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ACP DIV
ACP DIV
Diversified / Acucap - Joint Acquisition Of R260m Cape Town Industrial Land
Diversified Property Fund Limited
(Incorporated in the Republic of South Africa)
Registration number 2005/029685/06
Share code: DIV ISIN: ZAE000072369
("Diversified")
Acucap Properties Limited
(Incorporated in the Republic of South Africa)
(Registration number 2001/021725/06)
Share code: ACP & ISIN: ZAE000037651
("Acucap")
JOINT ACQUISITION OF R260M CAPE TOWN INDUSTRIAL LAND
1. Introduction
Linked unitholders of Diversified and Acucap ("the companies") are advised that
the companies have entered into a joint agreement with Imbali Props 7 (Pty) Ltd
(a company within the Improvon group) ("Improvon"), to acquire a tract of
industrial zoned land in Cape Town from AECI Limited on 7 June 2006. The land is
described as remainder erf 10778 and remainder erf 6220 Milnerton, in the City
of Cape Town measuring a total of 61.53 hectares ("the Property"), and it is
situated directly adjacent to Montague Gardens between Koeberg Road and the N7.
Diversified and Acucap will each acquire an undivided 25% share in the Property
("the acquisition").
2. Details of the acquisition
The acquisition is consistent with the companies" strategy to acquire properties
in major dominant industrial nodes. The gross purchase consideration for the
Property is R260m. Diversified and Acucap will each acquire an undivided 25%
share in the Property for R65 million, and Improvon will acquire the remaining
50% for R130 million. The effective date of acquisition will be the transfer
date. There are no conditions precedent to the acquisition. The directors of
Diversified and Acucap are of the opinion that the purchase price represents the
fair value of the land. No independent valuation was performed by a professional
valuer.
3. Consideration and financial effects
The net cash consideration payable by Diversified and Acucap will be funded from
the existing borrowing facilities of the respective companies. The acquisition
has no material effect on earnings per linked unit, headline earnings per
linked, distribution per linked unit, net asset value per linked unit or net
tangible asset value per linked unit for Diversified as at 1 October 2005 and
for Acucap as at 31 March 2006, and these effects are therefore not disclosed.
4. Categorisation
The acquisition has been categorised as a category 3 transaction for Diversified
in terms of section 9.5 (a) of the JSE Listings Requirements. The transaction is
categorised as less than category 3 for Acucap, and the disclosure contained in
this joint announcement is for information only.
Johannesburg
9 June 2006
Sponsor to Diversified
Java Capital (Proprietary) Limited
Sponsor to Acucap
Nedbank Capital
Date: 09/06/2006 05:37:48 PM Produced by the JSE SENS Department
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