REDEFINE INCOME FUND LIMITED - ACQUISITION OF PROPERTY LETTING ENTERPRISES
Redefine Income Fund Limited
(Registration No. 1999/018591/06)
Share code: RDF ISIN code: ZAE000023503
(`Redefine` or `the company`)
ACQUISITION OF PROPERTY LETTING ENTERPRISES
Java Capital is authorised to announce that Redefine (through its whollyowned
subsidiary Outward Investments (Proprietary) Limited) has concluded an agreement
with various entities comprising the Collins Property Group for the acquisition
of property letting enterprises conducted by the Collins Property Group in
respect of nine immovable properties known as the Accenture Building, Woodmead;
the BMW Northcliff building; the Avroy Schlain building in Midrand; the Mauff
Zail buildings in Pretoria, Richmond and Durban and the Africa Glass buildings
in Centurion, Alrode and Denver (the `property portfolio`). The property
portfolio is to be acquired, with effect from the date on which the properties
are registered in the name of Redefine (`transfer date`) for an aggregate
purchase consideration of R252,5 million, to be settled entirely in cash on the
transfer date (the `acquisition`).
The purchase consideration is to be funded via existing cash resources and
mortgage finance.
The property portfolio comprises one retail, four commercial and four industrial
properties with a combined gross rentable area of approximately 69 100mSquared.
The acquisition is in line with Redefine`s strategy of acquiring properties in
prime locations with A-grade tenants, long leases and good escalations.
The acquisition is conditional upon the parties securing all approvals and
consents required to be secured in terms of the Competition Act, 89 of 1998.
Utilising historical information and on the assumption that the acquisition was
effective for the year ended 31 August 2004, the acquisition would have had no
material effect on historical headline earnings, earnings, asset value and net
asset value per Redefine linked unit. The financial effects of the acquisition
are therefore not included.
Rosebank
11 October 2004
Corporate advisor
Legal advisor
Sponsor
Java Capital (Pty) Limited
Date: 12/10/2004 09:40:10 AM
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