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AWA AWB
ARROW
AWA/AWB - Arrowhead Properties Limited - Acquisition of property letting
enterprise
ARROWHEAD PROPERTIES LIMITED
(formerly Nervada Trading 13 (Proprietary) Limited)
(Incorporated in the Republic of South Africa)
(Registration number 2011/000308/06)
JSE code for A-linked units: AWA
ISIN for A-linked units: ZAE000158101
JSE code for B-linked units: AWB
ISIN for B-linked units: ZAE000158119
("Arrowhead" or "the company")
ACQUISITION OF PROPERTY LETTING ENTERPRISE
INTRODUCTION
Linked unitholders are advised that Arrowhead has concluded an agreement
for the acquisition of a property letting enterprise and related
immovable property situate at 67 Middle Road, Bartlett, Boksburg ("the
immovable property") from Frutek (Proprietary) Limited ("Frutek") ("the
acquisition").
The building situated on the immovable property is single tenanted.
The acquisition provides Arrowhead with an opportunity to increase its
industrial property portfolio exposure whilst improving the quality and
average size of the portfolio.
TERMS OF THE ACQUISITION AND CONDITIONS PRECEDENT
The total purchase consideration payable by Arrowhead is R 60 000 000
which amount includes VAT levied at a rate of 0% (the "purchase price").
The purchase price will be discharged in cash on the effective date,
being the date on which the immovable property is transferred into
Arrowhead`s name. Arrowhead intends raising the cash by way of a vendor
consideration placement of Arrowhead A and B linked units.
The acquisition is conditional on:
- Arrowhead securing written approval from its investment committee
for the acquisition;
- Arrowhead conducting a due diligence investigation;
- Arrowhead securing finance for the acquisition; and
- Arrowhead and the existing lessee of the immovable property
concluding a new lease agreement or alternatively, at Arrowhead`s
discretion, the existing lessee of the immovable property consenting
to the cession and assignment of the existing lease agreements from
Frutek to Arrowhead with effect from the effective date.
THE PROPERTY PORTFOLIO
The property specific information required in terms of the JSE Listings
Requirements in relation to the acquisition is set out below.
Property name Sector Geographical Rentable Weighted
and address location Area (m2) Average
rental per m2
67 Middle Road, Industrial Boskburg, 11 177 R 49.21
Bartlett, Gauteng
Boksburg
No independent valuation has been carried out and the board of Arrowhead
is of the view that the purchase price of R 60 000 000 represents the
value of the immovable property as at the effective date.
CATEGORISATION OF THE ACQUISITION
The acquisition is classified as a Category 2 transaction in terms of the
JSE Listings Requirements. Accordingly it is not subject to approval by
Arrowhead`s linked unitholders.
FINANCIAL EFFECTS AND CAUTIONARY
The financial effects of the acquisition are still in the process of
being finalised and will be published in due course. Unitholders of
Arrowhead are advised to exercise caution when dealing in their linked
units until the financial effects of the acquisition are announced.
18 June 2012
Sponsor
Java Capital
Date: 18/06/2012 16:13:05 Produced by the JSE SENS Department.
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