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SA Retail Properties Limited - Announcement Regarding The Acquisition Of A
Retail Property Portfolio By S A Retail
S A Retail Properties Limited
(Incorporated in the Republic of South Africa)
(Registration number 1999/025764/06)
("S A Retail" or "the Company")
(Share Code: SRL ISIN Code: ZAE000034326)
ANNOUNCEMENT REGARDING THE ACQUISITION OF A RETAIL PROPERTY PORTFOLIO BY S A
RETAIL
1. INTRODUCTION
Further to the cautionary announcement dated 12 August 2002, unitholders of S A
Retail are advised that the Company has reached agreement with Old Mutual Life
Assurance Company (South Africa) Limited ("Old Mutual"), subject to the
conditions referred to in 5 below, to acquire certain retail properties ("Old
Mutual Property Portfolio") for a total consideration of R143,3 million, to be
settled by way of the issue of units in S A Retail.
The units to be issued as consideration for the above acquisition will be
placed on behalf of Old Mutual.
2. NATURE OF BUSINESS
The property portfolio acquired by S A Retail consists of six community and
convenience shopping centres situated in Florida, Witbank, Cape Town and Durban.
Gross lettable area ("GLA") amounts to 57 155m} with an average vacancy factor
approximating 5,4%. Tenants include major national retailers who occupy
approximately 55% of the GLA, with the balance of space taken up by line shops.
Based on the purchase consideration of R143,3 million, these properties
should yield 13,4% per annum forward.
3. RATIONALE FOR THE ACQUISITION
S A Retail`s investment policy is to ensure, through proactive asset
management, long term income and capital growth by maintaining a premier quality
portfolio. This, along with the other investment policy criteria of sustaining
critical mass and enhancing S A Retail`s retail sector emphasis, is met by the
acquisition of the Old Mutual property portfolio.
4. FINANCIAL EFFECTS OF THE ACQUISITION
The effects of the acquisition on the net asset value per unit and earnings
per unit are not material.
5. CONDITIONS PRECEDENT
The acquisition is subject to the following conditions precedent:
Due diligence of the Old Mutual property portfolio;
Placement of the units by no later than 29 October 2002;
Competition Commission approval, to the extent required; and
JSE Securities Exchange South Africa approval.
6. ACTION
On fulfilment of the conditions precedent unitholders will be informed
accordingly.
Durban
2 September 2002
MERCHANT BANK SPONSOR
MARRIOTT MERCHANT BANK LTD EXCHANGE SPONSORS (PTY) LTD
Date: 02/09/2002 05:00:00 PM Produced by the JSE SENS Department
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