ASCENSION PROPERTIES LIMITED - Proposed acquisition of River View I and II and River Park I and II

Proposed acquisition of River View I and II and River Park I and II

Ascension Properties Limited                        
(Incorporated in the Republic of South Africa on 23 August 2006)
(Registration number 2006/026141/06)
A-Linked Units: JSE code: AIA ISIN: ZAE000161881
B-Linked Units: JSE code: AIB ISIN: ZAE000161899
(“Ascension” or “the company”)


PROPOSED ACQUISITIONS OF RIVER VIEW I AND II AND RIVER PARK 1 AND 2


1.   INTRODUCTION
     Ascension has concluded agreements for the:

     -      acquisition of a rental enterprise conducted in respect of and including the property and buildings
            known as River View 1 and 2 (the “River View property”), for a purchase price of R72.5 million
            (the “River View acquisition”). The seller of River View is Coffee Break Investments
            (Proprietary) Limited (“Coffee Break”);
     -      acquisition of a rental enterprise in respect of and including the property and buildings known as
            River Park 1 and 2 (the “River Park property”), for a purchase price of R62 million (the “River
            Park acquisition”). The seller of River Park is Koejaweldorp Beleggings CC (“Koejaweldorp
            Beleggings”).


2.   THE RIVER VIEW ACQUISITION

     2.1.      RATIONALE
               The River View acquisition, with a purchase price of R72.5 million which equates to an
               acquisition yield of 10.3% is consistent with Ascension’s growth strategy and meets its
               investment criteria in terms of its location and its tenant, lease and net income profile.

     2.2.      DETAILS OF THE RIVER VIEW PROPERTY

               The River View property (portion 6 of Erf 40, Riverside Park Extension 6, Mpumulanga) is a
               fully let office block with 4 303 square metres of office space of which the Provincial
               Department of Education occupies 3 308 square metres. The weighted average rental per
               square metre of River View is currently R127 per square metre.

     2.3.      TERMS AND CONDITIONS PRECEDENT

               The purchase price is payable in cash against transfer of ownership of the River View property
               into Ascension’s name, on which date the River View acquisition will become effective.

               The River View acquisition agreement provides for warranties and indemnities that are
               standard for acquisitions of this nature.

               The River View acquisition is subject to the following suspensive conditions:
                                                                                                          2


            - by no later than the 30th calendar day following fulfilment of the due diligence
              investigation condition, Ascension obtaining a loan in an amount of R72.5 million or such
              other amount and on terms acceptable to Ascension;

            - by no later than the 60th calendar day following signature of the River View acquisition
              agreement, Coffee Break providing Ascension with a rental guarantee in respect of the
              River View property; and

            - by not later than the 90th calendar day after signature of the River View acquisition
              agreement and to the extent it may be required, receiving approval from all other
              regulatory authorities, including the JSE,

            which conditions are to be fulfilled or waived, as appropriate.

     2.4.   FINANCIAL INFORMATION

            Linked unitholders are advised that the financial effects of the River View acquisition will be
            announced in due course.

     2.5.   CATEGORISATION

            The River View acquisition is not categorisable in terms of the JSE Listings Requirements and
            accordingly does not require approval by linked unitholders. The information presented in this
            announcement in respect of the River View acquisition is for information purposes only.

3.   THE RIVER PARK ACQUISITION

     3.1.   RATIONALE
            The River Park acquisition, with a purchase price of R62 million which equates to an
            acquisition yield of 10.3%, is consistent with Ascension’s growth strategy and meets its
            investment criteria in terms of its location and its tenant, lease and net income profile.

     3.2.   DETAILS OF THE RIVER PARK PROPERTY

            The River Park property (Portion 5 of Erf 40, Riverside Park Extension 6, Mpumalanga) is a
            fully let office/retail complex with 4 440 square metres of gross lettable area together with
            vacant land. The weighted average rental per square metre of River Park is currently R151 per
            square metre. River Park is multi-tenanted with the Provincial Department of Human
            Settlements occupying 2 100 square metres.

     3.3.   TERMS AND CONDITIONS PRECEDENT

            The purchase price is payable in cash against transfer of ownership of the River Park property
            into Ascension’s name, on which date the River Park acquisition will become effective.

            The River Park acquisition agreement provides for warranties and indemnities that are standard
            for acquisitions of this nature.

            The River Park acquisition is subject to the following suspensive conditions:

            - by no later than the 30th calendar day following fulfilment of the due diligence
              investigation condition, Ascension obtaining a loan in an amount of R62 million or such
              other amount and on terms acceptable to Ascension;
                                                                                                            3


              - by no later than the 60th calendar day following signature of the River Park acquisition
                agreement, Koejaweldorp Beleggings providing Ascension with a rental guarantee in
                respect of the River Park property; and

              - by not later than the 90th calendar day after signature of the River Park acquisition
                agreement and to the extent it may be required, receiving approval from all other
                regulatory authorities, including the JSE,

              which conditions are to be fulfilled or waived, as appropriate.

     3.4.     FINANCIAL INFORMATION

              Linked unitholders are advised that the financial effects of the River Park acquisition will be
              announced in due course.

     3.5.     CATEGORISATION

              The River Park acquisition is not categorisable in terms of the JSE Listings Requirements and
              the announcement of the River Park acquisition is made for information purposes only.

     3.6.     VALUATIONS
              The board is satisfied that the values of the River View property and the River Park property
              are in line with the respective purchase prices being paid by the company. The directors of the
              company are not independent and are not registered as professional valuers or as professional
              associate valuers in terms of the Property Valuers Profession Act, No 47 of 2000.


6 June 2013


Corporate advisor and sponsor
Javacapital
Date: 06/06/2013 02:21:00 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.