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S A Retail Properties Limited - Acquisition And Disposal Of Properties And
Withdrawal Of Cautionary Anouncement
S A RETAIL PROPERTIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1999/025764/06)
(`S A Retail` or `the Company`)
(Share Code: SRL ISIN Code: ZAE000034328)
ANNOUNCEMENT REGARDING THE ACQUISITION AND DISPOSAL OF RETAIL PROPERTIES BY S A
RETAIL AND WITHDRAWAL OF CAUTIONARY ANOUNCEMENT
1. INTRODUCTION
S A Retail unitholders are advised that S A Retail has reached agreement
with Martprop Property Fund (`Martprop`), subject to the conditions referred to
in 7 below, to dispose of an undivided quarter share in fourteen retail
properties for a total consideration of R174,1 million to Martprop, and also to
acquire from Martprop an undivided half share in eight retail properties for a
total consideration of R121,4 million. Accordingly the above transactions will
realise R52,7 million in cash for S A Retail
2. PROPERTIES DISPOSED
The properties disposed consists of:
Property Location GLA Vacan National
cy Tenants
Eikestad Stellenbos 27 4% Shoprite
Mall ch, 458 Checkers,
Western Woolworths,
Cape Truworths,
Clicks
Springfield Durban, 19 0% Mr Price, Hi-
Value KwaZulu 887 Fi
Centre Natal Corporation
Hayfields Pietermari 12 5% Pick n Pay
Mall tzburg, 218
KwaZulu
Natal
Town Square Constantia 5 0% Woolworths,
Kloof, 262 Clicks
Gauteng
Coachman`s Sandton, 6 0% Pick n Pay
Crossings Gauteng 366
Queensburgh Durban, 8 0% Pick n Pay
Mall KwaZulu 133
Natal
Bluff Durban, 12 0% Shoprite
Shopping KwaZulu 022 Checkers,
Centre Natal Truworths
Cambridge Sandton, 3 0% Woolworths
Crossing Gauteng 580
Middelburg Middelburg 8 0% Pick n Pay
RPP Pick n , 649
Pay Mpumulanga
Quarry Hilton, 7 12% Spar
Shopping KwaZulu 761
Centre Natal
Checkers Somerset 6 0% Shoprite
Somerset West, 259 Checkers
West Western
Cape
Shoprite Kempton 17 6% Shoprite
Kempton Park, 807 Checkers
Park Gauteng
Westwood Boksburg, 4 6% Spar
Village Gauteng 758
Canterbury Randburg, 4 18% Pick n Pay
Crossing Gauteng 800
3. PROPERTIES ACQUIRED
The properties acquired consist of:
Property Location GLA Vacan National
cy Tenants
Stellenbosc Stellenbos 10 4% Pick n Pay,
h Square ch, 291 Woolworths,
Western Truworths
Cape
Richdens Hillcrest, 10 0% Spar,
Village KwaZulu 064 Truworths, Mr
Centre Natal Price,
Ackermans
425 West Durban, 9 0% Mr Price
Street KwaZulu 559
Natal
The Colony Hillcrest, 4 0% Woolworths,
KwaZulu 090 Clicks,
Natal Milady`s
Fountains Randburg, 2 0% Spar
Shopping Gauteng 353
Centre
24/28 Amanzimtot 2 0% Mr Price
Commercial i, KwaZulu 335
Road Natal
Amanzimtoti
Corner Old Brackenfel 2 0% Cash Build
Paarl Road l, Western 147 Limited
and Orion Cape
Street,
Brekenfell
153 Old Pinetown, 3 0% Servistar
Main Road, KwaZulu 394 (Pty) Ltd
Pinetown Natal
4. PUT AND CALL OPTIONS
S A Retail has also reached an agreement with Martprop to secure a Put option
over a further quarter share in the above disposal properties and an undivided
half share in East Rand Galleria, a 52 855m2 regional centre located in
Boksburg, Gauteng anchored by Pick n Pay. Martprop has a reciprocal Call option
over the same properties. The Call and Put options are exercisable by 31 March
2007 at the prevailing open market value.
5. RATIONAL FOR TRANSACTION
SA Retail`s investment strategy is to generate growing and reliable income
streams for unitholders by investing in a diversified portfolio of quality
retail properties. Accordingly the transaction enables S A Retail to increase
its diversification in retail property. S A Retail currently has joint
investments with Martprop in six centres with a value of R574 million. Coupled
with this, S A Retail and Martprop are currently committed to jointly develop
Umlazi Mega City at a capital cost of R150 million. The acquisitions, disposals
and options over the above properties will realise required cash that will be
utilised to fund future acquisitions and developments. The transaction also
gives unitholders exposure to additional retail assets that will be managed in
the common interests of both S A Retail and Martprop.
6. FINANCIAL EFFECTS OF THE DISPOSALS, ACQUISITIONS AND PUT AND CALL OPTIONS.
Neither the acquisitions and disposals nor the Put and Call options have a
material effect on the net asset value, earnings and distribution per linked
unit of S A Retail.
7. CONDITIONS PRECEDENT
The above transactions are subject to due diligence including independent
property valuations, the approval of the Competition Commission and the JSE
Securities Exchange South Africa.
8. DOCUMENTATION
The disposals, together with the put and call options, result in these
transactions being classified as a category 2 transaction, and accordingly the
Company is in the process of preparing a circular to unitholders, which will be
posted to unitholders in due course.
9. WITHDRAWAL OF CAUTIONARY ANNOUNCEMENT
Unitholders are advised that the cautionary announcement dated 29 March 2005 is
withdrawn.
Durban
30 March 2005
CORPORATE ADVISER SPONSOR ASSET MANAGERS
MARRIOTT CORPORATE EXCHANGE SPONSORS MARRIOTT CORPORATE
PROPERTY BANK PROPERTY
Date: 30/03/2005 05:15:21 PM
Produced by the JSE SENS Department
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