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Announcement Regarding the Acquisition of a Letting Enterprise and property from Investec Property
INVESTEC PROPERTY FUND LIMITED
(Incorporated in the Republic of South Africa)
(Registration Number 2008/011366/06)
Share code: IPF ISIN: ZAE000155099
(“Investec Property Fund” or “the Fund”)
ANNOUNCEMENT REGARDING THE ACQUISITION OF A LETTING ENTERPRISE AND PROPERTY FROM
INVESTEC PROPERTY
1. INTRODUCTION
The board of directors of Investec Property Fund is pleased to announce that the Fund has entered into an
agreement with Investec Property Group Holdings Proprietary Limited (“Investec Property Group”) (“the
Vendor”), a wholly-owned subsidiary of Investec Limited (“Investec”) for the acquisition of the Sumitomo building
located in Jet Park, Boksburg (“Sumitomo”) or (“the Sumitomo Acquisition”).
The effective date of the acquisition is 1 April 2017 (“Effective Date”).
2. PURCHASE CONSIDERATION FOR RELATED PARTY PROPERTIES
The purchase consideration for Sumitomo amounts to R131,893,573 payable upon transfer of the property into
the name of the Fund and will be funded out of existing facilities and cash.
3. RATIONALE FOR THE ACQUISITION
The Sumitomo Acquisition is consistent with the Fund’s objective to build a quality portfolio of properties with strong
contractual cash flows in order to achieve value enhancement and sustainable growth in distributions to
shareholders. Given the high-quality tenant and the terms of the triple net lease, the Directors of the Fund believe
the investment offers good value and will enhance the earnings and growth prospects of the Fund. Sumitomo is
being acquired at a yield of 9%.
4. INFORMATION RELATING TO SUMITOMO
Sumitomo is a single tenanted warehousing and distribution facility with newly constructed office section, located in
the well-established and desirable industrial node of Jet Park situated just to the West of OR Tambo International
Airport. The node is very well suited for warehousing and distribution operations due to its accessibility and location
within the N12, R21 and R24 triangle, allowing for easy access to all regions within Gauteng. The property itself
enjoys good eave heights with full sprinkler installation, and the building is well located on the site to maximize yard
area. A new warehouse roof has recently been installed and all warehouse lighting replaced with energy efficient
light fittings, which should significantly reduce the ongoing maintenance and operational expenses.
Remaining Extent of Erf 448 Jet Park Extension 14
Description of the property: Township, Registration Division I.R., Province of
Gauteng
Location: 10 Jansen Road, Jet Park, Boksburg
Single or multi-tenanted: Single-tenanted
GLA (m2): 19 294m2
Weighted average gross rental per square R56.33
meter:
Weighted average lease expiry (WALE) 6.5 years
5. VALUATION OF THE RELATED PARTY ACQUISITION
An independent valuation has been performed by Magnus Penny Associates CC trading as Mills Fitchet Magnus
Penny & Wolffs (“Independent Valuer”), who is an independent registered valuer as defined in section 13 of the
JSE Listings Requirements.
The valuation is R131 850 000 with an effective date of 1 April 2017.
6. CONDITIONS PRECEDENT
The Sumitomo Acquisition is unconditional.
7. FORECAST FINANCIAL INFORMATION OF THE SUMITOMO ACQUISITION
Forecast for the 12
months ending 31 March
2018 3
R'000
Gross income1 13,041
Property expenditure 2 1,170
Net property income 11,871
Annualised yield on property 9.0%
Notes:
1. Gross income includes contractual rental income and rates & taxes recovered.
2. Property expenditure includes all consumption expenditure as well as property management fees.
3. The forecast information has been calculated from 1 April 2017 to 31 March 2018.
4. This forecast information has not been reviewed or reported on by a reporting accountant.
8. SMALL RELATED PARTY TRANSACTION
The Sumitomo Acquisition, is classified as a small related party transaction in terms of the JSE Listings
Requirements, as Investec Property Group Holdings Proprietary Limited is a wholly-owned subsidiary of Investec
Limited.
Based on the value of the property arrived at by the Independent Valuer, the directors of the Fund are of the opinion
that the terms and conditions of the Acquisition are fair to Shareholders.
The JSE has been provided with a summary of the sworn valuation of the property by the Independent Valuer.
The full valuation report is available for inspection at the registered office of the Fund during normal business hours
until 7 August 2017.
Johannesburg
27 July 2017
Corporate Advisor and Sponsor Legal Advisor
Investec Bank Limited Fluxmans Attorneys
Date: 27/07/2017 12:55:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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