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PRA
PRA
Paraprop - Acquisition of the Bridge Shopping Centre
Paramount Property Fund Limited
(Incorporated in the Republic of South Africa)
(Registration number 1945/019928/06)
Share code: PRA
ISIN: ZAE000028577
("Paraprop") or ("the Company")
ANNOUNCEMENT REGARDING THE ACQUISTION OF THE BRIDGE SHOPPING CENTRE
1. Introduction
Linked unitholders are advised that Paraprop has entered into an agreement
dated 7 March 2006 ("the agreement") with Heriot Properties (South) (Pty)
Ltd ("the acquisition") to acquire the property known as the Bridge
Shopping Centre ("the property"). The acquisition is effective from the
date of transfer of the property, which is expected to be before 31 May
2006.
2. Rationale for the acquisition
The acquisition is in line with the Company"s stated objective of growing
the fund by the acquisition of high quality properties as and when the
opportunity arises, creating diversity of risk in sectoral, geographical
and tenant exposure
3. Consideration for the acquisition
The consideration for the acquisition is R73 750 000, of which R36 875 000
shall be payable in cash, with the remainder of the consideration being
settled by the placement of Paraprop linked units on behalf of the vendors
("placement units"). The number of placement units to be issued shall be
determined by dividing R36 875 000 by an amount equal to the weighted
average closing price on the JSE for the 30 business days immediately
preceding the date of signature ("the average price"), subject to
Paraprop"s election to grant a discount of up to 7.5% on the average
price. The value attributed to the property by an independent registered
valuer, Mills Fitchet Magnus Penny (Proprietary) Limited is R70 000 000 as
at 1 May 2006.
4. Financial information relating to the acquisition
The financial effects of the acquisition on Paraprop"s net asset value per
linked unit has not been disclosed as the effects are not material.
Forecast information for the five months ending 31 October 2006 and the 12
months ending 31 October 2007 is set out below. The forecast financial
information has not been reviewed or reported on by Paraprop"s auditors in
terms of Section 8 of the JSE Limited Listings Requirements ("Listings
Requirements").
Property Description Forecast Uncontracted Forecast for Uncontracted
for the revenue as a the year revenue as a
five % of the ending 31 % of the
months total October 2007 total
ending revenue (1) revenue
31
October %
2006 (1)
R"000 R"000 %
Bridge Revenue 3 546 0.41 9 132 7.54
Shopping ("000)
Centre
Operational 2 582 0.57 7 189 9.58
net income
("000)
Notes:
1. Profit after tax has not been disclosed as it has been assumed that
all income before distribution will be distributed to linked
unitholders.
5. Suspensive conditions of the acquisition
All the suspensive conditions pertaining to the acquisition of the Bridge
Shopping Centre have been fulfilled.
6. Property details
Details regarding the property are set out below:
Property Location Sector Gross Single or Weighted Vacancy by
lettable multi average rentable
area tenanted rental area
m2 per m2 m2
R
Bridge Gauteng Retail 8 891.4 Multi 77.23 0%
Shopping tenanted
Centre
7. Categorisation of the acquisition
The acquisition is a Category 3 transaction in terms of the Listings
Requirements.
Cape Town
26 May 2006
Investment bank and sponsor
Nedbank Capital
Date: 26/05/2006 12:36:17 PM Produced by the JSE SENS Department
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