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RESILIENT PROPERTY INCOME FUND LIMITED - ACQUISITION OF THOHOYANDOU RETAIL
CENTRE AND DISPOSAL OF VANDERBIJLPARK
MALL RETAIL CENTRE
Resilient Property Income Fund Limited
(Incorporated in the Republic of South Africa)
Registration number 2002/016851/06
JSE Share code: RES
ISIN: ZAE000043642
(`Resilient` or `the Company`)
ACQUISITION OF THOHOYANDOU RETAIL CENTRE AND DISPOSAL OF VANDERBIJLPARK MALL
RETAIL CENTRE (`THE TRANSACTIONS`)
1. ACQUISITION OF THOHOYANDOU RETAIL CENTRE (`THE ACQUISITION`)
1.1 Introduction
Linked unitholders are advised that Resilient has entered into an
agreement to acquire a retail property in Thohoyandou, Northern
Province.
1.2 Details And Rationale For The Acquisition
Resilient has entered into an agreement with Ostiprop 1197 (Pty) Ltd,
a private vendor, to acquire portions 1 - 3 of erf 97 Township
Thohoyandou. This 10 800 lettable square metre retail centre offers
considerable potential for future enhancement and expansion. The
property is acquired with a strong lease profile and tenants include
Jet Stores, Truworths and Mr Price. The acquisition is effective from
transfer date.
The acquisition consideration amounts to R47 million payable in cash
on transfer date and was based on a 13,5% forward yield.
The cash consideration will be funded from existing cash resources and
additional borrowing facilities.
2. DISPOSAL OF VANDERBIJLPARK MALL RETAIL CENTRE (`THE DISPOSAL`)
2.1 Introduction
Linked unitholders are advised that Resilient has entered into an
agreement to dispose of the property known as Vanderbijlpark Mall.
2.2 Details And Rationale For The Disposal
Resilient has entered into an agreement with ApexHi Properties Limited
(`ApexHi`) to dispose of this retail centre in Vanderbijlpark.
Resilient considers the Vanderbijlpark area to yield low growth in the
medium term and the board has decided to dispose of this property with
effect from the transfer date.
Of the R40,5 million sale consideration, R20,25 million is payable by
ApexHi equally in ApexHi A and ApexHi B linked units at a combined
issue price of R15,00 (`the consideration units`), with the balance
payable in cash. It is the Company`s intention to sell the
consideration units in the short to medium term. This property was
originally acquired at a 15,84% forward yield.
3. FINANCIAL EFFECTS OF THE TRANSACTIONS
Neither of the transactions have a significant effect on Resilient`s
distribution or net asset value per linked unit, and financial effects have
therefore not been included.
4. CONDITIONS PRECEDENT RELATING TO THE TRANSACTIONS
All conditions precedent relating to the transactions have been fulfilled
except that the disposal is subject to ApexHi obtaining the JSE Securities
Exchange South Africa`s (`JSE`) approval to list the consideration units.
5. CATEGORISATION OF THE TRANSACTIONS
The acquisition and disposal have been categorised as category 3
transactions respectively, in terms of section 9.5(a) of the JSE Listings
Requirements.
Johannesburg
1 June 2004
Investment Bank and Sponsor
Nedbank Capital
Date: 01/06/2004 03:53:11 PM Produced by the JSE SENS Department
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