MICC Property Income Fund Limited - Disposal Of Sandton Sanlam Park
MICC Property Income Fund Limited
Incorporated in the Republic of South Africa
(Registration number 2003/013404/06)
JSE share code: MCP
NSE share code: MCO
ISIN: ZAE000050175
(`MICC` or `the company`)
DISPOSAL OF SANDTON SANLAM PARK
1 Introduction
Unitholders are notified that the company has entered into an agreement with RMB
Properties (Pty) Limited (`RMBP`) dated 15 September 2005 for the disposal of a
property known as Sandton Sanlam Park, situated at 9 Fredman Drive, Sandton
(`the disposal`).
2 Terms of the disposal
The disposal consideration of R60 250 000 will be payable in cash to MICC on the
date of transfer of the property into RMBP`s name (`the effective date`). The
disposal is subject to the fulfilment of the following conditions precedent:
2.1 the conclusion of a due diligence investigation by RMBP to the satisfaction
of RMBP;
2.2 the approval of the Competition Commission, to the extent necessary; and
2.3 the approval of MICC`s bankers.
The disposal consideration will be utilised by MICC to reduce its funding costs.
At 31 March 2005, Sandton Sanlam Park was valued at R48.8 million. The disposal
will not have a significant (3%) effect on MICC`s earnings, headline earnings,
net asset value and net tangible asset value per linked unit.
3 Rationale for the disposal
The property has experienced large vacancies for a considerable period of time.
It is, therefore, not regarded as a core property and the disposal will enhance
the quality of MICC`s portfolio. RMBP`s unsolicited offer is regarded as very
acceptable by the board of MICC.
Johannesburg
15 September 2005
Sponsor : Bridge Capital Services (Pty) Limited
Date: 15/09/2005 02:25:38 PM
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