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Acquisition of new Properties, Pro Forma Financial effects, Posting of Circular and Withdrawal of Cautionary
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”)
ACQUISITION OF NEW PROPERTIES, PRO FORMA FINANCIAL EFFECTS, POSTING OF CIRCULAR AND
WITHDRAWAL OF CAUTIONARY
1. ACQUISITION OF NEW PROPERTIES
1.1. THE PROPOSED ACQUISITIONS
As set out in the announcement released by Investec Property Fund on SENS on Monday, 9 July 2012,
linked unitholders were advised that the Fund had entered into an agreement with various subsidiaries of S
Giuricich Holdings Proprietary Limited to acquire the Giuricich Portfolio (“the Giuricich Acquisition”) for a
purchase consideration of R742.8 million and had agreed terms with Investec Property Proprietary Limited
(“Investec Property”) to acquire the Firs property in Rosebank owned by Alteri Shareblock Proprietary
Limited, an indirect wholly-owned subsidiary of Investec Limited (“Investec”), for a purchase consideration
of R272.3 million.
Linked unitholders are further advised that the Fund has entered into agreements with:
- Riverport Trading 143 Proprietary Limited, an indirect wholly-owned subsidiary of Investec, for the
acquisition of the Investec Pretoria property located in Menlo Park, Pretoria (“Investec Pretoria”);
and
- Rigliotti Share Block Proprietary Limited, an indirect wholly-owned subsidiary of Investec, for the
acquisition of the Balfour Park Shopping Centre property located in Highlands North, Johannesburg
(“Balfour”).
(collectively with the acquisition of the Firs, “the Investec Acquisitions”)
The effective date of the Investec Pretoria and Balfour acquisitions is 1 November 2012.
1.2. PURCHASE CONSIDERATION
The purchase consideration of Investec Pretoria is R169.9 million, while Balfour is being acquired based on
the forward net income of the property as at 1 November 2012 capitalised at 9% excluding any vacancies (if
applicable), equating to an estimated purchase consideration of R397 million.
The aggregate purchase consideration for the acquisition of the Firs, Investec Pretoria and Balfour
properties (collectively, “the Investec Properties”) will be settled as follows:
- R215 220 000 will be settled through the issue of 17 000 000 linked units to Investec at a clean
Investec Property Fund traded price excluding the accrued distribution (“Clean Price”) of R12.66
per linked unit calculated with reference to the 30 day volume weighted average traded Clean Price
of an Investec Property Fund linked unit as at 19 July 2012; and
- the balance payable in cash.
The purchase considerations of the properties, as at the effective date, are considered to be their fair market
value, as determined by the Directors.
1.3. FUNDING OF THE ACQUISITIONS
It is the intention of the Fund to conduct a rights offer of up to R1.5 billion (“Proposed Rights Offer”) by
November 2012, the proceeds of which will be used to settle the acquisition considerations in respect of,
inter alia, the Giuricich Acquisition, the Investec Acquisitions and the acquisitions of Nonkqubela Mall
located on Erf 50261 Khayelitsha in Cape Town valued at R100.5 million, and Megamark Mall located on the
remaining extent of Erf 3 Kriel in Mpumalanga valued at R218.9 million, which acquisitions were announced
on 21 June 2012 and 9 July 2012 respectively.
The implementation of the Proposed Rights Offer will be subject to the condition precedent that all the
necessary resolutions to implement the acquisitions and the authority to issue linked units in terms of the
th
Rights Offer are passed in a general meeting to be held on Thursday, 27 September 2012 (“General
Meeting”). It is envisaged that an announcement of the detailed terms of the Rights Offer and a Rights Offer
document will be posted to Linked Unitholders shortly after the General Meeting.
In terms of the Proposed Rights Offer, it is anticipated that linked units will be offered at an indicative issue
Clean Price range of between R13.00 and R13.50. The Clean Price will be adjusted to include the accrued
distribution for the period from April 2012 to September 2012 on the basis that units issued in terms of the
Proposed Rights Offer will qualify for the full distribution in respect of the Fund’s next reporting period.
1.4. RATIONALE FOR THE INVESTEC ACQUISITIONS
The Investec Acquisitions are 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 unitholders.
The Investec Pretoria property is an A-grade office facility, well located in the prime commercial hub of
Menlyn, Pretoria. The property is single-tenanted by Investec. The lease terms comprise a triple net lease
with all operating costs including exterior maintenance (except structural defects) for the account of the
tenant. Investec Pretoria is being acquired at a yield of 8% with an 8% escalation.
