| Tue 30 Nov 2004, 15:21 | | TRANSFERS OF PROPERTIES |
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VUKILE PROPERTY FUND LIMITED LOGO - TRANSFERS OF PROPERTIES
VUKILE PROPERTY FUND LIMITED LOGO
(Incorporated in the Republic of South Africa)
(Registration number 2002/027194/06)
JSE code: VKE ISIN: ZAE000056370
(`Vukile` or `the Company`)
TRANSFERS OF PROPERTIES
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 the last of the properties set
out in the Abridged Prospectus has now been completed and that the property has
been transferred into the name of Vukile.
TRANSFER 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.
On 5 October 2004, it was announced that four of the remaining five properties
and a minor portion of two further properties, with an aggregate acquisition
value of approximately of R152 million, had been transferred into the name of
Vukile.
The last remaining property, Hillcrest Centre (`the acquired property`), with an
acquisition value of R23,883 million (`the acquisition consideration`) has now
been transferred into the name of Vukile, the details of which are as follows:
Propert Vendor Purchas Cash Linked Number
y e portion unit of
conside of portion Linked
ration purchas of units
e acquisi issued
conside tion
ration conside
ration
R`000 R`000 R`000 `000
Hillcre Cresta 23 11 11 2 388,3
st Propert 883,0 941,5 941,5
Centre ies
Cresta (Pty)
Limited
The issue of the above mentioned 2 388 300 new linked units (`the consideration
linked units`) in part payment of the acquisition consideration has increased
the Vukile linked units in issue from 202 741 130 to 205 129 430. The balance of
the acquisition consideration for the acquired property 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
linked unit and will rank pari passu with the Vukile linked units already in
issue.
PROFIT FORECAST
Notwithstanding the dates of transfer of the properties, Vukile purchased each
of the properties, as well as the acquired property, with effect from 1 April
2004 and has contractual rights to the net income generated from all the
properties, as well as from the acquired 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 linked unit of 12,05%,
therefore remains unchanged.
Johannesburg
30 November 2004
Investment bank and Sponsor Promoter
transactional
sponsor
(Investec Corporate (Bridge Capital (Sanlam Properties
Finance Logo) Logo) Logo)
Attorneys
(Sonnenberg Logo)
Date: 30/11/2004 03:07:03 PM Produced by the JSE SENS Department
