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FPT
FPT
FPT - Fountainhead Property Trust - Voluntary announcement regarding
Fountainhead`s acquisition of Centurion Boulevard
Fountainhead Property Trust
A Collective Investment Scheme in property registered in terms of the Collective
Investment Schemes Control Act, No.45 of 2002 and managed by Fountainhead
Property Trust Management Limited
(Registration number 1983/003324/06)
Share code: FPT
ISIN code: ZAE000097416
("Fountainhead")
VOLUNTARY ANNOUNCEMENT REGARDING FOUNTAINHEAD`S ACQUISITION OF CENTURION
BOULEVARD
1. INTRODUCTION
Unitholders are advised that Fountainhead has concluded an agreement for
the acquisition of Centurion Boulevard, namely Portion 4 of erf 51
Verwoerdburgstad measuring 25,755 m2. The seller of the property is Sanlam
Life Insurance Limited.
The property is located in the heart of the Centurion CBD, easily
accessible from the N1 and N14 highways. It is attached to Centurion Mall,
and is marketed as forming part of the Centurion Mall super-regional
shopping centre.
2. THE ACQUISITION
2.1 Rationale
The acquisition is in line with Fountainhead`s strategy of acquiring
quality retail assets which are located in strong retail nodes and
possess good future growth prospects. Management believes that there
are further opportunities available to enhance the value of the
property, such as optimising the tenant mix and also benefitting from
synergies created by using the existing Centurion Mall property
management team to manage the property.
2.2 Consideration and terms of the agreement
The total purchase price is R366 million at an 8.2% initial yield. The
purchase price will be debt financed and is initially expected to be
neutral to earnings. The effective date of the acquisition is 1 March
2012.
In terms of the Listings Requirements of the JSE Limited, the
transaction falls below the threshold for a categorised transaction.
2.3 Details of the property
The total rentable area of the property is 20,270 m2 at a weighted
average gross rental of R155 per m2 as from 1 March 2012.
The weighted average rental escalation by rentable area for the
property is approximately 8%.
31 January 2012
Cape Town
Sponsor
The Standard Bank of South Africa Limited
Date: 31/01/2012 08:00:38 Produced by the JSE SENS Department.
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