Sharenet Sites 
Sharenet Sites
SYC - Sycom Property Fund - Voluntary announcement Sycom Property Fund A Collective Investment Scheme in property registered in terms of the Collective Investment Schemes Control Act, No. 45 of 2002 and managed by Sycom Property Fund Managers Limited ("Sycom Property Fund Managers") (Registration number 1986/002756/06) JSE Share code: SYC & ISIN: ZAE000019303 ("Sycom" or "the Fund") VOLUNTARY ANNOUNCEMENT Sycom unitholders are advised that Sycom has concluded the following two transactions ("the transactions"): 1. Sycom has entered into an agreement with Grapnel Property Investments (Proprietary) Limited ("Grapnel") to acquire a 15% shareholding in the properties on which the shopping centre known as the Paarl Mall ("Paarl Mall") is located. Sycom has also entered into an agreement with Changing Tides 91 (Pty) Limited ("Changing Tides") to acquire a further 15% of Paarl Mall, details of which were announced in a separate announcement on 10 November 2011. Together, these two transactions ("the Paarl Mall acquisition") will increase Sycom`s interest in Paarl Mall from its current level of 70% to 100%. The purchase consideration for the Paarl Mall acquisition is R183 million, payable in cash, with R91.5m payable to Grapnel and R91.5m payable to Changing Tides. The acquisition yield is 8%. 2. Sycom has further entered into an agreement with Grapnel to acquire the Kraft Foods building situated in the Harrowdene Office Park, Woodmead, Sandton ("the Harrowdene acquisition"). The purchase consideration for the Harrowdene acquisition is R88 million, payable in cash. The building is 4,840mSquared in extent and has been purchased at a yield of 8% The transactions are subject to approval by the Competition Authorities. In terms of Section 9.13 of the JSE Listings Requirements, the transactions have been aggregated as Sycom is dealing with the same party, being Grapnel. However, the total purchase consideration of R179.5 million for the transactions falls below the threshold of a Category 2 transaction as defined by the JSE Listings Requirement and therefore this announcement is made voluntarily. 10 November 2011 Cape Town Investment bank and Sponsor Nedbank Capital Competition Law Advisor Vani Chetty Date: 10/11/2011 15:37:00 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.
