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RESILIENT PROPERTY INCOME FUND LIMITED - DISPOSAL OF A PORTFOLIO OF PROPERTIES
TO PRIMA PROPERTY TRUST
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")
DISPOSAL OF A PORTFOLIO OF PROPERTIES TO PRIMA PROPERTY TRUST
1. INTRODUCTION
Linked unitholders are advised that Resilient has entered into an agreement to
dispose of a portfolio of properties to Prima Property Trust ("Prima"),a company
listed on the "Financial - Real Estate" sector of the JSE Securities Exchange
South Africa ("JSE") list.
2. DISPOSAL TO PRIMA PROPERTY TRUST
Resilient has entered into an agreement to dispose of a portfolio of properties
to Prima Property Trust, effective 1 November 2003. The disposal of this
portfolio will reduce the Company"s exposure to properties with a value of less
than R10m. The properties, with an aggregate book value of R43.5m, are listed
below:
- Saficon Motor Holdings Driekop
- Tarrys Head Office
- FNB Florida
- Florida Road Durban
- Saficon Motor Holdings Germiston
- Metcash Kempton Park
- Vryburg Sanlam Centre
- Auto Zone Nelspruit
- Springs Nando"s
- Town Talk Mkuze
Of the R44.6m sale consideration, R29m is payable in cash and the balance to be
settled in Prima units. It is the Company"s intention to sell these
consideration units in the short to medium term. The properties were originally
acquired at an average 15,6% forward yield.
The disposal is subject to Prima obtaining approval from the JSE Securities
Exchange SA to list the units to be received by the Company as part
consideration.
3. CONSIDERATION AND FINANCIAL EFFECTS
The cash consideration will reduce the Company"s borrowings.
The disposal does not 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.
4. CATEGORISATION OF THE TRANSACTION
The disposal has been categorised as a category 3 transaction in terms of
section 9.5(a) of the JSE Listings Requirements.
Johannesburg
13 November 2003
Investment Bank and Sponsor
Nedbank Corporate
Date: 13/11/2003 08:32:59 AM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
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