Resilient Property Income Fund Limited - Diamond P
RES
RES
Resilient Property Income Fund Limited - Diamond Pavilion - Exercise Of Option
To Acquire Remaining 50%
Resilient Property Income Fund Limited
(Incorporated in the Republic of South Africa)
Registration number 2002/016851/06
Share code: RES & ISIN: ZAE000043642
("Resilient" or "the Company")
DIAMOND PAVILION - EXERCISE OF OPTION TO ACQUIRE REMAINING 50%
Introduction
Linked unitholders are advised that Resilient has exercised its option to
acquire the remaining 50% of Diamond Pavilion, a regional retail centre in
Kimberley, for R118m ("the acquisition").
Details and rationale for the acquisition
Resilient currently owns 50% of Diamond Pavilion, a 28 918 m2 regional retail
shopping centre in Kimberley, and has the option to acquire the remaining 50% of
this centre. Resilient now exercised its option and, through its wholly owned
subsidiary Resilient Properties 2 (Pty) Ltd, entered into an agreement to
acquire the additional 50% of Diamond Pavilion from Broadbrush Investments 49
(Pty) Ltd at a forward yield of 12%.
The board is of the opinion that the market value exceeds the purchase price of
the property. No independent valuation was performed by a professional valuer.
Categorisation of the transaction
The acquisition has been categorised as less than a Category 3 transaction in
terms of section 9.5(a) of the JSE Listings Requirements, and this announcement
is made in order to provide linked unitholders with information regarding the
ongoing activities of Resilient.
Johannesburg
25 April 2006
Investment Bank and Sponsor
Nedbank Capital
Date: 25/04/2006 04:47:56 PM Produced by the JSE SENS Department
Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
