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IPF - Investec Property Fund Limited - Property acquisition INVESTEC PROPERTY FUND LIMITED (Incorporated in the Republic of South Africa) (Registration Number 2008/011366/06) Share code: IPF ISIN: ZAE000155099 ("Investec Property Fund" or "the Fund") PROPERTY ACQUISITION 1. Introduction Linked unit holders are hereby advised that the Fund, a company primarily involved in property investment, will acquire Great North Road Plaza, a major retail shopping complex in Musina ("Shopping Complex"), from Swanvest 362 Proprietary Limited ("the Vendor"), for R145 million ("Purchase Consideration") ("Proposed Transaction"). The Purchase Consideration will be paid in cash to the Vendor upon registration of transfer of the Shopping Complex into the name of the Fund ("Effective Date") and will be funded by debt. 2. Rationale for the Proposed Transaction A stated objective of the Fund is to enhance the retail component with quality assets and this acquisition meets that objective. The Proposed Transaction provides an attractive income yield of 9,2%, which will enhance the earnings and growth prospects of the Fund. 3. Description of the property being acquired 3.1 Great North Road Plaza The Great North Road Plaza comprises two retail centres located on either side of the N1 highway in Musina, Limpopo Province, 15 kilometers south of the Beitbridge border post between South Africa and Zimbabwe. The property consists of 13 561 mSquared of gross lettable area ("GLA") erected on Erf 1603, Portion 1 of Erf 1562 and Portion 1 of Erf 1561, Messina Extension 5 as well as the remaining extent of Erf 2277, Messina, Extension 9. Musina is a vibrant commercial and trading centre in the far northern part of the Limpopo Province, servicing both the surrounding agricultural sector as well as cross border trade from Zimbabwe. National tenants and national brand franchises occupy 88% of the space and contribute 83% of the contractual income. The weighted average gross rental for the property is R82.23/m2. 4. Conditions precedent The Proposed Transaction is subject to a final confirmatory due diligence investigation. 5. Financial Effects Due to the funding mechanism the Proposed Transaction will not have a material effect in the first year as it does not contribute more than 3% to the pro forma distribution per linked unit, pro forma earnings per linked unit, pro forma headline earnings per linked unit, pro forma net asset value per linked unit or pro forma tangible net asset value per linked unit of the Fund. 6. Categorisation of the Proposed Transaction In terms of the Listings Requirements of the JSE Limited, the Proposed Transaction is a Category 2 transaction for the Fund and, accordingly linked unit holder approval is not required for the Fund to implement the Proposed Transaction. Johannesburg 25 October 2011 Investment Bank and Attorneys Sponsor Fluxmans Investec Corporate Finance Date: 25/10/2011 11:20:01 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.
