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SYC
SYC
SYC - Sycom Property Fund - Announcement regarding the acquisition of a
15% shareholding in Paarl Mall
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")
ANNOUNCEMENT REGARDING THE ACQUISITION OF A 15% SHAREHOLDING IN PAARL
MALL
1. Introduction
Sycom unitholders are advised that ABSA Bank Limited, acting as
trustee for the Fund, has entered into an agreement with Changing
Tides 91 (Proprietary) Limited ("Changing Tides" or "the Seller")
to acquire a further 15% shareholding in the properties on which
the shopping centre known as the Paarl Mall ("the Property") is
located from the Seller ("the Acquisition").
The Acquisition will be effective upon the date of transfer, such
date not being earlier than 1 January 2012. The expected transfer
date is 28 February 2012 ("the transfer date").
2. Rationale for the Acquisition
Sycom already owns 70% of the Property and the Acquisition will
increase its shareholding in the Property to 85%. In terms of its
strategy, Sycom continues to seek opportunities that will enhance
shareholder value, including the acquisition of additional shares
in co-owned assets as opportunities arise.
3. Consideration for the Acquisition
The purchase consideration for the Acquisition is R91.5 million
("the Purchase Price"), payable in cash on the transfer date.
4. Conditions precedent
The Acquisition is subject to:
4.1 Competition Authorities approval; and
4.2 obtaining of any other regulatory approvals, to the extent
required.
5. Small related party transaction
As Sycom is transacting with a company in which a director of
Sycom Property Fund Managers has an interest, the Acquisition is
considered a "small related party" transaction in terms of the JSE
Limited ("JSE") Listings Requirements. Sycom has accordingly
appointed an independent expert, KPMG Services (Proprietary)
Limited ("KPMG"), to review the terms of the Acquisition.
KPMG have reviewed the terms and conditions of the Acquisition and
are of the opinion that these terms and conditions are fair and
reasonable to Sycom unitholders. KPMG has expressed this opinion
in writing and such opinion is available for inspection at the
Fund`s registered office for a period of 28 days from the date of
this announcement.
6. Unaudited pro forma financial effects of the Acquisition
The unaudited pro forma financial effects of the Acquisition on
net asset value and net tangible asset value per unit have not
been disclosed as these are not significant.
7. Forecast information on the Property
The summarised forecast financial information relating to the
Property for the 1 month ending 31 March 2012 and for the twelve
months ending 31 March 2013, which is the responsibility of Sycom
Property Fund Managers` directors, is set out below. The forecast
financial information has not been reviewed and reported on by the
Fund`s auditors.
Forecast Forecast
1 month ending 12 months
31 March 2012 ending
R`000 31 March 2013
R`000
Gross rentals 4 540 56 374
Contracted revenue 4 263 48 736
Uncontracted revenue 277 7 638
Net rental income before 589 7 366
interest
Net rental income after 59 1 327
interest and taxation
Notes:
1. The forecast information for the 1 months ending 31 March
2012 has been calculated from the transfer date.
2. The assumptions for uncontracted revenue are that rentals on
new leases and / or renewals will be at market related rates.
8. Specific information relating to the Property
Details regarding the Property are set out below:
Property Location Sector GLA Single or Weighted
m2 multi average rental
tenanted per m2
R
Paarl Mall, Cecile Retail 36 multi 126.21
Erven 2859, Road, 125Squa
12211 and Paarl red
9271, Paarl
and Remainder
26219, Paarl
Property Vacancy by Annualised Purchase price Value Rm{1)
rentable area property yield Rm
m2 %
Paarl Mall, 305(Squared) 8% 91 500 90 000
Erven 2859,
12211 and
9271, Paarl
and
Remainder
26219, Paarl
Notes:
1. The value of 15% of the Property of R90m was arrived at by
the independent external property valuer, HHMP Property
Developers (Proprietary) Limited (trading as Quadrant), as at
1 January 2012.
2. Represents 100% of the Property area.
10 November 2011
Cape Town
Investment bank and sponsor
Nedbank Capital
Vani Chetty
Competition Law Advisor
Date: 10/11/2011 15:35:58 Produced by the JSE SENS Department.
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