| Tue 5 Oct 2004, 16:57 | | Vukile Property Fund Limited - Transfers Of Proper |
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Vukile Property Fund Limited - Transfers Of Properties
VUKILE PROPERTY FUND LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2002/027194/06)
JSE code: VKE ISIN: ZAE000056370
(`Vukile`)
TRANSFERS OF PROPERTIES
1. INTRODUCTION
Further to the Abridged Prospectus released on the Securities Exchange News
Service (`SENS`) of the JSE Securities Exchange South Africa (`the JSE`) on
14 June 2004 and published in the press on 15 June 2004 (`the Abridged
Prospectus`) and the commencement of listing announcement released on SENS on
Monday, 21 June 2004 and published in the press on Tuesday, 22 June 2004,
Investec Bank Limited is authorised to announce that the acquisition of all but
one of the properties set out in the Abridged Prospectus has now been completed
and that these properties have been transferred into the name of Vukile.
2. TRANSFERS OF PROPERTIES
At the date of listing of Vukile`s linked units (`the Vukile linked units`) on
the JSE, being Thursday, 24 June 2004, 45 properties with an aggregate value of
R1,69 billion, representing approximately 90,6% of the entire Vukile property
portfolio, were transferred into the name of Vukile.
Four of the remaining five properties and a minor portion of two further
properties (`the acquired properties`), with an aggregate acquisition value of
approximately of R152 million (`the acquisition consideration`), have now been
transferred into the name of Vukile, the details of which are as follows:
Cash portion
Acquisition of acquisition
Property Vendor consideration consideration
R`000 R`000
Sony Building,
Midrand Erfrad 8 32 910 19 746
(Pty) Limited
Arivia.com Building Erfrad 9 76 790 46 074
Midrand (Pty) Limited
Orkney Shopping Rycklof-Beleggings 11 526 4 488
Centre, Orkney (Pty) Limited
Barlows Audi Sanlam Life 23 580 9 182
Kenilworth Insurance Limited
Parow Industrial
Park Rycklof-Beleggings 6 503 2 927
(portion) (Pty) Limited
Midrand Allandale
Park Rycklof-Beleggings 693 312
(portion) (Pty) Limited
Total 152 002 82 729
Linked unit
portion of Number of
acquisition linked units
Property Vendor consideration issued
R`000 `000
Sony Building, Erfrad 8 13 164 2 633
Midrand (Pty) Limited
Arivia.com Building Erfrad 9 30 716 6 143
Midrand (Pty) Limited
Orkney Shopping Rycklof-Beleggings 7 038 1 408
Centre, Orkney (Pty) Limited
Barlows Audi Sanlam Life 14 398 2 880
Kenilworth Insurance Limited
Parow Industrial Park Rycklof-Beleggings 3 576 715
(portion) (Pty) Limited
Midrand Allandale ParkRycklof-Beleggings 381 76
(portion) (Pty) Limited
Total 69 273 13 855
The issue of the above mentioned 13,9 million new Vukile linked units (`the
consideration linked units`) in part payment of the acquisition consideration
has increased the Vukile linked units in issue from 188 886 578 to 202 741 130.
The balance of the acquisition consideration for the acquired properties was
settled in cash in accordance with the terms of the Prospectus to Vukile linked
unitholders dated Monday, 14 June 2004.
The consideration linked units have been issued at a price of 500 cents per
Vukile linked unit and will rank pari passu with the Vukile linked units
already in issue.
The delay with respect to the transfer of the last remaining property,
Hillcrest Shopping Centre, being acquired from Cresta Properties (Proprietary)
Limited (`the outstanding property`), pertains to a delay in obtaining rates
clearance certificates. It is anticipated that transfer of this property will
be effected by the end of November 2004.
The purchase price of R23 883 000 will be settled through the issue of 2 388
300 new Vukile linked units at an issue price of 500 cents per Vukile linked
unit and through the payment of R11 941 500 in cash.
3. PROFIT FORECAST
Notwithstanding the dates of transfer of the acquired properties, Vukile
purchased each of the acquired properties, as well as the outstanding property,
with effect from 1 April 2004 and has contractual rights to the net income
generated from all the acquired properties, as well as from the outstanding
property, with effect from 1 April 2004.
The profit forecast as set out in the Abridged Prospectus, forecasting a
distribution of 60,25 cents per Vukile linked unit for the 12-month period
ending 31 March 2005, which equates to a yield per Vukile linked unit of
12,05%, therefore remains unchanged.
Johannesburg
5 October 2004
Investment bank and
transactional sponsor
INVESTEC CORPORATE FINANCE
Sponsor
BRIDGE CAPITAL
Promoter
SANLAM PROPERTIES
Attorneys
SONNENBERG HOFFMAN GALOMBIK
Date: 05/10/2004 04:42:29 PM Produced by the JSE SENS Department
