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RESILIENT - ACQUISITION OF ISANDO INDUSTRIAL PARK AND NELSPRUIT PLAZA
Resilient Property Income Fund Limited
(Incorporated in the Republic of South Africa)
Registration number 2002/016851/06
Share code: RES ISIN: ZAE000043642
("Resilient" or "the Company")
ACQUISITION OF ISANDO INDUSTRIAL PARK AND NELSPRUIT PLAZA
1. Introduction
Linked unitholders are advised that Resilient has entered into agreements to
acquire the properties known as Isando Industrial Park and Nelspruit Plaza ("the
acquisitions")
2. Acquisition of Isando Industrial Park
Resilient has entered into an agreement with Old Mutual Properties to acquire
this 48 000 mSquared industrial park situated approximately 2km from
Johannesburg International Airport, with effect from the transfer date. The
park comprises of large warehouse and office units and enjoys good access to the
R24 freeway and the airport.
The acquisition is in line with the Company"s strategy to acquire industrial
letting space in major transport nodes.
The purchase price of R70.3m is payable in cash and is based on a 14% yield.
3. Acquisition of Nelspruit Plaza
Resilient has entered into an agreement with Nelspruit Plaza Investment (Pty)
Ltd, a wholly-owned subsidiary of Laeveldtrust 2001 (Pty) Ltd, to acquire this
retail taxi centre, with effect from the transfer date. Nelspruit Plaza is
strategically positioned between the railway station, taxi rank and CBD of
Nelspruit.
The acquisition is in line with the Company"s strategy to acquire large retail
centres in larger towns and non-metropolitan cities.
The purchase price of R52.5m, based on a 13.5% yield, is payable 50% in cash and
50% through the issue of 4 687 500 Resilient linked units at R5.60 per unit ex-
distribution.
4. Consideration and financial effects
The total cash consideration of R96.55m will be funded from existing cash
resources and borrowing facilities.
Neither of the individual transactions have a significant effect on Resilient"s
headline earnings, distribution or net asset value per linked unit, and
financial effects have, therefore not been included.
5. Conditions precedent
All conditions precedent relating to the acquisitions have been fulfilled, save
for the granting of the listing of the 4 687 000 consideration linked units by
the JSE Securities Exchange South Africa Listings Division.
6. Categorisation of the acquisitions
The acquisitions have been categorised as category 3 transactions respectively
in terms of section 9.5 (a) of the JSE Listings Requirements.
Johannesburg
3 October 2003
Investment Bank and Sponsor
Nedbank Corporate
Date: 03/10/2003 04:13:12 PM Produced by the JSE SENS Department
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