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VKE
VKE
Vukile - Acquisition of Oakhurst, Parktown
Vukile Property Fund Limited
(Incorporated in the Republic of South Africa)
(Registration number 2002/027194/06)
Share code: VKE ISIN: ZAE000056370
("Vukile" or "the company")
ACQUISITION OF OAKHURST, PARKTOWN
1 Introduction
Unitholders are advised that Vukile has entered into an agreement dated 8
December 2005 for the acquisition of Johannesburg Parktown Erf 915 ("the
property") from Sanlam Life Insurance Limited ("the seller"), details of
which are set out below ("the acquisition"). The property is an almost
fully let modern face brick 5 storey office building with a total rentable
area of 9 085mSquared, basement parking for 176 cars and another 103
parking bays on grade. It is well located on the corner of the St Andrews
off-ramp from the M1 South and St Andrews Road in Parktown.
2 Terms of the acquisition
In terms of the agreement governing the acquisition, Vukile has agreed to
acquire the property from the seller for a purchase consideration of R34.4
million ("the purchase consideration"). The purchase consideration is
payable in cash by Vukile to the seller when transfer of the property to
Vukile is registered.
3 Rationale for the acquisition
Vukile"s investment objective is to acquire good quality properties that
meet its investment criteria, and the property fits these criteria. The
property is well located, almost fully let to good tenants and has longer
term upside potential. The acquisition yield is approximately 10.6%.
4 Small related party transaction
As the seller forms part of the group controlling Vukile, the acquisition
is classified as a related party transaction in terms of the JSE Listings
Requirements. Due to the size of the acquisition relative to Vukile"s
market capitalisation on the date the agreement was concluded, the
acquisition is classified as a small related party transaction in terms of
the JSE Listings Requirements.
Small related party transactions do not require unitholder approval,
provided that, inter alia, the company obtains an opinion from an
independent professional expert acceptable to the JSE that the acquisition
is fair and reasonable to unitholders. In this regard, Bridge Capital
Services (Pty) Limited ("Bridge Capital") was appointed as the independent
professional expert and, in its opinion, the terms and conditions of the
acquisition are fair and reasonable to unitholders. Copies of Bridge
Capital"s opinion will lie open for inspection at the company"s registered
office for a period of 28 days from the date of this announcement.
Johannesburg
20 February 2006
Sponsor and independent professional expert
Bridge Capital
Date: 20/02/2006 10:00:03 AM Produced by the JSE SENS Department
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