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Announcement regarding the disposal of a property
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 DISPOSAL OF A PROPERTY
1. Introduction
Ingenuity shareholders are advised that the Company has entered into an agreement of sale
with Gutsche Investment & Management Company Proprietary Limited ("the Purchaser"), in
terms of which Ingenuity will dispose of its property being Erf 6497 Montague Gardens, known
as Estuaries No 1, situated at 12 The Estuaries Street, Century City, Cape Town (“the Property")
(“the Disposal”).
The Disposal will become effective on date of registration of transfer which is anticipated to be
on or about 1 February 2017 (“the Effective Date”).
2. Rationale for the Disposal
The decision to dispose of the Property was taken in order to realise equity for a higher growth
development opportunity the Company is about to commence with known as 117 on Strand.
3. Consideration for the Disposal
The total consideration for the Disposal is R100 million (“the Disposal Consideration”), to be
settled in cash.
4. Application of sales proceeds
The Disposal Consideration will be used to reduce existing borrowings and provide equity for
current developments.
5. Conditions precedent
The Disposal is subject to the following conditions precedent:
5.1 the Purchaser obtaining bond finance for no less than R100 million by 14 October 2016;
and
5.2 completion of a due diligence exercise by the Purchaser on the Property.
6. Property specific information relating to the Property
Weighted
Gross Value of
Single or average
lettable Consideration the
Property Location Sector Multi- rental per
area Rm Property
tenanted m2
m2 Rm (1)
R
Erf 6497 Montague
Estuaries No Gardens,
Offices 4 311 Multi 148 100 100
1 Municipality of the
City of Cape Town,
Weighted
Gross Value of
Single or average
lettable Consideration the
Property Location Sector Multi- rental per
area Rm Property
tenanted m2
m2 Rm (1)
R
Division of Cape
Town, Western Cape
1. The value of the Property has been derived by the directors of the Company using the
capitalisation of rental method.
7. Value of the net assets and profits attributable to the net assets of the Disposal
The value of the net assets that are the subject of the Disposal is R97.495 million and the
profits attributable to the net assets that are the subject of the Disposal are R7.675 million for
the 12 months ended 29 February 2016.
8. Categorisation of the Disposal
The Disposal is categorised as a Category 2 transaction in terms of the JSE Limited Listings
Requirements.
26 September 2016
Cape Town
Investment bank and sponsor
Nedbank Corporate and Investment Banking
Date: 26/09/2016 05:12:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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