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ING
ING
ING - Ingenuity Property Investments Limited - Announcement regarding the
disposal of a property
INGENUITY PROPERTY INVESTMENTS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2000/018084/06)
ISIN: ZAE000127411 JSE share code: ING
("Ingenuity" or "the Company")
ANNOUNCEMENT REGARDING THE DISPOSAL OF A PROPERTY
1 Introduction
Ingenuity shareholders are advised that the Company has entered into an
agreement ("the Agreement") with the Trustees for the time being of the
Procon GT Property Fund Trust ("Procon" or "the Purchaser"), in terms of
which Ingenuity has sold the property known as Natural Stone Warehouse,
situated at 11 Paarden Eiland Road, Paarden Eiland, Cape Town ("the
Property") ("the Disposal").
The Disposal will become effective on transfer which is expected to be
during January 2012 ("the Transfer Date").
2 Rationale for the Disposal
The Property was acquired in October 2007 when Ingenuity was restructured
and has been upgraded and is fully let. The Company has disposed of this
smaller asset in line with its strategy of growing its asset base and
focus on larger strategic properties.
The proceeds on the Disposal will be utilised to reduce borrowings and to
apply to development initiatives of the Company.
3 Consideration for the Disposal
The total consideration for the Disposal is R27.5 million ("the Disposal
Consideration") and will be discharged in full by the Purchaser as follows:
3.1 by a cash deposit of R1.375 million on fulfillment of the last of the
conditions precedent; and
3.2 by the furnishing of a bank guarantee for the balance of the Disposal
Consideration within 14 days of the fulfillment of the last of the
conditions precedent.
The Disposal Consideration is payable on the Transfer Date.
4 Conditions precedent
All conditions precedent relating to the Disposal have been fulfilled.
5 Property specific information relating to the Property
Property Location Sector Gross Single Weighted Disposal Value of
lettable or Multi- average Conside- the
area m2 tenanted gross ration Property
rental per Rm Rm
m2 R
Erf 17639, 11 Retail 4 553 Multi 57.00 26.8 (1)
Cape Town Paarden and 27.5
Eiland Indus-
Road, trial
Paarden
Eiland,
Cape
Town
Notes:
1 The value of the Property is based on a directors` valuation as set
out in Ingenuity`s audited consolidated results for the year ended
31 August 2011.
6 Unaudited pro forma financial effects ("Financial Effects") of the Disposal
The Financial Effects on earnings per share, headline earnings per share,
net asset value per share and net tangible asset value per share have not
been disclosed as these are not significant. The Financial Effects are the
responsibility of Ingenuity`s board.
7 Categorisation of the Disposal
The Disposal is categorised as a Category 2 transaction in terms of the
JSE Limited Listings Requirements.
24 November 2011
Cape Town
Investment bank and Sponsor
Nedbank Capital
Date: 24/11/2011 10:14:03 Produced by the JSE SENS Department.
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