SAC - SA Corporate Gains 97% Acceptance for SA Ret
SAC
SAC
SAC - SA Corporate Gains 97% Acceptance for SA Retail Offer
SA Corporate Real Estate Fund
(formerly Martprop Property Fund)
(Incorporated in the Republic of South Africa)
Share Code: SAC ISIN Code: ZAE000083614
A Collective Investment Scheme in property registered in terms of the Collective
Investment Schemes Control Act, No. 45 of 2002 and managed by SA Corporate Real
Estate Fund Managers Limited (formerly Marriott Property Fund Managers Limited)
(Registration number 1994/009895/06)
("SA Corp" or "the fund")
SA CORPORATE GAINS 97% ACCEPTANCE FOR SA RETAIL OFFER
SA Corporate Real Estate Fund said today it had secured a 97% prior acceptance
of the offer to unitholders of SA Retail Properties Ltd.
The fund said that since last week`s announcement of support from 70% of SA
Retail unitholders, it had received a further 27% irrevocable acceptance of the
offer of 3.05 SA Corporate units for every SA Retail unit held.
Roger Perkin, MD of SA Corporate, said this meant that, following approval by
its unitholders at a meeting to be held in April, the fund could proceed with
the acquisition in terms of section 440k of the Companies Act.
"Unitholders of both SA Retail and SA Corporate have seen significant increases
in value since the offer was announced," said Craig Ewin, Head - Listed Real
Estate - Old Mutual Property Investments. "At the current SA Corporate trading
price of 410 cents a unit, this gives a price of 1250 cents for each SA Retail
unit. SA Retail was trading at 1000 cents before the offer was announced, so
there has been a marked 25% increase in value due to the deal. Moreover, the SA
Corporate price has improved by 15% since the announcement of the offer."
"SA Retail`s purchase, announced today, of the R1,025 billion Sharemax portfolio
will flow through to SA Corporate following the finalisation of the acquisition.
The larger SA Corporate fund can be expected to have a market capitalisation of
more than R7 billion, which will place it amongst the three largest counters in
the South African listed property sector.
This will bring the advantages of enhanced liquidity, diversification, cost
economies and investment demand. The inclusion of the SA Retail properties will
improve the geographic and sectoral composition of the SA Corporate portfolio
with greater alignment to Investment Property Databank benchmarks."
Ends
Contact
Roger Perkin - 083 456 8386
Craig Ewin - 083 441 0530
5 March 2007
Date: 05/03/2007 13:09:56 Produced by the JSE SENS Department.
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