Sharenet Sites 
Sharenet Sites
Announcement regarding the acquisition of a property
INGENUITY PROPERTY INVESTMENTS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2000/018084/06)
ISIN: ZAE000127411 JSE share code: ING
(“Ingenuity” or “the Company”)
ANNOUNCEMENT REGARDING THE ACQUISITION OF A PROPERTY
1. Introduction
Ingenuity shareholders are advised that Wespin 42 Proprietary Limited (“Wespin”), a wholly-owned
subsidiary of Ingenuity, has entered into an offer to purchase with Netcare Property Holdings
Proprietary Limited, in terms of which Wespin will acquire Erven 9644, 2142 and Remaining Extent of Erf
2143 situated in Bree and Longmarket Streets, Cape Town and known as the former Netcare Christiaan
Barnard Hospital (“the Property”) (“the Acquisition”).
The Acquisition will become effective on transfer of the Property, which is expected to be on fulfilment
of the condition precedent outlined in 4 below, on or about 1 August 2017 (“the Effective Date”).
A formal agreement for the Acquisition will be entered into in due course.
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.
There are currently two buildings on the Property. The main building consists of 19 floors which are
made up of a basement, ground floor, a mezzanine floor, 7 parking levels (989 bays) and 9 floors of
offices. The second building is a 7 storey annex building linked by a bridge to the main building.
Total gross building area (including parking) is 59 536m2.
The two buildings represent a significant redevelopment opportunity in an area of Cape Town that is
undergoing substantial change offering vibrant retail, offices and residential opportunities.
It is further envisaged that Ingenuity will enter into a joint arrangement to co-develop and market the
Property. Discussions in this regard have commenced.
3. Consideration for the Acquisition
The total consideration for the Acquisition is R300 000 000 (“the Purchase Consideration”).
The Purchase Consideration will be settled by Ingenuity via a bank guarantee for the full purchase price,
within 20 business days of a formal sale agreement being concluded.
A portion of the Purchase Consideration may be settled by way of issue of shares via a vendor
consideration placement.
4. Conditions precedent
The Acquisition is subject to Competition Commission approval, to the extent required.
5. Information relating to the Property
Property Location Sector Land Gross Single or Weighted Purchase Value of
extent lettable multi- average Consideration the
(m2 ) area tenanted net rental (R’m) Property
(m2) per m2 (R’m)
(R) (Note 1)
(Note 2)
Erven 9644 Bree Street, Offices 3 989 30 040 Multi N/A
and 2143, Cape Town
Cape Town 989 R1 500
Parking per
Bays parking
bay
Erf 2142 Longmarket Offices 283 2 293 Multi N/A
Cape Town Street
RE Erf 2143 Longmarket Land 6 N/A N/A N/A
Cape Town Street
4 278 32 333 N/A 300 300
Note 1: No independent valuation has been performed on the Property. The value attributed to the Property has been
derived by the directors of Ingenuity using the capitalisation of rental method.
Note 2: No rental is currently being received. The Property has been acquired for re-development.
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 R300 million and there are currently
no profits attributable to the net assets that are the subject of the Acquisition as the Property is mostly
vacant other than parking bays and certain office components which are let. The net income component
attributable to this is considered not to be significant.
Ingenuity anticipates that other existing components of the Property will generate income in the near
future.
7. Categorisation of the Acquisition
The Acquisition is a Category 2 transaction in terms of JSE Limited Listings Requirements.
28 February 2017
Cape Town
Investment Bank, Corporate Advisor and Sponsor
Nedbank Corporate and Investment Banking
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