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IFR
IFR
IFour - Palm Springs Acquisition
iFour Properties Limited
(Incorporated in the Republic of South Africa)
(Registration number 2001/016118/06)
Share code: IFR & ISIN: ZAE000039236
("iFour")
TERMS REGARDING THE ACQUISITION BY IFOUR OF THE PALM SPRINGS
SHOPPING CENTRE ("PALM SPRINGS") AND A PETROL STATION SITUATED AT
PALM SPRINGS (COLLECTIVELY, "THE ACQUISITION")
1. INTRODUCTION
Linked unitholders are advised that agreements have been reached between iFour
Properties SA (Proprietary) Limited ("iFour SA"), a wholly owned subsidiary of
iFour, and Superstrike Investments 53 (Proprietary) Limited ("Superstrike") for
the purchase by iFour SA of the Acquisition.
The effective date for the Palm Springs agreement was 24 August 2005 and the
effective date for the petrol station was 7 October 2005.
iFour SA has acquired the remaining Extent of Portion 19 of Erf 2066, Stretford
Extension 1, Gauteng, and Portion 21 (a portion of Portion 19) of Erf 2066,
Stretford Extension 1 Township, Gauteng and a petrol station to be built on
Portion 20 (a portion of Portion 19) Erf 2066, at Stretford Extension 1
Township, Gauteng.
The transfer of Palm Springs took effect on 21 December 2005, and the petrol
station transfer is scheduled to take effect during May 2006 ("the effective
date").
2. RATIONALE FOR THE TRANSACTION
The Acquisition is in line with iFour"s stated objective of growing the size of
its property portfolio without sacrificing the quality thereof whilst at the
same time delivering sustainable distributions to linked unitholders.
The Shopping Centre has a gross lettable area of 16 458m2, with Shoprite and
Cashbuild being the major anchor tenants. National and regional tenants account
for more than 70% of the growth income of the centre. The centre dominates its
catchment area and has additional bulk for an expansion phase.
3. TERMS OF THE ACQUISITION
The aggregate purchase consideration is an amount of R102.5 million ("the
purchase consideration"), comprising R94 524 000 for Palm Springs and R8 024 651
for the petrol station.
The purchase consideration will be settled in cash by iFour SA utilizing
existing banking facilities within the iFour group.
4. CATEGORISATION OF THE ACQUISITION
In terms the Listings Requirements of JSE Limited the Acquisition is classified
as a Category 3 transaction.
5. FINANCIAL EFFECTS
The pro forma financial effects of the transaction on the earnings, headline
earnings, net asset value and tangible net asset value per iFour linked unit are
not material.
22 December 2005
Johannesburg
Sponsor
PriceWaterhouseCoopers
Corporate Finance (Pty) Ltd
(Registration number 1970/003711/07)
Attorneys
Coetsee van Rensburg
Attorneys
Date: 22/12/2005 03:53:41 PM Produced by the JSE SENS Department
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