|
Metboard Properties Limited - Acquisitions and disposals of properties
METBOARD PROPERTIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1998/005425/06)
Share code: ZAE000014874
("Metboard")
Acquisitions and disposals of properties
1. Introduction
Investec Bank Limited is authorised to announce that Metboard has
entered into various agreements ("the acquisition agreements") in terms of
which Metboard has acquired the properties detailed in 2 below ("the
acquisitions") for an aggregate purchase consideration of R75,95 million and
has also disposed of the properties detailed in 3 below ("the disposals")
for an aggregate disposal consideration of R31,15 million. All conditions
precedent to the acquisitions and the disposals have been met and
accordingly, the acquisitions and the disposals are unconditional.
2. The acquisitions
2.1 Details of the acquisitions
Property Purchase price
description R"000 Location
1. Magpie Development* 3 000 Meadowdale, Gauteng
2. Runway Park 16 500 Mobeni, KwaZulu-Natal
3. Alberton Gateway 14 400 Alberton, Gauteng
4. Olympic 10 800 Parow, Western Cape
5. Protec Park 11 400 Chloorkop, Gauteng
6. Grenville 7 200 Epping, Western Cape
7. Kelsteel 6 500 Spartan, Gauteng
8. Seaview 6 150 Durban, KwaZulu-Natal
75 950
Gross lettable
area m2 Effective date Vendor
1. 4 500 1 October 2003 Transnet Limited
2. 36 396 1 October 2003 Reckitt Benckiser
South Africa
(Proprietary) Limited
3. 5 978 1 April 2003 Coshelf No. 20
(Proprietary) Limited
4. 10 600 1 October 2003 Momentum Group Limited
5. 5 496 1 April 2003 Kemparkto (Proprietary)
Limited
6. 9 162 1 October 2003 Gearings Properties
(Proprietary) Limited
7. 9 119 1 April 2003 Dawid G C du Plessis
Eksplorasies (Eiendoms)
Beperk
8. 8 736 1 October 2003 Recron Properties 2
(Proprietary) Limited
89 987
* The Magpie Development consists of land valued at R3 million purchased
from Transnet Limited, which is planned to be developed by Metboard at a
total cost of approximately R19 million by April 2004.
The purchase consideration for each of the properties comprising the
acquisitions will be settled as follows:
Rand
value of Issue
Metboard Number of price per
Linked Metboard Metboard
Purchase units to linked linked
Property price Cash be issued units to unit
description R"000 R"000 R"000 be issued (cents)
1. Magpie
Development 3 000 3 000 - - -
2. Runway Park 16 500 - 16 500 5 892 857 280
3. Alberton
Gateway 14 400 7 200 7 200 2 716 982 265
4. Olympic 10 800 - 10 800 3 857 143 280
5. Protec Park 11 400 5 700 5 700 2 035 715 280
6. Grenville 7 200 - 7 200 2 571 429 280
7. Kelsteel 6 500 3 366 3 134 1 182 518 265
8. Seaview 6 150 - 6 150 2 196 429 280
75 950 19 266 56 684 20 453 073
2.2 Rationale for the acquisitions
Metboard has continually increased the size of its property portfolio
through the acquisition of sought after, high quality properties. The
acquisitions consist of properties that will enhance the quality and
geographical spread of the overall property portfolio of Metboard, with
average yields in excess of 13,8%.
3 The disposals
3.1 Details of the disposals
Property Selling price
description R"000 Location
1. Gardens 6 300 Cape Town, Western
2. Jet Industrial Park 5 800 Jet Park, Gauteng
3. Keyruss 3 900 Durban, KwaZulu-Natal
4. Van Riebeek 1 3 500 Edenvale, Gauteng
5. Aserma 3 400 New Germany, KwaZulu-Natal
6. Bloemakkie 2 000 Bloemfontein, Free State
7. Batten 2 800 City Deep, Gauteng
8. Van Beek 1 250 Edenvale, Gauteng
9. Van Riebeek 2 1 150 Edenvale, Gauteng
10.Bessemer 1 050 Amalgam, Gauteng
31 150
Gross lettable
area m2 Effective date Acquiror
1. 2 482 on transfer Nuttal Wilson Low
Consultants
(Proprietary) Limited
2. 15 549 on transfer Scopeful 130 (Proprietary)
Limited
3. 7 826 on transfer Basfour 2864 (Proprietary)
Limited
4. 2 527 3 October 2003 David Mark Croucher
5. 8 529 21 July 2003 CTP Limited
6. 4 518 on transfer H.E.G. Eiendomme
(Eiendoms) Beperk
7. 4 328 on transfer Doodleprops 5
(Proprietary) Limited
8. 1 625 on transfer Golden Quilt Investments
263 Close Corporation
9. 1 150 on transfer Trade Property Ventures
No.32 Close Corporation
10. 1 682 4 April 2003 Straightprops 23
(Proprietary) Limited
50 216
3.2 Rationale for the disposals
The disposals consist of a combination of properties which are too
small, have performed below expectations and which no longer meet the
investment criteria of Metboard.
3.3. Application of the disposal proceeds
The proceeds from the disposals will be utilised by Metboard to
repay existing borrowings.
4. Financial effects
The acquisitions and disposals do not have a material effect on the
earnings per Metboard linked unit, distribution per Metboard linked unit or
net asset value per Metboard linked unit.
Sandton
30 October 2003
Merchant bank
Investec Corporate Finance
Investec Bank Limited
(Registration number 1969/004763/06)
Sponsor
Investec Securities Limited
Member of the JSE
(Registration number. 1972/008905/06)
Date: 30/10/2003 04:16:08 PM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
