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ING 201302270025A
Announcement regarding the Disposal of the Loerie Centre
INGENUITY PROPERTY INVESTMENTS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2000/018084/06)
ISIN: ZAE 000127411 JSE share code: ING
(“Ingenuity” or “the Company”)
ANNOUNCEMENT REGARDING THE DISPOSAL OF THE LOERIE CENTRE
1. Introduction
Ingenuity shareholders are advised that the Company has entered into an agreement of sale
(“the Agreement”) with K2012103571 (Proprietary) Limited, whose name is currently being
changed to Interurban Property Fund Proprietary Limited (“Interurban” or "the Purchaser"), in
terms of which Ingenuity will dispose of the rental enterprise, including the property situated at
Erf 4769, George and known as the Loerie Centre (“the Property") (“the Disposal”).
The Disposal will become effective on transfer which is expected to be on or about 31 May 2013
(“the Transfer Date”).
2. Rationale for the Disposal
The Property was acquired in September 2010 and had been upgraded and fully tenanted. The
offer received from the Purchaser was considered attractive and provided the Company the
opportunity to realise value and allow it to reduce borrowings.
3. Consideration for the Disposal
The total consideration for the Disposal is R56.5 million (“the Disposal Consideration”), to be
settled in cash on the Transfer Date.
The proceeds on disposal will be utilised to reduce borrowings.
4. Conditions precedent
The Disposal is subject to fulfilment of the following conditions precedent:
4.1 the Purchaser shall have the right to undertake a due diligence investigation; and
4.2 the Purchaser is granted a mortgage securities loan of an amount of R33.9 million within
21 days after acceptance of the due diligence letter of satisfaction.
5. Property specific information
Property Location Sector Gross Single or Weighted Disposal Value of the
lettable Multi- average Consideration Property
area tenanted gross Rm Rm (1)
rental per
m2
R
Erf 4769
Loerie Centre Retail 4 624 Multi 103.00 56.5 55.3
George
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 2012.
6. Unaudited pro forma financial effects ("Financial Effects") of the Disposal
The Financial Effects of the Disposal on Ingenuity's 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.
27 February 2013
Cape Town
Investment bank and Sponsor
Nedbank Capital
Date: 27/02/2013 11:04:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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