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Diversified - Acquisition Of Rivonia Village
Diversified Property Fund Limited
(Incorporated in the Republic of South Africa)
Registration number 2005/029685/06
Share code: DIV ISIN: ZAE000072369
("Diversified" or "the company")
ACQUISITION OF RIVONIA VILLAGE
1. Introduction
Linked unitholders are advised that Diversified has entered into an
agreement to acquire the property known as Rivonia Village (previously Old
Mutual Village) ("the acquisition").
2. Acquisition of Rivonia Village
Diversified has entered into an agreement with Old Mutual Life Assurance
Company (SA) Ltd to acquire this 21 000 m2 retail centre and office block
anchored by a Woolworths corporate store with a lease to April 2013. The
property is close to the N1 highway and Sandton CBD. The acquisition is
effective from transfer date.
3. Consideration and financial effects
The total cash consideration of R93,9m will be funded from existing cash
resources and borrowing facilities.
The pro forma financial effects as defined by the JSE Listings Requirements
("pro forma financial effects") have been calculated based on the forecast per
the published listings prospectus dated 26 September 2005 for the period 1
October 2005 to 30 June 2006. These pro forma financial effects are the
responsibility of the directors and are presented for illustrative purposes only
and, because of their nature, may not fairly present the true financial effects
of the acquisition on the balance sheet and income statement of Diversified.
Before After %
Earnings per unit 39.14 40.73 4.1%
Headline earnings per unit 39.45 41.04 4.0%
Distribution per unit 39.45 41.04 4.0%
Net asset value and
tangible net asset value
per unit 494.09 494.09 -
Earnings per unit, headline earnings per unit and distribution per unit assumes
the acquisition was effective on 1 October 2005 and includes income on the
acquisition at an 11% forward yield. The funding cost of the acquisition was
assumed to be 9% (prime less 1.5%).
The net asset value and tangible net asset value per unit assumes the
acquisition was effective on 30 June 2006 and was fully funded by existing cash
and borrowings.
4. Categorisation
The acquisition has been categorised as a category 3 transaction in terms
of section 9.5 (a) of the JSE Listings Requirements.
Johannesburg
15 December 2005
Sponsor
Java Capital (Proprietary) Limited
Date: 15/12/2005 02:46:04 PM Produced by the JSE SENS Department
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