| Thu 10 Nov 2011, 15:37 | | SYC - Sycom Property Fund - Voluntary announcement |
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SYC
SYC
SYC - Sycom Property Fund - Voluntary announcement
Sycom Property Fund
A Collective Investment Scheme in property registered in terms of the
Collective
Investment Schemes Control Act, No. 45 of 2002 and managed by Sycom Property
Fund Managers Limited ("Sycom Property Fund Managers")
(Registration number 1986/002756/06)
JSE Share code: SYC & ISIN: ZAE000019303
("Sycom" or "the Fund")
VOLUNTARY ANNOUNCEMENT
Sycom unitholders are advised that Sycom has concluded the following two
transactions ("the transactions"):
1. Sycom has entered into an agreement with Grapnel Property Investments
(Proprietary) Limited ("Grapnel") to acquire a 15% shareholding in the
properties on which the shopping centre known as the Paarl Mall ("Paarl
Mall") is located. Sycom has also entered into an agreement with Changing
Tides 91 (Pty) Limited ("Changing Tides") to acquire a further 15% of
Paarl Mall, details of which were announced in a separate announcement on
10 November 2011. Together, these two transactions ("the Paarl Mall
acquisition") will increase Sycom`s interest in Paarl Mall from its
current level of 70% to 100%. The purchase consideration for the Paarl
Mall acquisition is R183 million, payable in cash, with R91.5m payable to
Grapnel and R91.5m payable to Changing Tides. The acquisition yield is
8%.
2. Sycom has further entered into an agreement with Grapnel to acquire the
Kraft Foods building situated in the Harrowdene Office Park, Woodmead,
Sandton ("the Harrowdene acquisition"). The purchase consideration for
the Harrowdene acquisition is R88 million, payable in cash. The building
is 4,840mSquared in extent and has been purchased at a yield of 8%
The transactions are subject to approval by the Competition Authorities.
In terms of Section 9.13 of the JSE Listings Requirements, the transactions
have been aggregated as Sycom is dealing with the same party, being Grapnel.
However, the total purchase consideration of R179.5 million for the
transactions falls below the threshold of a Category 2 transaction as defined
by the JSE Listings Requirement and therefore this announcement is made
voluntarily.
10 November 2011
Cape Town
Investment bank and Sponsor
Nedbank Capital
Competition Law Advisor
Vani Chetty
Date: 10/11/2011 15:37:00 Produced by the JSE SENS Department.
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