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Disposal Of Property Letting Enterprises
ASCENSION PROPERTIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2006/026141/06)
JSE share code: AIA ISIN: ZAE000204566
(Approved as a REIT by the JSE)
(“Ascension” or the “company”)
DISPOSAL OF PROPERTY LETTING ENTERPRISES
Introduction
Shareholders are advised that Ascension has concluded an agreement for the disposal of the property letting
enterprises in respect of the 3 properties known as Bergstan House, Matrix House and Nedbank Centre (the
“properties”) to Camden Bay Investments 44 Proprietary Limited (“Camden Bay”) for an aggregate consideration of
R199 881 000 (exclusive of VAT at zero percent) (the “disposal”).
The properties are no longer core to Ascension’s strategy and the disposal will enable Ascension to focus on its larger
core buildings with more sustainable growth. The proceeds of the disposal will be used to reduce the existing debt of
Ascension.
Terms of the disposal
Camden Bay will acquire the property letting enterprises, which include the properties, with effect from the date of
registration of transfer of the properties into Camden Bay’s name (the “transfer date”). The sale consideration for the
property letting enterprise will be payable in cash on the transfer date.
The disposal remains conditional upon Camden Bay:
- obtaining debt finance for 60% of the sale consideration payable; and
- being satisfied with the outcome of its due diligence investigation in respect of the letting enterprise.
The disposal includes warranties, undertakings and indemnities which are normal for a disposal of this nature.
Property specific information
The property specific information required in terms of the JSE Listings Requirements in relation to the properties is
set out below.
Property name and address Bergstan House, cnr Castle and Loop Streets, Cape Town
Sector Office
Geographical location Western Cape
Rentable Area (m2) 2 838m2
Weighted Average rental per m2 R83.85/m2
Value attributed to the property R31 218 000
Net operating income (1 Sept 2016 to 31 Aug 2017) R1 361 758
Property name and address Matrix House, cnr Strand and Bree Streets, Cape Town
Sector Office
Geographical location Western Cape
Rentable Area (m2) 9 001m2
Weighted Average rental per m2 R81.43/m2
Value attributed to the property R99 011 000
Net operating income (1 Sept 2016 to 31 Aug 2017) R6 801 040
Property name and address Nedbank Centre, cnr Strand and Loop Streets, Cape Town
Sector Office
Geographical location Western Cape
Rentable Area (m2) 6 332m2
Weighted Average rental per m2 R98.27/m2
Value attributed to the property R69 652 000
Net operating income (1 Sept 2016 to 31 Aug 2017) R4 344 255
No independent valuation has been carried out and the board of directors of Ascension is of the view that the value
attributed to the properties above represents the value of the properties disposed of.
The value of the net assets being disposed of in terms of the disposal, being the value attributed to the properties, is
R160 500 000.
Categorisation of the disposal
The disposal is classified as a Category 2 transaction in terms of the JSE Listings Requirements. It is not subject to
approval by Ascension shareholders.
11 August 2016
Corporate advisor and sponsor
Java Capital
Date: 11/08/2016 03:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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