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Proposed disposal of 101 De Korte and update on successful transfer of Unisa House
DELTA PROPERTY FUND LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2002/005129/06)
JSE share code: DLT
ISIN: ZAE000194049
(Approved as a REIT by the JSE)
("Delta" or the "Company")
PROPOSED DISPOSAL OF 101 DE KORTE AND UPDATE ON SUCCESSFUL TRANSFER OF UNISA HOUSE
A. PROPOSED DISPOSAL OF 101 DE KORTE
1. Introduction
Delta shareholders are hereby advised that the Company (the "Seller") has entered into a sale of letting enterprise
agreement (the "Agreement") with Vivid Yellow Investments Proprietary Limited (the "Purchaser"), to dispose
of the property situated at 101 De Korte Street, Braamfontein, Johannesburg, including immovable and movable
assets, and as more commonly known as "101 De Korte" (the "Property"), for a cash consideration of
R25.0 million (the "Disposal Consideration") (the "Disposal").
2. Rationale and use of proceeds
As part of the Company's business and portfolio optimisation strategy, it was decided to dispose of assets which
are no longer strategic to the Company and are deemed to be "non-core". In keeping with this strategy, the
Company has taken a decision to dispose of the Property given its "non-core" status. The net proceeds from the
Disposal will be utilised by the Company to reduce its debt balance.
3. Terms and conditions of the Disposal
3.1 Purchaser
The ultimate beneficial owner of the Purchaser is Alon Kirkel. The Purchaser is not a 'related party' as
defined in the Listings Requirements of the JSE Limited ("JSE").
3.2 Effective date
The Disposal will become effective on the date on which the registration of transfer of the Property into
the name of the Purchaser is effected, which date the Company anticipates will be approximately
31 October 2025 (the "Transfer Date").
3.3 Disposal Consideration
The Disposal Consideration is R25 million exclusive of VAT, payable in cash, as follows:
- a non-refundable deposit of R2.5 million upon signature of the Agreement (which has already been
received), and
- R22.5 million secured by way of guarantees, acceptable to the Seller, which guarantees shall be
expressed as payable on the Transfer Date. The guarantees are to be delivered within sixty days
from the date of signature of the Agreement (the "Signature Date").
3.4 Conditions precedent
The Disposal is subject to fulfilment of the following conditions precedent:
- within 120 days after the Signature Date, the Seller has complied with the JSE Listings
Requirements (insofar as this may be applicable), and obtained such consents and approvals as may
be required; and
- within 120 days after the Signature Date, any requisite regulatory approvals for the implementation
of the Disposal having been obtained from the Competition Authorities (if applicable).
3.5 Representations and warranties
The Agreement contains representations and warranties by the parties in favour of one another which are
standard for transactions of this nature.
4. Financial and property-related information in respect of the Property
101 De Korte
Location Johannesburg
Gross lettable area: 6 610m2
Weighted average rental1: R0/m2
Net operating loss1: R2.75 million
Vacancy rate1: 100%
Sector: Office - Other
Valuation2 R27.09 million
Notes:
1. The weighted average rental, net operating loss and vacancy rate in respect of the Property have been
extracted from the Company's audited results for the year ended 28 February 2025, which were prepared
in terms of International Financial Reporting Standards.
2. The valuation of the property was performed as at 28 February 2025 by Hendrik Fouche (of Knight Frank
Valuations), who is independent from the Company and registered as a professional valuer in terms of the
Property Valuers Profession Act, No. 47 of 2000.
3. The financial information contained in this announcement is the responsibility of the Board of Directors
of Delta and has not been reviewed and reported on by Delta's auditors or a reporting accountant.
5. Categorisation
The Disposal is classified as a category 2 transaction in terms of the JSE Listings Requirements. Accordingly,
this Disposal is not subject to shareholder approval.
B. VOLUNTARY ANNOUNCEMENT REGARDING THE SUCCESSFUL TRANSFER OF UNISA HOUSE
Delta shareholders are further advised that the Company has now successfully concluded the disposals of
Erven 242, 246 and 1100 Marshalltown Township ("Unisa House") to Guder Properties Proprietary Limited (as
previously announced on 28 October 2024).
The net proceeds of the disposal of Unisa House have been utilised to settle outstanding debt in respect of that
property.
Johannesburg
13 June 2025
Sponsor
Java Capital
Date: 13-06-2025 02:00:00
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