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ING - Ingenuity Property Investments Limited - Announcement regarding the acquisition 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 ACQUISITION OF A PROPERTY 1. Introduction Ingenuity shareholders are advised that the Company has entered into an agreement of sale ("the Agreement") with Charden Investment Company (Proprietary) Limited ("the Seller"), in terms of which Ingenuity will purchase the property known as Atlantic Centre and situated at the corner of Oswald Pirow Drive and Louis Gradner Street, Culemborg, being Erf 34, Roggebaai, City of Cape Town, Province of Western Cape ("the Property") ("the Acquisition"). The effective date of the Acquisition is on transfer of the Property into Ingenuity`s name, which is to be on or as close as possible to 1 July 2011 ("the transfer date"). 2. Rationale for the Acquisition In line with Ingenuity`s investment strategy of growing the Company with quality assets, the Acquisition is strategic to the current Foreshore complex of properties that it already owns. It is the intention of Ingenuity to re-develop the Property ("the re-development") as soon as the current tenant vacates the Property on expiry of the existing lease, which is 30 September 2011. Thereafter, the Property will be comprehensively refurbished and converted to an A grade office block, with 3 additional floors added to the existing structure. The Acquisition gives Ingenuity predominant control of the city block and is strategic in unlocking the remaining bulk on its greater Foreshore complex. 3. Consideration for the Acquisition The total consideration for the Acquisition is R60 million ("the purchase consideration"), to be settled in cash out of current cash resources and borrowing facilities on the transfer date. 4. Suspensive conditions All suspensive conditions relating to the Acquisition have been fulfilled. 5. Specific information relating to the Property Details regarding the Property are set out below: Property Location Sector Gross Single Weighted Total Value of lettable or multi- average purchase Property
area m2 tenanted rental price of Rm (1) per sqm Property (2) Rm Erf 34, cnr of Office 4 949 Multi R 64.80 60.0 50.0 Roggebaai, Oswald /retail City of Pirow Cape Town Drive and Louis Gradner Street, Culemborg , Cape Town 1. The value of the Property of R 50 million was arrived at by an independent registered valuer, Mills Fitchet Magnus Penny (Proprietary) Limited, as at 1 April 2011. 2. Weighted average rental will only apply until 30 September 2011 when the existing lease expires and the re-development commences. 6. Unaudited pro forma financial effects ("Financial Effects") of the Acquisition Based on Ingenuity`s unaudited consolidated interim results for the six months ended 28 February 2011, the Financial Effects of the Acquisition on Ingenuity`s earnings per share, headline earnings per share, net asset value per share and net tangible asset value are not disclosed as these are not significant. 7. Categorisation The Acquisition is a Category 2 transaction in terms of the JSE Limited Listings Requirements. 5 May 2011 Cape Town Investment bank and Sponsor Nedbank Capital Date: 05/05/2011 10:43:54 Supplied by www.sharenet.co.za 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.