2
The Balfour Park shopping centre in Highlands North boasts 36,311m of retail space spread over two
levels. The centre houses over 106 shops and is anchored by large national tenants such as Woolworths,
Checkers, Virgin Active and Edgars. The property underwent a R120 000 000 refurbishment which was
completed in November 2009.
The Directors of the Fund believe these investments offer good value and will enhance the earnings and
growth prospects of the Fund.
1.5. INFORMATION RELATING TO INVESTEC PRETORIA AND BALFOUR
Weighted
average
gross rental
Single or per square Independent
multi- GLA metre market value
2 1
Description Location tenanted (m ) (R) (R)
Investec Portion 4 of Erf Corner Single- 6 301 R153.64 166 500 000
Pretoria 757 and Atterbury & tenanted
remainder of Klarinet Streets,
Erf 872, Menlo Park,
Menlopark Pretoria
Township,
Pretoria
Balfour Erven 2052, Cnr Multi- 36 311 R150.73 410 000 000
2053 & 2054, Johannesburg tenanted
Highlands Road and Louis
North Ext 9 and Botha Avenue,
Erf 1972 Highlands
Highlands North
North Ext 4
1 The independent market value of the properties was arrived at by Mills Fitchet Magnus Penny Proprietary Limited
(“Independent Valuer”) as at 22 August 2012. The Independent Valuer is an independent registered valuer as defined in
Section 13 of the JSE Limited (“JSE”) Listings Requirements.
1.6. CONDITIONS PRECEDENT TO THE INVESTEC PRETORIA AND BALFOUR ACQUISITIONS
The Investec Acquisitions remains subject to the following conditions precedent:
- the satisfactory completion of a due diligence investigation, to be performed by the Fund on each
property;
- the requisite majority of Investec Property Fund unitholders approving in the General Meeting the
necessary resolutions required for the implementation of the Investec Acquisitions.
1.7. CATEGORISATION
The Investec Acquisitions are classified as related party transactions in terms of the JSE Listings
Requirements. Accordingly a circular in respect of the related party transactions, incorporating the
Independent Valuer’s valuation of the Investec Properties, aggregate financial effects of the Investec
Acquisitions and a notice of general meeting (“Circular”) has been posted to linked unitholders.
2. PRO FORMA FINANCIAL EFFECTS OF THE PROPOSED ACQUISITIONS
The preparation of the unaudited pro forma financial information is the responsibility of the Directors. The
unaudited pro forma financial information has been presented for illustrative purposes only and, because of its
nature, may not give a fair reflection of the Fund’s financial position and results after the Giuricich Acquisition and
Investec Acquisitions.
2.1. FINANCIAL EFFECTS OF THE GIURICICH ACQUISITION
The table below sets out the unaudited pro forma financial effects of the Giuricich Acquisition based on the
audited annual financial results for the financial year ended 31 March 2012 and on the assumption that for
calculating the net asset value per linked unit and net tangible asset value per linked unit, the Giuricich
Acquisition was effected on 1 April 2012.
Pro forma
results after
the Giuricich
Audited results Acquisition
before the and material
proposed post balance
acquisitions1 sheet events2 Change (%)
Net asset value per Linked Unit (cents) 1,081.22 1,135.49 5.0%
Net tangible asset value per Linked Unit (cents) 1,081.22 1,135.49 5.0%
Notes and assumptions:
1. The “Audited results before the proposed acquisitions” column was extracted from the annual financial
statement of financial position of the Fund as at 31 March 2012.
2. The “Pro forma results after the Giuricich Acquisition and material post balance sheet events” column
represents net asset value per linked unit and net tangible asset value per linked unit after the
acquisition of the Giuricich portfolio of properties (“Giuricich Properties”). It includes the effect of the
acquisition and transfer of the Giuricich Properties for a total purchase consideration of R742 800 000
all acquired as going concern assets.
3. It has been assumed that the acquisition is entirely equity funded with 17,000,000 linked units issued to
Giuricich at a Clean Price of R12.29 per linked unit, and a further 40,292,075 linked units issued in
terms of the Proposed Rights Offer at an assumed Clean Price of R13.25 per linked unit to settle the
balance of the purchase consideration.
4. The estimated once-off transaction expenses of acquiring the Giuricich Properties amounts to
R2,876,390. This expense will be paid out of cash and capitalised to the respective investment
properties.
