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Announcement regarding the acquisition of Knysna Mall
INGENUITY PROPERTY INVESTMENTS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2000/018084/06)
ISIN: ZAE 000127411 JSE share code: ING
(“Ingenuity” or “the Company”)
ANNOUNCEMENT REGARDING THE ACQUISITION OF KNYSNA MALL
1. Introduction
Ingenuity shareholders are advised that the Company has entered into an offer to purchase (“the Offer”)
with The Waterbuck Trust (“the Seller”), in terms of which Ingenuity will acquire 75 % of the rental
enterprise, including its improvements and leases, in respect of Erf 16472, Knysna, Western Cape (“the
Property”) situated at Main Road, Knysna (“the Acquisition”) and known as Knysna Mall.
The Acquisition will become effective on transfer which is expected to be on or about 1 November 2015
(“the Effective Date”).
2. Rationale for the Acquisition
The Property has been acquired in line with the Company’s strategy to invest in value add opportunities
in the Western Cape. The Knysna Mall has established itself as the dominant centre in the area. With
proactive asset management further value can be extracted from this substantial asset. The attractive
initial yield of 9,9% also represents good value in the current market.
3. Consideration for the Acquisition
The total consideration for the Acquisition is R240 000 000 (“the Purchase Consideration”).
The Purchase Consideration will be settled by Ingenuity in cash on transfer of the Property, with the
option to issue shares to settle the Purchase Consideration via a vendor consideration placing to
individuals or entities approved by Ingenuity as soon as possible after the Effective Date.
4. Conditions precedent
The Acquisition is subject to the fulfilment of the following conditions precedent:
4.1 Ingenuity board approval by 31 August 2015;
4.2 mortgage finance approval on terms acceptable to Ingenuity by 11 September 2015;
4.3 Ingenuity being satisfied in their sole discretion with the results of a comprehensive due
diligence by 11 September 2015;
4.4 Competition Commission approval to the extent required; and
4.5 such JSE regulatory requirements as may be necessary.
5. Property specific information relating to the Property
Property Location Sector Land Gross Single or Weighted Purchase Value of
Extent lettable Multi- average Consideration the
hectares area tenanted net rental Rm(1) Property
m2 per m2 Rm(2)
R
Erf 16472 Main Road Retail 2.717 27 835 Multi 108.11 240 240
Knysna Knysna
1. Purchase consideration for 75% of the Property.
2. No independent valuation has been performed on the Property. The value attributed to the Property has been derived at by the directors of
the Company using the capitalisation of rental method.
6. Value of net assets and profits attributable to the net assets of the Acquisition
The value of the net assets that are the subject of the Acquisition is R240 000 000 and the profits
attributable to the net assets that are the subject of the Acquisition are R23 798 000 for the first year
following the Effective Date.
7. Categorisation of the Acquisition
The Acquisition is a Category 2 transaction in terms of JSE Listings Requirements.
17 August 2015
Cape Town
Investment bank and Sponsor
Nedbank CIB
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