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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: MPL
ISIN CDE: 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 R64,20 million and has also disposed of the
properties detailed in 3 below ("the disposals") for an aggregate disposal
consideration of R9,85 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
2.1Details of the acquisitions
Property Purchase price
Description R"000 Location
1. Bison 4 100 Pretoria, Industrial
2. Prolecon 13 000 Prolecon, Gauteng
3. Pasteur 11 300 Blackheath, Gauteng
4. Currie 6 800 Blackheath, Gauteng
5. Kramer 2 000 Eastgate, Gauteng
6. Boston Circle 16 000 Airport Industria, Western Cape
7. Gazelle 11 000 Corporate Park, Midrand
64 200
Gross lettable
area m2 Effective date Vendor
1. 4 355 1 October 2003 Johannesburg Muncipal
Pension Fund
2. 17 627 1 October 2003 Johannesburg Muncipal
Pension Fund
3. 1 259 1 October 2003 Johannesburg Muncipal
Pension Fund
4. 1 815 1 October 2003 Johannesburg Muncipal
Pension Fund
5. 1 672 1 October 2003 Johannesburg Muncipal
Pension Fund
6. 7 623 awaiting transfer TiradeProps 83
(Proprietary) Limited
7. 5 651 awaiting transfer Micromatica 489
(Proprietary) Limited
40 002
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. Bison 4 100 1 887 2 213 790 080 280
2. Prolecon 13 000 5 984 7 016 2 506 214 280
3 Pasteur 11 300 5 200 6 100 2 178 478 280
4. Currie 6 800 3 129 3 671 1 310 943 280
5. Kramer 2 000 2 000 280
6. Boston Circle 16 000 6 400 9 600 3 000 000 320
7. Gazelle 11 000 11 000 3 437 500 320
64 200 24 600 39 600 13 223 215
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. Mundt 6 700 Waltloo, Pretoria
2. Otto 1 500 New Germany, KwaZulu Natal
3. Jetmin 1 650 Jet Park, Gauteng
9 850
Gross lettable
area m2 Effective date Acquiror
1. 4 346 on transfer Uniplate Group
(Proprietary) Limited
2. 3 049 1 December 2003 Emeritius Investments 16
(Proprietary) Limited
3. 2 779 on transfer Merlin Arrow
10 174 Investments 22 CC
3.2 Rationale for the disposals
The disposals consist of a combination of properties which have performed
below expectations and which no longer meet the investment criteria of
Metboard and where the tenants had a right to acquire the property.
3.3. Application of the disposal proceeds
The proceeds from the disposals will be utilised by Metboard to repay
existing borrowings and fund future acquisitions.
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 December 2003
Merchant bank
Investec Corporate Finance
Investec Bank Limited
Sponsor
Investec Securities Limited
Date: 30/12/2003 02:25:04 PM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
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