2.2. FINANCIAL EFFECTS OF THE INVESTEC ACQUISITIONS
The table below sets out the unaudited pro forma financial effects of the Investec Acquisitions based on the
audited annual financial results for the financial year ended 31 March 2012 and on the assumption that for
calculating the net asset value per linked unit and net tangible asset value per linked unit, the Investec
Acquisitions were effected on 1 April 2012.
Pro forma
results after
the Investec
Audited results Acquisitions
before the and material
Proposed post balance
Acquisitions1 sheet events2 Change (%)
Net asset value per Linked Unit (cents) 1,081.22 1,143.69 5.8%
Net tangible asset value per Linked Unit cents) 1,081.22 1,143.69 5.8%
Notes and assumptions:
1. The “Audited results before the proposed acquisitions” column was extracted from the annual financial
statement of financial position of the Fund as at 31 March 2012.
2. The ”Pro forma results after the Investec Acquisitions and material post balance sheet events'' column
represents net asset value per linked unit and net tangible asset value per linked unit after the
acquisition of the three properties comprising the Investec Acquisition (“the Investec Properties”). It
includes the effect of the acquisition and transfer of the Investec Properties for an aggregate purchase
consideration of R839,252,295, all acquired as going concern assets.
3. It has been assumed that the acquisition is entirely equity funded with 17,000,000 linked units issued to
Investec at a Clean Price of R12.66 per linked unit, and a further 47,096,777 linked units issued in
terms of the Proposed Rights Offer at an assumed Clean Price of R13.25 per linked unit to settle the
balance of the purchase consideration.
4. The estimated once-off transaction expenses of acquiring the properties amounts to R3,249,888. This
expense will be paid out of cash and capitalised to the respective investment properties.
2.3. FINANCIAL EFFECTS OF THE GIURICICH ACQUISITION AND INVESTEC ACQUISITIONS
The table below sets out the unaudited pro forma financial effects of the Giuricich Acquisition and the
Investec Acquisitions based on the audited annual financial results for the financial year ended 31 March
2012 and on the assumption that for calculating the net asset value per linked unit and net tangible asset
value per linked unit, the Giuricich Acquisition and Investec Acquisitions were effected on 1 April 2012.
Pro forma
results after
the Giuricich
Acquisition,
Investec
Audited results Acquisitions
before the and material
Proposed post balance
Acquisitions1 sheet events2 Change (%)
Net asset value per Linked Unit (cents) 1,081.22 1,173.73 8.6%
Net tangible asset value per Linked Unit (cents) 1,081.22 1,173.73 8.6%
Notes and assumptions:
1. The “Audited results before the proposed acquisitions” column was extracted from the annual financial
statement of financial position of the Fund as at 31 March 2012, and adjusted for acquisitions made
post year end.
2. The “Pro forma results after the Giuricich Acquisition, Investec Acquisitions and material post balance
sheet events'' column represents net asset value per Linked Unit and net tangible asset value per
Linked Unit after the acquisition of the Giuricich properties and Investec properties. It includes the effect
of the acquisition and transfer of the properties for an aggregate purchase consideration of
R1,582,052,295, all acquired as going concern assets.
3. It has been assumed that the acquisition is entirely equity funded with 17,000,000 linked units issued to
Giuricich at a Clean Price of R12.29 per linked unit, 17,000,000 linked units issued to Investec at a
Clean Price of R12.66 per linked unit and a further 87,388,852 linked units issued in terms of the
Proposed Rights Offer at an assumed Clean Price of R13.25 per linked unit to settle the balance of the
purchase considerations.
4. The estimated once-off transaction expenses of acquiring the Giuricich Properties and Investec
Properties amounts to R6,126,278. This expense will be paid out of cash and capitalised to the
respective investment properties.
3. FORECAST FINANCIAL INFORMATION
3.1. FORECAST FINANCIAL INFORMATION OF THE GIURICICH ACQUISITION
The unaudited profit forecast of the Giuricich properties for the six months ending 31 March 2013 and the
further twelve months ended 31 March 2014 is set out in the table below.
The information below has been prepared on the assumption that the Giuricich Properties have been
transferred to the Fund on 1 October 2012, notwithstanding the actual anticipated transfer date of the
properties being on or about 1 November 2012.
