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Nedcor Limited - Nedcor Sells Century City Property Business To The Rabie Group
Nedcor Limited
(Incorporated in the Republic of South Africa)
Registration number: 1966/010630/06
JSE share code: NED
ISIN code: ZAE000004875
("Nedcor" or "the group")
NEDCOR SELLS CENTURY CITY PROPERTY BUSINESS TO THE RABIE GROUP
Nedcor and the Rabie Group announced today that Nedcor"s wholly-owned subsidiary
Century City (Pty) Ltd has entered into an agreement in terms of which the Rabie
Group will acquire the property owning, construction and development business of
Century City (Pty) Ltd for a consideration of R118 million.
In terms of the agreement, which is subject to certain suspensive conditions
being fulfilled, the Rabie Group will acquire all the undeveloped land and
associated development rights at Century City. Transfer is expected to take
place within the next few months.
Nedcor will retain options to participate in specific future development
projects in a joint venture with Rabie and will be afforded opportunities to
finance future developments.
This follows last year"s sale of the Canal Walk shopping centre to a consortium
comprising Hyprop Investments and the Ellerine Brothers.
The Ratanga land and buildings are included in the agreement and will be
transferred to the Rabie Group within two years. The Ratanga Junction rides,
which have operated in the summer months on a break-even basis, are not included
in the sale.
The Rabie Group will assume the future development of the Villa Italia apartment
complex, which has been successfully pre-sold by Century City (Pty) Ltd in
recent months.
All staff in the affected divisions will transfer with the businesses that have
been sold.
The Rabie Group, which is the largest independent commercial and residential
property developer in the Western Cape with a 25 year track record in the
industry, is already a significant developer at Century City having launched a
R400m luxury sectional title project, The Island Club, last year. Construction
of The Island Club is well underway on the North Bank of Canal Walk with first
transfers scheduled for the middle of this year.
John Rabie said that they were extremely excited about acquiring the businesses
of Century City.
"Our Group, with its specialized development background and its proven
commitment and experience, is well qualified to take this development forward
and to realize its full potential. We are not assuming a short-term position. We
are taking a long view and assure property owners and stakeholders that we will
do justice to the unique urban design framework envisaged for Century City," he
added.
Tom Boardman, CEO of Nedcor, said that "the sale was in line with Nedcor"s
strategy of focussing on its core banking operations and disposing of non-core
assets."
Contact Details:
John Bestbier, representing Nedcor: Cell: +27 (0)82 900 7976
Maggie Rowley, representing Rabie, +27 (0)21 550 7000; +27(0)82 453 8884.
Edward Nathan and Friedland are the attorneys to Century City (Pty) Ltd.
Sandton
24 March 2004
Sponsors to Nedcor:
Merrill Lynch South Africa (Pty) Limited
Nedbank Corporate
UBS Corporate Finance South Africa (Pty) Limited
Date: 24/03/2004 08:12:07 AM Produced by the JSE SENS Department
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