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ACP
ACP
Acucap - Acquisition of Aon House, Illovo Boulevard
Acucap Properties Limited
(Incorporated in the Republic of South Africa)
(Registration number 2001/021725/06)
Share code: ACP ISIN: ZAE000037651
("Acucap" or "the company")
ANNOUNCEMENT REGARDING THE ACQUISITION OF AON HOUSE, ILLOVO BOULEVARD
1. Introduction
Linked unitholders are advised that Acucap entered into an agreement
dated 10 April 2006 ("the agreement") with Cobernet Properties
(Proprietary) Limited ("the acquisition") to acquire the property known
as Aon House, Illovo Boulevard ("the property"). The acquisition was
categorised as less than Category 3 in terms of the JSE Limited Listings
Requirements ("the Listings Requirements") and details of the
acquisition were included in Acucap"s audited results for the year ended
31 March 2006, published on 19 May 2006, and in the annual report which
was posted on 30 June 2006.
An addendum to the agreement was entered into on 14 August 2006 in terms
of which the full purchase consideration of R92 900 000 was no longer to
be settled in cash but through the issue of 4 046 000 Acucap linked
units at R21.75 per linked unit and the balance of R4 899 500 to be
settled in cash. The revised terms of the settlement of the purchase
price has resulted in the acquisition being categorised as a Category 3
transaction in terms of the Listings Requirements and the requisite
information for a Category 3 acquisition is set out in this
announcement.
The acquisition was effective from 1 April 2006 and the property was
transferred on 17 August 2006.
2. Rationale for the acquisition
The property is a high quality single tenant office building, of a
standard consistent with the rest of Acucap"s select office exposure.
The lease with the single tenant, being Aon South Africa, runs to
November 2011.
3. Valuation
The value attributed to Aon House by an independent registered valuer,
Quadrant Property Group, as at 1 March 2006 was R91 250 000.
4. Financial information relating to the acquisition
The financial effects of the acquisition on Acucap"s net asset value per
linked unit has not been disclosed as the effects are not material.
Forecast information for the year ending 31 March 2007 and 31 March 2008
is set out below. The forecast financial information has not been
reviewed or reported on by Acucap"s auditors in terms of Section 8 of
the Listings Requirements.
Property Description Forecast Uncontracted Forecast Uncontracted
for the revenue as a for the revenue as a
year ending % of the year % of the
31 March total ending total
2007 (1) revenue 31 March revenue
% 2008 (1) %
R"000
R"000
Aon Revenue 9 123 0 10 127 0
House, ("000)
Illovo
Operational
net income 9 123 10 127
("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. Conditions of the acquisition
All conditions relating to the acquisition have been fulfilled.
Property details
Details regarding the property are set out below:
Property Location Sector Gross Single Weighted Vacancy
lettable or multi average by
area tenanted rental rentable
m2 per m2 area
R m2
Aon House,
Illovo Gauteng Offices 6 039 Single 104.47 0
Cape Town
22 August 2006
Investment bank and sponsor
Nedbank Capital
Date: 22/08/2006 03:30:06 PM Produced by the JSE SENS Department
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