| Fri 1 Jul 2011, 9:00 | | VIF - Vividend Income Fund Limited - Transfer of Properties |
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VIF
VIF
VIF - Vividend Income Fund Limited - Transfer of Properties
Vividend Income Fund Limited
Previously known as Business Venture Investments No 1381 (Proprietary) Limited
Incorporated in the Republic of South Africa
(Registration Number 2010/003232/06)
JSE Alpha Code: VIF
ISIN: ZAE000150918
("Vividend" or "the Company")
TRANSFER OF PROPERTIES
1 THE CHURCH STREET (PIETERMARITZBURG) ACQUISITION
Linked unitholders of the Company are referred to the SENS announcement
issued by the Company on 31 March 2011, wherein linked unitholders were
advised that Vividend had entered into an agreement with R & A Admin CC to
acquire the property and letting enterprise, commonly known as "Edgars
Church Street" ("The Church Street (Pietermaritzburg) Property"), located
on portions 3 and 4 of Erf 2421 and portions 4, 5 and 6 of Erf 2422
Pietermaritzburg, KwaZulu-Natal, for R38 400 000 (thirty eight million four
hundred thousand Rand).
Linked unitholders are hereby advised that The Church Street
(Pietermaritzburg) Property was transferred into the name of Vividend with
effect from 8 June 2011.
2 THE BEAUFORT WEST ACQUSITION
Linked unitholders of the Company are referred to the SENS announcement
issued by the Company on 31 March 2011 wherein linked unitholders were
advised that Vividend had entered into an agreement with Beaufort West
Shopping Centre (Proprietary) Limited to acquire the property and letting
enterprise, commonly known as the Beaufort West Shopping Centre ("the
Beaufort West Property"), situated on Erf 7401 Beaufort West in the
Province of Western Cape , for R39,000,000 (thirty nine million Rand).
Linked unitholders are hereby advised that The Beaufort West Property was
transferred into the name of Vividend with effect from 24 June 2011.
3 THE MONTCLAIR ACQUISITION
Linked unitholders of the Company are referred to the SENS announcement
issued by the Company on 10 May 2011 wherein linked unitholders were
advised that Vividend had entered into an agreement with SA Corporate Real
Estate Fund to acquire the property and letting enterprise, commonly known
as "The Montclair Mall" ("The Montclair Property"), located on Erven 1030,
1031, 1032, 1033, remaining extent of Erf 1034, portions 1 and 2 of Erf
1034 Sea View KwaZulu-Natal, for R78 500 000 (seventy five million five
hundred thousand Rand).
Linked unitholders are hereby advised that The Montclair Property was
transferred into the name of Vividend with effect from 28 June 2011.
4 THE RYNFIELD ACQUSITION
Linked unitholders of the Company are referred to the SENS announcement
issued by the company on 23 February 2011 wherein linked unitholders were
advised that Vividend had entered into an agreement with Founders Seven
(Proprietary) Limited to acquire the property and letting enterprise,
commonly known as the Rynfield Shopping Centre" ("the Rynfield Property"),
situated at the junction of Pretoria Street and Rickard Street, Benoni,
Gauteng, for R31 500 000 (thirty one million five hundred thousand Rand).
Linked unitholders are hereby advised that the Rynfield Property was
transferred into the name of Vividend with effect from 30 June 2011.
5 PORTFOLIO SUMMARY
Linked unitholders of the Company are advised that subsequent to the
transfer of the above Properties, the Company has deployed R502 million (or
96.5%) of the R520 million raised on its 18 November 2010 listing at a
blended first year yield of 11.43%. An additional R12 million has been
allocated to planned capital expenditure in the next twelve months
resulting in an allocated yield of 11.16% within the Portfolio. A summary
of the Properties and their applicable transfer dates are detailed below:
1 The Clearwater Property - 1 September 2010;
2 The Owl Street (Milpark) Property - 1 January 2011;
3 The Gradner Street (Roggebaai) Property - 17 February 2011;
4 The Tyrwhitt Avenue (Rosebank) Property - 27 May 2011;
5 The Beyers Naude (Blackheath) Property - 28 April 2011;
6 The Church Street (Pietermaritzburg) Property - 8 June 2011;
7 The Beaufort West Property - 24 June 2011;
8 The Montclair Property- 28 June 2011; and
9 The Rynfield Property - 30 June 2011.
Cape Town
1 July 2011
Sponsor
PSG Capital
Date: 01/07/2011 09:00:01 Produced by the JSE SENS Department.
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