| Fri 27 Sep 2002, 12:02 | | Centrecity Property Fund - Announcement Regarding |
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CENTRECITY PROPERTY FUND - ANNOUNCEMENT REGARDING THE DISPOSAL OF CENPROP
PROPERTIES AND FURTHER CAUTIONARY ANNOUNCEMENT RELATING TO THE DISPOSAL OF THE
ENTIRE CENPROP PROPERTY PORTFOLIO ("the portfolio") AND THE WINDING-UP OF
CENPROP
CENTRECITY PROPERTY FUND
("Cenprop")
Sharecode : CEN
ISIN : ZA000001335
(A unit trust fund established in terms of the Unit Trusts Control Act, No. 54
of 1981)
("the Act")
Managed by
PROPERTY FUND MANAGERS LIMITED
(Registration No. 1980/009531/06)
("PFM")
ANNOUNCEMENT REGARDING THE DISPOSAL OF CENPROP PROPERTIES AND FURTHER CAUTIONARY
ANNOUNCEMENT RELATING TO THE DISPOSAL OF THE ENTIRE CENPROP PROPERTY PORTFOLIO
("the portfolio") AND THE WINDING-UP OF CENPROP
Sale of Rosebank Mall and JHI House to Hyprop Investments Limited ("Hyprop")
Further to the detailed cautionary announcement published in the press on 9
August 2002 ("the announcement") regarding the conclusion of various conditional
agreements of sale in respect of the disposal of the portfolio and the winding-
up of the unit portfolio of Cenprop in terms of Section 25(2) of the Act or any
legislation in substitution therefor ("the winding-up"), PFM advises unitholders
that a comprehensive agreement of sale of the Rosebank Mall and JHI House,
Rosebank, Johannesburg to Hyprop has been concluded, in substitution for the
heads of agreement referred to in the announcement. The purchase consideration
remains unchanged at R272 323 459 plus an adjustment for the costs of completing
the refurbishment of the Rosebank Mall, subject to a maximum of R31 676 541.
The agreement incorporates the terms set out in the announcement but provides
for an extension of time for the fulfilment of the suspensive conditions until
28 February 2003, and that Hyprop may in its discretion increase the purchase
price payable by it, at any time prior to the meeting of Cenprop unitholders
referred to below ("the unitholder meeting").
Revised sale of 2 Long Street, Cape Town and Southway Mall, Durban to Capital
Property Fund ("Capital")
In the announcement, unitholders were informed that agreement had been reached
with Capital which would acquire the shares in Garforres Investments
(Proprietary) Limited and Titren Road Properties (Proprietary) Limited, the
fixed property companies in Cenprop owning 2 Long Street and Southway Mall,
respectively. These agreements have been varied to provide for the disposal of
the properties themselves to Capital. The purchase considerations of R52 000
000 for 2 Long Street and R9 000 000 for Southway Mall, respectively, remain
unchanged. The considerations are to be settled by the issue of Capital units
at an issue price of R1,80 per unit. The suspensive conditions referred to in
the announcement are still applicable but the time for the fulfilment of the
suspensive conditions has been extended to 28 February 2003.
Sale of Andersen Park, Hyde Park, Johannesburg
Andersen Park, Johannesburg has been disposed of to Carcor & Associates CC for a
purchase consideration of R12 500 000. The purchaser may in the alternative
acquire Summit Road Properties (Proprietary) Limited, the Cenprop fixed property
company which owns the property. The agreement is subject to the purchaser
raising the requisite finance.
Financial effects
PFM is in the process of obtaining fair and reasonable statements from
independent financial advisers in regard to the Hyprop and Capital transactions
and a detailed announcement including the financial effects of the above
transactions on unitholders will follow immediately thereafter.
Further cautionary
Competing offers to the agreements referred to in the announcement have been
received for the portfolio as a whole and for the Rosebank Mall and JHI House
alone, which the Board is in the process of considering.
Once the Board has considered the offers, a further announcement will be made to
Cenprop unitholders.
Unitholders are advised to continue to exercise caution in their dealings.
Circular regarding the unitholder meeting
A circular to Cenprop unitholders and a notice convening the unitholder meeting
will be distributed shortly after the publication of the announcement regarding
the financial effects, which circular will contain, inter alia, the details of
the transactions as well as those of the competing offers referred to above,
which the Board determines are appropriate to be placed before unitholders for
consideration with the Hyprop and other agreements referred to in the
announcement and herein.
27 September 2002
Corporate law advisers and consultants Sponsor
EDWARD NATHAN & FRIEDLAND SASFIN LIMITED
(PROPRIETARY) LIMITED
Date: 27/09/2002 11:20:16 AM Produced by the JSE SENS Department
