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Acucap - Announcement Regarding The Acquistion Of The East Rand Value Mall
Acucap Properties Limited
(Incorporated in the Republic of South Africa)
(Registration number 2001/021725/06)
Share code: ACP ISIN: ZAE000037651
("Acucap" or "the company")
ANNOUNCEMENT REGARDING THE ACQUISTION OF THE EAST RAND VALUE MALL
1. Introduction
Linked unitholders are advised that Acucap has entered into an agreement
dated 18 October 2005 ("the agreement") with PMI Properties Limited ("the
acquisition") to acquire the property known as the East Rand Value Mall
("the property"). The acquisition is effective from the date of transfer
of the property which is expected to be on or about 1 December 2005.
2. Rationale for the acquisition
The property is a good quality retail asset that has gained a dominant
position as a value centre in the East Rand. It has an excellent location,
is well designed, and has sound growth prospects, underpinned by the rapid
residential expansion of its catchment area in the East Rand. The
acquisition is consistent with Acucap"s sectoral bias towards retail
assets.
3. Consideration for the acquisition
The consideration for the acquisition is R118,500,000 in cash and the
value attributed to the East Rand Value Mall by independent registered
valuer Quadrant Property Group on 25 October 2005 is R115,000,000 as at
1 January 2006.
4. Financial information relating to the acquisition
The financial effects of the acquisition on Acucap"s net asset value per
linked unit has not been disclosed as the effects are not material.
Forecast information for the four months ending 31 March 2006 and the 12
months ending 31 March 2007 is set out below. The forecast financial
information has not been reviewed or reported on by the accountants in
terms of Section 8 of the JSE Limited Listings Requirements ("Listings
Requirements").
Property Description Forecast Uncontracted Forecast Uncontracted
for the revenue as a for the revenue as a
four % of the year % of the
months total ending total
ending revenue 31 March revenue
31 March 2007 (1)
2006 (1) % %
R"000 R"000
East Revenue
Rand ("000) 3 893 0 12 159 21.9%
Value
Mall
Operational
net income
("000) 3 595 11 190
Notes:
1. Profit after tax has not been disclosed as it has been assumed that
all income before distribution will be distributed to linked
unitholders.
5. Suspensive conditions of the acquisition
The agreement is subject to the obtaining of Competition Authority
approval.
6. Property details
Details regarding the properties are set out below:
Property Location Sector Gross Single or Weighted Vacancy
lettable multi average rental by
area tenanted per m2 rentable
m2 R area
m2
East
Rand
Value Multi
Mall Gauteng Retail 13 497 tenanted 71.74 0%
7. Categorisation of the acquisition
The acquisition is a Category 3 transaction in terms of the Listings
Requirements.
Cape Town
26 October 2005
Investment bank and sponsor
Nedbank Capital
Date: 27/10/2005 07:10:05 AM Produced by the JSE SENS Department
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