Unaudited Unaudited forecast
forecast for for
the Giuricich the Giuricich
Properties for the Properties for the
six months twelve months
ending ending
31 March 31 March
R’000 2013 2014
Revenue
Gross rental and related revenue 31,966 67,540
Straight-line rental revenue adjustment 127 (2,954)
Rental revenue 32,093 64,586
Property expenses (1,495) (2,947)
Net rental and related revenue 30,598 61,639
Other operating expenses
Asset Management Fee (1,857) (3,714)
Operating profit 28,741 57,925
Finance costs - -
Profit before debenture interest and taxation 28,741 57,952
Debenture interest (28,585) (60,818)
Profit before taxation 156 (2,893)
Taxation (44) 810
Total comprehensive income for the period attributable to equity
112 (2,083)
holders
Distributable to Linked Unit Holders 28,606 60,862
Interest on debentures 28,585 60,818
Dividends on ordinary shares 21 44
Incremental Linked Units in issue 57,292,075 57,292,075
Forecast distribution per incremental Linked Unit (cents) 49.93 106.23
Notes and assumptions
The profit forecast for the six months ending 31 March 2013 and twelve months ending 31 March 2014 is based on the
following assumptions:
1. Circumstances which affect the Fund’s business, but which are outside of the control of the Directors, will not change
in a way that will materially affect the trading situation of the Fund;
2. No properties will be acquired and no properties will be disposed of during the forecast period;
3. No unforeseen economic factors that will affect the lessees’ ability to meet their commitments in terms of the existing
lease agreements have been included;
4. All existing lease agreements are valid. The proportion of rental revenue (excluding recoveries) that is uncontracted
for the six months ending March 2013 and for the year ending March 2014 is 1.9% and 2.3% respectively. It has
been assumed that expiring leases have been renewed at current escalations;
5. No fair value adjustments to investment properties have been provided for;
6. Operating expenditure has been based on discussions with, and records of, the property managers and historical
costs, taking into account the effects of inflation on these. The only material expenditure items are repairs and
maintenance, property management fees and assessment rates and taxes.
7. No material refurbishment capital expenditure or any other material capital expenditure is forecast for the 6 months
ending year ending 31 March 2013 and for the year ending 31 March 2014;
8. The asset management fee has been approximated at 0.5% of the cost of the properties being R742 800 000 for the
entire forecast period;
9. Debenture interest payable in respect of the Linked Units is based on distributable earnings, adjusted for the
payment of dividends in relation to the ordinary shares in issue;
10. Deferred tax on the straight-line rental revenue adjustment has been included at a rate of 28%; and
11. It has been assumed that distributable earnings will de distributed to linked unitholders in full.
3.2. FORECAST FINANCIAL INFORMATION OF THE INVESTEC ACQUISITIONS
The unaudited profit forecast of the Investec Properties for the six months ending 31 March 2013 and the
further twelve months ended 31 March 2014 is set out in the table below.
The information below has been prepared on the assumption that the Investec Properties have been
transferred to the Fund on 1 October 2012, notwithstanding the effective transfer date of the properties
being 1 October 2012 for the Firs and 1 November 2012 for the Balfour and Investec Pretoria properties.
Unaudited forecast Unaudited forecast
for for
the Investec the Investec
Properties for the Properties for the
six months twelve months
ending ending
31 March 31 March
R’000 2013 2014
Revenue
Gross rental and related revenue 56,915 115,313
Straight-line rental revenue adjustment 2,816 5,134
Rental revenue 59,731 120,447
Property expenses (18,080) (37,229)
Net rental and related revenue 41,651 83,218
Other operating expenses
Asset Management Fee (2,098) (4,196)
Operating profit 39,553 79,022
Finance costs - -
Profit before debenture interest and taxation 39,553 79,022
Debenture interest (36,700) (73,814)
Profit before taxation 2,852 5,208
Taxation (799) (1,458)
Total comprehensive income for the period attributable to equity holders 2,054 3,750
Distributable to Linked Unit Holders 36,727 73,867
Interest on debentures 36,700 73,814
Dividends on ordinary shares 26 53
Incremental Linked Units in issue 64,096,777 64,096,777
Forecast distribution per incremental Linked Unit (cents) 57.30 115.24
Notes and assumptions
The profit forecast for the six months ending 31 March 2013 and twelve months ending 31 March 2014 is based on the
following assumptions:
1. Circumstances which affect the Fund’s business, but which are outside of the control of the Directors, will not change
in a way that will materially affect the trading situation of the Fund;
2. No properties will be acquired and no properties will be disposed of during the forecast period;
3. The majority of existing lease agreements are valid and all rental guarantees are in place. In some cases the lease
agreement has expired and has not yet been renewed. In these cases, it is assumed that the tenant remains in situ
(except in the instances where the Fund is aware that a tenant may want to relocate) and continues to pay rent.
