CPL ACP
CPL ACP
Acucap/ Capital - Joint Press Release
ACUCAP PROPERTIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2001/021725/06)
Share code: ACP & ISIN: ZAE000037651
("Acucap" or "the Company")
Capital Property Fund
("Capital" or the "Fund")
Share Code: CPL
ISIN: ZAE000001731
(A portfolio in Capital Property Trust Scheme, a Collective Investment Scheme in
Property established in terms of the Collective Investment Schemes Control Act,
No 45 of 2002 managed by Property Fund Managers Limited ("PFM"))
(Incorporated in the Republic of South Africa)
(Registration No. 1980/009531/06)
CPF Capital Property Fund
Managed by Property Fund Managers Ltd
ACUCAP PROPERTIES LIMITED ("ACUCAP") AND CAPITAL PROPERTY FUND ("CAPITAL"):
JOINT PRESS RELEASE
Acucap and Capital are pleased to announce that they have entered into a joint
venture with Improvon Properties, a highly respected and successful industrial
developer in South Africa, to acquire and develop a 38 hectare industrial site
in Midrand. The site is very well situated in relation to some of the major
retail distribution centres, including those of Shoprite, Clicks and the new
Woolworths facility that is under construction, and it enjoys good access and
extensive highway frontage. The bulk rights on this land consist of 152,000sqm
available for industrial development, to be developed in four phases and driven
by tenant demand. The first phase will commence towards the end of this year,
subject to an appropriate level of pre-letting having been concluded. In terms
of the signed acquisition agreement, Acucap and Capital have each secured a 20%
stake in the project, with Improvon retaining a majority 60% interest and taking
the lead developer role. The total cost of the land is R98 million, and on
completion, the entire project is likely to have a cost of between R600 and R800
million.
At this stage the land is still to be transferred and agreements are still to be
entered into regarding the intended development of the land. Any requisite
announcements in terms of the JSE Limited Listings Requirements will be made by
Acucap or Capital during the development or upon completion of this project.
3 February 2006
Date: 03/02/2006 07:42:03 AM Produced by the JSE SENS Department
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