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ALLAN GRAY PROPERTY TRUST - ANNOUNCEMENT REGARDING THE ACQUISITION OF NEW
PROPERTIES
ALLAN GRAY PROPERTY TRUST
(Registration number 1983/003324/06)
Share code: GRY
ISIN: ZAE000013165
("Grayprop")
ANNOUNCEMENT REGARDING THE ACQUISITION OF NEW PROPERTIES
1. Introduction
Unitholders are advised that Grayprop has entered into an agreement with
Motor Industry Fund Administrators (Proprietary) Limited to acquire the
MIFA Industrial Park and The Boulders Shopping Centre ("the acquisitions"),
with effect from 1 October 2003.
2. Information On MIFA Industrial Park
The MIFA Industrial Park is an industrial park located between 15th and
16th Road in Midrand and was constructed in 1991. The total lettable area
is 33 964 mSquared, consisting of 22 units ranging from 800 mSquared mini
units to 4 000 mSquared large units.
The purchase consideration is R36 million. The park has been purchased at
a 14% yield, which is considered attractive. In addition, there are vacant
units that provide an opportunity to enhance future earnings. The park is
well located to benefit from the anticipated improvement in the industrial
sector.
3. Information On The Boulders Shopping Centre
The Boulders Shopping Centre is a 48 000 mSquared shopping centre situated
on Old Pretoria Road in Midrand. The centre is well located for car and
taxi commuters and offers the only prime shopping experience in the greater
Midrand / Halfway office and commercial node, as well as to the surrounding
residential areas. The centre has most of the major national retailers,
who are satisfied with their trading. The centre contains a significant
vacancy on its lower trading level.
The purchase consideration is R140 million. The centre has been purchased
at a 14% yield, which is considered attractive. In addition, the vacancy
on the lower trading level provides an opportunity to enhance future
earnings. Grayprop believes it can add value to the acquisitions through
its knowledge of the retail sector and hence add value for unitholders into
the future.
4. Consideration And Financial Effects
The aggregate purchase consideration of R176 million will be settled by
the issue to the vendor of 65 185 186 Grayprop units at 270 cents per
unit, which consideration units will not rank for the final 2003
distribution to unitholders. The acquisitions will not have a significant
effect on Grayprop"s headline earnings, distribution or net asset value per
unit. However, in the medium term, the acquisitions are expected to
contribute to the growth in earnings of Grayprop.
5. Conditions Precedent
The conditions precedent relating to the acquisitions are:
* the approval by the Competition Authorities of the acquisition of The
Boulders Shopping Centre; and
* the granting of the listing of the 65 185 186 consideration units by
the JSE Securities Exchange South Africa.
6. Categorisation Of The Acquisitions
The acquisition of the properties have collectively been categorised as a
category 3 transaction in terms of section 9.5 (a) of the JSE Listings
Requirements.
Cape Town
30 October 2003
Merchant bank and sponsor:
Standard Corporate and Merchant Bank
(A division of The Standard Bank of South Africa Limited)
(Registration number 1962/000738/06)
Allan Gray Property Trust
A Collective Investment Scheme in property registered in terms of the Collective
Investments Schemes Control Act, No 45 of 2002 and managed by Allan Gray
Property Trust Management Limited
Date: 30/10/2003 03:00:04 PM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
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