Such revenue is treated as uncontracted revenue for the purposes of the profit forecasts. The proportion of rental
revenue (excluding recoveries) that is uncontracted for the six months ending March 2013 and for the year ending
March 2014 is 0.5% and 10.5% respectively. No escalations have been assumed on renewals and current rentals
continue going forward;
4. Current vacant space has been forecast on a property by property basis and has either been assumed to remain
vacant or, if it is considered viable that a tenant will be found, that it will be only partially let during the forecast
period;
5. Leases expiring during the period have been forecast on a lease-by-lease basis and, in circumstances where the
tenant has indicated that it is satisfied with the premises they have continued to be let at the current rates and
escalations for the majority of the tenants. Where considered necessary, the forecast rental has been escalated or
has been reduced in line with market rentals;
6. Operating expenditure has been based on discussions with, and records of, the property managers and historical
costs, taking into account the effects of inflation on these. The only material expenditure items are repairs and
maintenance, property management fees, assessment rates and taxes and municipal charges. Property
management fees and assessment rates and taxes increased by more than 15%. The increase in property
management fees relates to improved collections in respect of electricity recoveries at the Firs building. Electricity
meters were recently installed, enabling management to fully recover the majority of the electrical charges from
tenants in terms of the lease agreements. The increase in the assessment rates and taxes is as a result of the
municipal valuation of one of the Firs being increase by municipality. Municipal charges decreased by more than
15% as a result of the improved electricity recoveries detailed above;
7. No material refurbishment capital expenditure or any other material capital expenditure is forecast for the six months
ending 31 March 3013 and the year ending 31 March 2014;
8. Debenture interest payable in respect of the Linked Units is based on distributable earnings, adjusted for the
payment of dividends in relation to the ordinary shares in issue;
9. Deferred tax on the straight-line rental revenue adjustment has been included at a rate of 28%;
10. The asset management fee has been approximated at 0.5% of the cost of the properties being R839 525 295 for the
entire forecast period; and
11. It has been assumed that distributable earnings will de distributed to linked unitholders in full.
3.3. FORECAST FINANCIAL INFORMATION OF THE GIURICICH ACQUISITION AND THE INVESTEC
ACQUISITIONS
The unaudited profit forecast of the Giuricich properties and Investec properties for the six months ending
31 March 2013 and the further twelve months ended 31 March 2014 is set out in the table below.
The information below has been prepared on the assumption that the Giuricich Properties and the Investec
Properties have been transferred to the Fund on 1 October 2012, notwithstanding the actual anticipated
transfer date of the properties.
Unaudited Unaudited
forecast for forecast for
the Giuricich the Giuricich
Properties and the Properties and the
Investec Investec
Properties for the Properties for the
six months twelve months
ending 31 March ending 31 March
R’000 2013 2014
Revenue
Gross rental and related revenue 88,881 182,853
Straight-line rental revenue adjustment 2,943 2,180
Rental revenue 91,824 185,033
Property expenses (19,575) (40,176)
Net rental and related revenue 72,249 144,857
Other operating expenses
Asset Management Fee (3,955) (7,910)
Operating profit 68,294 136,947
Finance costs - -
Profit before debenture interest and taxation 68,294 136,947
Debenture interest (65,286) (134,632)
Profit before taxation 3,008 2,315
Taxation (842) (648)
Total comprehensive income for the period attributable to equity
2,166 1,666
holders
Distributable to Linked Unit Holders 65,333 134,729
Interest on debentures 65,286 134,632
Dividends on ordinary shares 47 97
Incremental Linked Units in issue 121,388,852 121,388,852
Forecast distribution per incremental Linked Unit (cents) 53.82 110.99
Notes and assumptions:
The profit forecast for the six months ending 31 March 2013 and twelve months ending 31 March 2014 is based on the
following assumptions:
1. Circumstances which affect the Fund’s business, but which are outside of the control of the Directors, will not change
in a way that will materially affect the trading situation of the Fund;
2. No properties will be acquired and no properties will be disposed of during the forecast period;
3. The majority of existing lease agreements are valid and all rental guarantees are in place. In some cases the lease
agreement has expired and has not yet been renewed. In these cases, it is assumed that the tenant remains in situ
(except in the instances where the Fund is aware that a tenant may want to relocate) and continues to pay rent.
