the assets, borrowings or the underlying fundamentals of the Fund.
PROPERTY FUNDAMENTALS REMAIN WELL SUPPORTED
The SA property market remains well supported in terms of tenant demand, low
vacancies and rising building costs, underpinning market rental growth.
SA Corporate owns a large geographically and sectorally diversified portfolio
of retail, industrial and commercial properties. Risk to the current interest
rate cycle is mitigated by a debt to asset ratio of less than 10%, which is
almost entirely at fixed funding rates. At its current unit price of 294 cents
per unit, SA Corporate is trading at a comparably high historic yield of 10.9%
and at a discount of 17% to its independently verified net asset value at 31
December 2007.
24 April 2008
Sponsor
Nedbank Capital
Date: 24/04/2008 09:00:00 Produced by the JSE SENS Department.
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