SPEAR REIT LIMITED - Voluntary Announcement - Acquisition Of Tyger Manor Retail Centre
SEA 201707260052A
Voluntary Announcement - Acquisition Of Tyger Manor Retail Centre
Spear REIT Limited
(previously known as Arrow 2 Investments Proprietary Limited)
Incorporated in the Republic of South Africa
(Registration number: 2015/407237/06)
Share code: SEA
ISIN: ZAE000228995
Approved as a REIT by the JSE
(“Spear” or “the Company”)
VOLUNTARY ANNOUNCEMENT - ACQUISITION OF TYGER MANOR RETAIL CENTRE
1. INTRODUCTION
The board of directors of Spear is pleased to advise shareholders that
the Company, through its wholly-owned subsidiary Spear Holdco
Proprietary Limited (“Purchaser”), has entered into a sale of letting
enterprise agreement with Accelerate Property Fund Limited (“Seller”)
dated 21 July 2017 (“the Agreement”)to acquire the property situated
on Erf 34109, Bellville, City of Cape Town, known as Tyger Manor
Retail Centre (“the Property”) and the letting enterprise conducted
by the Seller as a going concern (“Letting Enterprise”) in respect of
the Property (“the Acquisition”).
2. RATIONALE
The Acquisition is in line with Spear’s strategy to increase its
investments in the Tygervalley node and is at a yield of 9,31%, which
is accretive to shareholders. The Property is in very close proximity
to Spear’s existing properties in the area and will allow Spear to
enhance value to the Property given Spear’s acute understanding of
tenant demands in the area.
3. PURCHASE CONSIDERATION
In terms of the Agreement, the purchase price for the Property and
the Letting Enterprise is R59 600 000 (inclusive of VAT at a rate of
0%) and will be funded by debt facilities and /or a vendor
consideration placing.
4. CATEGORISATION
The Acquisition is uncategorised in terms of the JSE Listings
Requirements, and the information contained in this announcement has
been voluntarily disclosed by the Company.
26 July 2017
Cape Town
PSG Capital Proprietary Limited
Transaction Adviser and Sponsor
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