Such revenue is treated as uncontracted revenue for the purposes of the profit forecasts. The proportion of rental
revenue (excluding recoveries) that is uncontracted for the six months ending March 2013 and for the year ending
March 2014 is 1.0% and 7.5% respectively. No escalations have been assumed on renewals on the Investec
Properties. Current escalations have been applied to renewals on the Giuricich Properties;
4. Current vacant space has been forecast on a property by property basis and has either been assumed to remain
vacant or, if it is considered viable that a tenant will be found, that it will be only partially let during the forecast
period;
5. Leases expiring during the period have been forecast on a lease-by-lease basis and, in circumstances where the
tenant has indicated that it is satisfied with the premises they have continued to be let at the current rates and
escalations for the majority of the tenants. Where considered necessary, the forecast rental has been escalated or
has been reduced in line with market rentals;
6. Operating expenditure has been based on discussions with, and records of, the property managers and historical
costs, taking into account the effects of inflation on these. No material expenditure items have been increased in the
forecast period by more than 15%.
7. No material refurbishment capital expenditure or any other material capital expenditure is forecast for the six months
ending 31 March 3013 and the year ending 31 March 2014;
8. Debenture interest payable in respect of the Linked Units is based on distributable earnings, adjusted for the
payment of dividends in relation to the ordinary shares in issue;
9. Deferred tax on the straight-line rental revenue adjustment has been included at a rate of 28%;
10. The asset management fee has been approximated at 0.5% of the cost of the properties being R1 582 052 295 for
the entire forecast period; and
11. It has been assumed that distributable earnings will de distributed to linked unitholders in full.
4. IRREVOCABLE COMMITMENTS
Investec Property Fund Linked Unitholders, holding directly and indirectly, approximately 119 480 077 Linked
Units, comprising approximately 70.3% of the Investec Property Fund Linked Units in issue have provided
irrevocable commitments to vote in favour of the Giuricich Acquisition.
Investec Property Fund Linked Unitholders, holding directly and indirectly, approximately 29 285 714 Linked Units,
comprising approximately 37.9% of the Investec Property Fund Linked Units in issue excluding those of Investec
and other related parties, have provided irrevocable commitments to vote in favour of the Investec Acquisitions.
Linked Unitholders holding directly and indirectly, approximately 115 259 244 Linked Units, comprising
approximately 67.8% of the Investec Property Fund Linked Units in issue have provided irrevocable commitments
to take up their rights should Investec Property Fund proceed with the Proposed Rights Offer based on the
indicative terms as set out in paragraph1.3 above .In addition, commitments have been received to apply for
excess / underwrite approximately 40% of the R1.5 billion Proposed Rights Offer.
5. POSTING OF CIRCULAR AND NOTICE OF GENERAL MEETING
Linked unitholders are advised that the Fund has posted a Circular dated 22 August 2012 to its unitholders
relating to the Giuricich Acquisition and the Investec Acquisitions. The Circular includes, inter alia, a notice of
General Meeting of Investec Property Fund unitholders to be held at the registered office of Investec Property
Fund Limited, 4th Floor Boardroom, Investec Bank Limited, 100 Grayston Drive, Sandown, Sandton at 09h00 on
Thursday, 27 September 2012 to consider and, if deemed fit, pass the resolutions stated in the notice of General
Meeting forming part of the Circular and necessary to implement the acquisitions.
The following sets out the salient dates and times in relation to the General Meeting:
2012
Record date to receive notice of General Meeting Friday, 17 August
Circular, notice of General Meeting and form of proxy posted to Linked Unitholders on Monday, 27 August
Last day to trade to be eligible to vote at the General Meeting Friday, 14 September
Record date to be eligible to attend and vote at the General Meeting Friday, 21 September
Last day to lodge forms of proxies in respect of the General Meeting by 09h00 on Tuesday, 25 September
General Meeting of Linked Unitholders to be held at 09h00 on Thursday, 27 September
Results of General Meeting published on SENS on Thursday, 27 September
Results of the General Meeting published in the press on Friday, 28 September
6. WITHDRAWAL OF CAUTIONARY
Following the publication of the pro forma financial effects and forecast information of the Giuricich Acquisition and
the Investec Acquisitions, unitholders are no longer required to exercise caution when dealing in Investec Property
Fund linked units.
Johannesburg
27 August 2012
Independent reporting
Investment bank and sponsor
Investec Corporate Finance
Independent sponsor
Deloitte & Touche Sponsor Services
Reporting accountants and auditors
Ernst & Young Inc.
Legal advisors to IPF
Fluxmans Inc.
Date: 27/08/2012 11:41:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
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