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GRT
GRT
Growthpoint Properties Limited - Fulfilment Of The Remaining Condition
Precedent To The Proposed Acquisition Of A Portfolio Of Properties From
Tresso Trading 119 (Proprietary) Limited ("Tresso")
GROWTHPOINT PROPERTIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1987/004988/06)
Share code: GRT ISIN: ZAE000037669
("Growthpoint")
FULFILMENT OF THE REMAINING CONDITION PRECEDENT TO THE PROPOSED ACQUISITION
OF A PORTFOLIO OF PROPERTIES FROM TRESSO TRADING 119 (PROPRIETARY) LIMITED
("Tresso")
1. Introduction
Growthpoint linked unitholders are referred to the announcement released on
SENS on 10 April 2006 and published in the press on
11 April 2006, informing Growthpoint linked unitholders ("unitholders") that
the requisite majority of unitholders had passed the resolutions necessary
to approve:
- the acquisition of a portfolio of properties from Tresso;
- the increase in the authorised share capital of Growthpoint; and
- the placement of the unissued authorised share capital under the control
of the directors of Growthpoint.
2. Exercise of pre-emptive rights
In the circular to unitholders posted on 17 March 2006 ("the circular"),
Growthpoint indicated that it would purchase
24 properties ("property portfolio") for an aggregate purchase consideration
of R1 633 632 000 to be settled partly in cash and partly through the issue
of 84 821 825 new Growthpoint linked units.
The tenant in one of the properties being acquired, Umhlanga Hospital, had a
pre-emptive right on the sale of the property which they have since decided
to exercise. The property was to be acquired for a purchase consideration of
R202 776 230 which was to be settled as to R90 580 142 in cash and R112 196
088 through the issue of 10 534 844 new Growthpoint linked units. As a
result of the pre-emptive right being exercised this property will no longer
be acquired by Growthpoint.
Accordingly, the total purchase consideration will decrease to R1 429 886
770 which will be settled as to R638 730 420 in cash and R791 156 350
through the issue of 74 286 981 new Growthpoint linked units.
As the Umhlanga Hospital was to be acquired at a lower forward yield
relative to the average for the property portfolio, the exclusion of the
Umhlanga Hospital increases the forward yield for the property portfolio
from 9% to 9.3%.
3. Fulfilment of conditions precedent
Competition Tribunal approval has now been received for the purchase of the
remaining 23 properties. Accordingly all the conditions precedent for the
acquisition of the property portfolio have now been fulfilled.
The effective date of the transaction will be 1 June 2006.
The property portfolio will be transferred into the name of Growthpoint as
soon as practically possible, upon which Growthpoint will settle the
purchase consideration.
For and on behalf of the board
Growthpoint Properties Limited
Sandton
17 May 2005
Investment bank and joint sponsor
Investec Corporate Finance
Investec Bank Limited
(Registration number 1969/004763/06)
Lead sponsor
Sponsors (Pty) Ltd
(Registration number 2000/031843/07)
Date: 17/05/2006 05:15:48 PM Produced by the JSE SENS Department
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