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Resilient - Announcement
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 THE PROPERTY KNOWN AS TZANENG MALL AND
DISPOSAL OF THE PROPERTY KNOWN AS eTHEKWINI MUNICIPALITY
1. INTRODUCTION
Linked unitholders are advised that Resilient has entered into agreements to
acquire the property known as Tzaneng Mall and to dispose of the property known
as eThekwini Municipality.
2. ACQUISITION OF TZANENG MALL
Resilient has entered into an agreement with the Motor Industry Pension Fund,
MISA Pension Fund, Auto Workers Pension Fund and the Auto Workers Provident
Fund, to acquire this 32 000 square metre retail centre situated in the center
of the Tzaneen business district. The effective date of the acquisition will be
the transfer date.
The excellent tenant lease profile and quality of this property will enhance the
retail portfolio in the fund.
The purchase price of R83,8m is payable in cash and is based on a 14% forward
yield.
The acquisition is subject to approval by the Competition Commission.
3. DISPOSAL OF eTHEKWINI MUNICIPALITY
Resilient has entered into an agreement with ApexHi Properties Limited
("ApexHi") to dispose of this office block in the Durban CBD, effective on
transfer date. The disposal will result in Resilient reducing its already low
exposure to the office market, even further.
The purchase price was based on a market rental, agreed on by both parties, with
the Company retaining an income stream that has been independently valued at
R17,9m.
Of the R35m sale consideration, R24,2m is payable equally in ApexHi A and ApexHi
B linked units at a combined issue price of R13.40 with the balance payable in
cash. It is the Company"s intention to sell these consideration units in the
short to medium term. This property was originally acquired at a 23,2% forward
yield.
The disposal is subject to ApexHi obtaining approval from the JSE Securities
Exchange SA to list the linked units to be received by the Company as part
consideration.
4. CONSIDERATION AND FINANCIAL EFFECTS
The net cash consideration of R73m will be funded from existing cash resources
and additional 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. CATEGORIZATION OF THE ACQUISITION AND DISPOSAL
The acquisition and disposal have been categorized as category 3 transactions
respectively in terms of section 9.5(a) of the JSE Listings Requirements.
Johannesburg
7 November 2003
Investment Bank and Sponsor
Nedbank Corporate
Date: 10/11/2003 09:37:07 AM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
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