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ABT
ABT
Ambit - Announcement regarding the acquisition of the Lowveld Lifestyle Centre
Ambit Properties Limited
(Registration number: 2001/007003/06)
Share code: ABT
ISN code: ZAE000051645
("Ambit" or "the Company")
ANNOUNCEMENT REGARDING THE ACQUISITION OF THE LOWVELD LIFESTYLE CENTRE
1. INTRODUCTION
Linked unitholders are advised that Ambit has entered into an agreement
with the Maximillian Trust ("the acquisition") to acquire the property
known as the Lowveld Lifestyle Centre, situated at Waterfall Avenue,
Nelspruit. The acquisition is effective from the date of transfer of the
property, which expected to be on or about 12 April 2006.
2. RATIONALE FOR THE ACQUISITION
Ambit"s strategy is to invest in properties in major metropolitan areas,
with sustainable and growing income and capital appreciation, in order to
provide investors with above average income and capital appreciation.
The acquisition of Lowveld Lifestyle Centre provides Ambit with such an
opportunity in a growing metropolitan area where Ambit do not have any
exposure as yet.
3. CONSIDERATION FOR THE ACQUISITION
The consideration for the acquisition is R43 200 000, to be settled by way
of the issue of 12 668 622 linked units in Ambit at an issue price of 341
cents per linked unit. The directors placed a value of R43 200 000 on the
property.
4. FINANCIAL INFORMATION RELATING TO THE ACQUISITION
The financial effects of the acquisition on Ambit"s net asset value per
linked unit have not been disclosed, as the effects are not significant.
Forecast information of the acquisition for the 12 months ending 31 March
2007 is set out below. The forecast financial information is the
responsibility of the directors and, has not been reviewed or reported on
by the accountant in terms of Section 8 of the JSE Limited Listings
Requirements ("Listings Requirements").
The forecast revenue of the acquisition is expected to be R4 826 994 and
the operational income after tax is expected to be R3 910 000 with 0%
uncontracted revenue as a percentage of total revenue.
5. SUSPENSIVE CONDITIONS OF THE ACQUISITION
The agreement is subject to the obtaining of Competition Commission
approval.
6. PROPERTY DETAILS
Property Location Sector Rentable Single Weighted Vacancy
lettable or multi average by
area tenanted rental rentable
m2 per m2 area
R m2
Lowveld Waterfall Retail 10 010 Multi 40 0
Lifestyle Avenue,
Centre Nelspruit
7. CATEGORISATION OF THE ACQUISITION
The acquisition is a Category 3 transaction in terms of the Listings
Requirements.
Johannesburg
31 March 2006
Sponsor
Exchange Sponsors (Pty) Limited
Date: 31/03/2006 12:39:03 PM Produced by the JSE SENS Department
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